Injective (INJ) is a decentralized exchange protocol built on Ethereum. Cosmos SDK blockchain that enables users to trade a wide range of assets, including derivatives, futures, and synthetic assets.
Let’s discover Injective’s Latest Updates and see how much they’ve improved in the latest months.
According to CoinGecko, these are the most important indicators of Injective’s tokenomics.
|Total Supply||Circulating Supply||Market Cap||Deflationary Mechanism|
Anything related to the protocol is voted through the DAO, from Auction or Exchange module to protocol parameters or upgrades. So, anyone who deposits 500 INJ can open a proposal which then goes through the voting process. Right now, there are 175 proposals passed out of 203 total:
3) Token Burn
Exchanges who originate orders into the shared orderbook on Injective’s exchange protocol are rewarded with 40% of the trading fees, with an average minimum trading fee of 0.1% for makers and 0.2% for takers
And then the rest 60% of the trading fees are burned through the Burn Auction, where bids in INJ are placed.
The highest bid earns assets from transaction fees while INJ tokens used to bid are burned, creating a deflationary pressure to INJ supply.
This makes the basket of fees for the weekly auction keep rising, and more INJ is burned every week.
4) Recent Developments
- 2 weeks back, Injective integrated Polygon and also released Avalon Maninnet.
- Since April, liquid staking has been enabled by Stride, opening new opportunities for $INJ stakers minting $stINJ.
5) Active Wallets
The number of unique wallets has also increased since the start of 2023, from 14,000 active wallets to currently 28,000, with an average of approximately 100 new wallets created per day.
- Experienced significant price growth since January 1st, with the price surging from $1.3 to $10 on April 17th, representing an 8x increase. At the time of writing, the price of INJ stands at $7.14, experiencing a minor 1.3% uptrend within the day. Over the course of the past two weeks, INJ has demonstrated a commendable increase of 20%.
- It has a good TVL of $20M+ and positive market sentiment.
- Currently, the all-time high (ATH) price stands at $25, suggesting potential for further growth during the next bull market.
- Overall INJ’s price action went positive after capitalizing on the $6.28 support
- Although volume is down INJ’s price action remains bullish considering other indicators.
- The 5-day Moving Average (MA) was moving faster than the 34-day MA. And since the value rose above zero, it implies a shift towards the bullish momentum.
6) Transaction Volume and Active Users
As a result of Injective’s price surge, there has been a noticeable increase in both total transactions and active users on the platform, particularly since April.
- Injective is starting to see the emergence of NFT (Non-Fungible Token) collections on its platform, although these collections have not yet been minted.
- Notable NFT collections associated with Injective include The Ninjas, Takeda, and Aliens On Injective.
7) Ecosystem Projects
- Helix: An On-chain orderbook exchange with zero gas fees with fast trade execution and high liquidity. Helix is a top 10 dex in all of crypto.
- Elixir: This will allow Injective to unlock user liquidity for algorithmic market making. Injective users will benefit from lower slippage, tighter bid-ask spreads, and deeper liquidity.
- The main AMM Exchange allows any user to swap crypto assets using multiple pool types.
- Pool types such as Curve-style stable swap pools and Uniswap v2-style constant product pools.
- It also facilitates swapping Injective assets bridged from not only Cosmos or Ethereum, but also from Solana, Aptos, and Avalanche through Injective’s recent Wormhole integration.
- Talis is a transparent, trustless, and decentralized NFT platform.
- The $TALIS token will serve as the official governance token for the protocol, allowing users to take part in smart contract changes, fraud monitoring, and the Talis Treasury.
- Since a decentralized protocol, all fees would go back to token holders. Token Holders will be able to govern, stake, and share profits in tokens.
5. Project X
Injective is set to launch an upcoming project called Project X, which is still shrouded in mystery with limited information available. Project X aims to introduce automated strategy vaults for market making and passive yield generation. Plus it will feature a one-click Launchpad for fundraising and listings. Monitoring announcements and updates regarding Project X will provide valuable information about Injective’s ongoing development and potential enhancements to its ecosystem.
Injective (INJ) has shown significant price growth and increased transaction activity, suggesting growing interest and adoption. The integration of NFTs and the upcoming Project X further demonstrate Injective’s ambition to expand its ecosystem and offer innovative features to its users.
Continuously monitoring Injective’s price movement, transaction activity, NFT integration progress, and updates regarding Project X will provide valuable insights for investors, traders, and enthusiasts interested in the platform.
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