What is INJ
Is the governance and staking token of injective protocol.
INJ token is used for
- Incentivize nodes to secure the network
How could value accrue to INJ token?
- Fees after rewards to relayers and LPs are sold in batch for INJ and burned.
What is Injective protocol?
Injective Protocol is a decentralized Layer 2 derivatives exchange for Ethereum.
How it works
Users can trade different kinds of derivatives trustlessly and with no gas fees.
- It uses a bridge (Peggy) and the injective EVM which is based on Ethermint.
- It allows for decentralized layer 2 scaling of the 0x order relay.
Trading fees are used to incentivize LPs and order relayers. Remaining trading fees are sold in batch every month for INJ. These tokens are then burnt.
- Users deposit their ETH or ERC-20 tokens in the bridge.
- An injective relayer creates and signs a transaction and sends it to the Injective chain.
- Nodes verify.
- The tokens are now minted on the injective chain.
The user can withdraw their tokens at any time and they are then burned on the Injective Chain.
Total Supply: 100,000,000 tokens
INJ inflation: 7% at genesis – over time to 2%.
Token sale: $0.4