INJ Price Today

The current real-time Injective price is $21.26 . INJ price has plummeted by 8.38% in the last day and decreased by 11.98% in the last seven days. It’s important to note that the current Injective market capitalization is $2,103,655,919. The maximum supply is coins, with a circulating supply of 98,970,935.41. INJ is ranked #60 in terms of market cap.

The Basics of Injective 

Injective (INJ) is a powerful crypto project creating a blockchain tailored specifically to financial applications. The project has focused on interoperability, enabling Injective to fit seamlessly into the current crypto landscape. It is designed to power Decentralized Finance (DeFi) applications, like lending systems and crypto exchanges.

Injective’s primary goal is building infrastructure for decentralized applications (dApps). While Injective refers to the innovative blockchain network, INJ represents the native token that powers the governance and staking systems. 

The project was created by Injective Labs (helmed by Eric Chen and Albert Chon) in 2018. Chen and Chon created Injective to foster innovation in the dApp space by empowering projects with advanced infrastructure they would otherwise have to build from the ground up. Investors could first buy Injective through its 2020 Initial Exchange Offering (IEO) on Binance Launchpad, which raised $3.6 million. 

How Injective Works

Synergizing well with its goal of providing infrastructure for DeFi products, Injective also enables the creation and deployment of smart contracts, similar to Ethereum. To facilitate the smooth operation of smart contracts, Injective was designed with a high throughput, with the network boasting a capacity of up to 25,000 Transactions Per Second (TPS).

Injective comprises four core components: 

• Blockchain – The underlying technology supporting Injective’s operation.
• Bridge – Injective’s key interoperability component, enabling communication with other networks. 
• API Nodes – Injective requires nodes to Manage data and relay transactions across the network.
• dApps – Applications created on the Injective network are permissionless and fully decentralized. 

Injective was built by leveraging the Cosmos Software Development Kit (SDK). As a result, the project utilizes Cosmos’s Tendermint Proof-of-Stake (PoS) consensus mechanism for transaction validation and network security. The mechanism enables near-instant transaction finality and is Byzantine Fault-Tolerant, meaning only two-thirds of validator nodes are required to achieve consensus on the network. 

Injective’s Utility 

Injective has created financial infrastructure that other applications can leverage, like a decentralized on-chain order book and a liquidity distribution system. By taking this approach, Injective can provide the foundational technology required for decentralized applications, making it much more straightforward for developers to create new projects. 

In contrast to projects like Bitcoin, which struggle to communicate with other blockchains, Injective is highly interoperable. The network has integrated the Inter-Blockchain Communication (IBC) protocol, facilitating communication with other IBC-enabled projects like Cosmos. Injective can also communicate with Ethereum Virtual Machine (EVM) based projects and non-EVM projects like Solana. 

On top of helping to facilitate the project’s fast transaction finality, the implementation of the Tendermint consensus mechanism offers several efficiencies compared to projects using the default PoS consensus mechanism. As a result, Injective is environmentally friendly, outputting around 1% of the carbon compared to other networks. 

Updates to Injective decided by voting on the project’s governance system, which uses INJ tokens to dictate voting power. Injective also offers a native staking system, enabling INJ holders to earn up to 10.51% APR for delegating their tokens. 

Injective Price History

Investors were first exposed to Injective through its 2020 IEO hosted on the Binance Launchpad. The event saw INJ sell for $0.40, a 97.87% discount compared to today’s prices. Injective was launched publicly in October 2020, with INJ tokens being sold for $0.9013 at release. 

Demand for Injective grew sharply, and the price of INJ was inflated due to the 2021 bull run, leading the asset to hit $18.06 by February. Despite dropping briefly, INJ surged to $24.98 by May. However, INJ crumbled as the market lost momentum, falling as low as $4.97 in June. Despite a rebound to around $13 in late 2021, INJ dropped as low as $1.1399 in June 2022.

INJ stagnated throughout the latter half of 2022 but gained momentum going into 2023 as the market recovered, rising to $7.8083 by October. As the broader crypto market surged, INJ exploded, hitting an all-time high of $52.75 by March 2024. The asset has since fallen due to the market cooling off and trades at $21.26 today.