Injective Protocol (INJ): token and DeFi protocol review, distribution terms on Binance Launchpad

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The Injective Protocol is a decentralized two-layer protocol that unlocks the potential of decentralized derivatives and unlimited DeFi opportunities. The platform leverages the Ethereum and Cosmos ecosystems to create a fast cross-chain trading infrastructure without the cost of gas bills. INJ is a token for managing the protocol, incentivizing users, and providing financial derivatives. The Btcnewsweb.com editorial staff offers an overview of the project and the Injective token.

The INJ sale on the Binance Launchpad (binance.com) platform starts on October 19. INJ 9 million will be sold, which is 9% of the total supply. The end of the lottery is October 21.

General Information

NameInjective
TickerINJ
Token standardERC-20, BEP-20
Total emission100 000 000 INJ
Token sale date19/10/20 – 21/10/20
Initial token cost$0,4
Official sitehttps://injectiveprotocol.com/
Twitterhttps://twitter.com/injectivelabs
Sourcehttps://github.com/InjectiveLabs
Bloghttps://medium.com/injective-labs
ExchangesBinance

Injective Protocol (INJ) chart

INJ / USTD price chart on Binance crypto exchange:

Features and benefits of the project

The Injective Protocol is at the heart of a fully decentralized cryptocurrency exchange that supports a wide range of derivatives, including CFDs, perpetual swaps, and more. The system provides a launch environment compatible with for EVM, DeFi applications and a zone for transferring Ethereum and ERC-20 tokens to Injective. The Injective orderbook is completely decentralized and operates on a 0x basis. It allows you to transfer orders along the side chain with settlements within the main chain.

The process of creating a market is as open as possible and has no restrictions. Anyone can create an exchange pool and implement it in the Injective ecosystem. The protocol will help avoid excessive network loads and associated high gas charges thanks to an innovative two-layer architecture.

Main functions:

✅  Injective Chain. The infrastructure to power the next generation of DeFi applications. It is there that a trusted and fully decentralized exchange protocol is located, including a decentralized order book, coordination of trade execution, order matching and their execution environment.

✅  Injective Futures Protocol. Peer-to-peer futures protocol supporting decentralized perpetual swaps and contracts for difference (CFDs). This will allow anyone to create custom derivatives markets and trade them using a price channel.

✅  Injective Exchange. Fully open exchange infrastructure that removes the technical barriers to entry that stand in the way of trading on a highly efficient exchange.

✅  Injective Governance. The protocol is community driven using the INJ token. Anyone has the right to join the project and have a real say in making decisions under the protocol.

The purpose of creating Injective is to provide people with truly free and decentralized trade. Many DEXs claim that they are decentralized, but in fact, in most aspects, apart from storage, they are centralized – they restrict access to certain categories of users, control the exchange infrastructure themselves, and force traders to obey some authority.

INJ token and its functional purpose

INJ is a proprietary asset of the Injective protocol, which is used in a wide range of functions such as:

✅  Capture the value of the exchange commission. After the distribution of the reward of the repeater, a buyback and burn event will take place in order to control the value of INJ.

✅  Protocol control. INJ token can be used to manage almost all elements, including exchange parameters, futures protocol, updates. The DAO structure is responsible for this.

✅  Collateral for derivatives. The token will be used as an alternative to stablecoins for margin collateral and collateral for contract markets. Also in some futures markets, INJ can play the role of providing an insurance pool or collateral, where users will earn interest on locked tokens.

✅  Staking. The security of the protocol is based on Tendermint Proof-of-Stake (PoS). In order to support the underlying asset, Injective will use block rewards to incentivize members to keep INJ locked.

✅  Incentives for trading on the exchange. The project plans to implement a liquidity mining scheme and distribute a fixed number of INJ tokens on a daily basis equitably among all participants in the protocol.

The CEO of the project is Eric Chen, bachelor of the New York Business School Stern School of Business, who was previously a research fellow at Innovating Capital, a manager at Splash. Co-founder and CTO Albert Chon previously worked as a software engineer at Amazon, was a researcher at the Stanford Distributed Parallel Processing Laboratory, and a consultant at Open Zeppelin.

Tokensale

The circulating emission is equal to 15,222,222 INJ (15.22%). The maximum issue is INJ 100,000,000.

Binance Launchpad will distribute INJ 9,000,000 (9.00%) over two days from October 19-21, 2020. Initially, the specified value of the token is $ 0.4.

Sale details:

✅  Hardcap: $ 3,600,000

✅  Number of tokens distributed on Binance Launchpad: INJ 9,000,000 (9% of total token supply)

✅  Public token sale price: 1 INJ = 0.40 USD (BNB value will be determined at the time of the lottery draw)

✅  Sale format: lottery.

✅  Allocation per winning ticket: $ 200 (which equals INJ 500)

✅  Maximum number of tickets won: 18,000.

Starting October 13, all members’ BNB balances will be fixed hourly for a six-day period. The final daily average BNB balance over six days will reveal the number of tickets the user can count on.

Advantages and disadvantages

Pros: ✅  

✅  Launch of the token on Binance Launchpad and quick listing thereafter.

✅  A useful project is topical financial services on a completely decentralized basis.

✅  An alternative to centralized derivatives markets.

✅  The protocol is managed by the DAO.

✅  Sufficient information about the project and the team.

Cons: ❌

❌  There were problems when testing on some platforms (eg 0x).

Conclusion

It is significant that Injective Protocol is supported by the Binance exchange – as you can see in recent weeks, Binance actively supports really promising protocols and projects. Injective has a fairly rich functionality to provide users with a wide range of transactions in trading, while helping to accelerate the adoption of cryptocurrencies and blockchain in general.

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