Injective Protocol (INJ) officially landed on HotsCoin on November 1st. It is an interoperable Layer 1 blockchain designed to provide robust support for the next generation of DeFi applications. Injective Protocol offers plug-and-play financial infrastructure primitives, including high-performance on-chain decentralized trading infrastructure, decentralized bridges, oracles, and a composable smart contract layer based on CosmWasm. The project is now available for trading on HotsCoin.
Key Information about Injective:
- Circulating Supply: 83,755,555.66 INJ
- Total Supply: 100,000,000 INJ
- Market Cap: $1,153,902,039.208
- Fully Diluted Market Cap: $1,377,702,088.08
Key Events in the History of Injective:
- January 25, 2023: Injective established a $150 million ecological fund.
- August 10, 2022: Injective successfully raised $40 million in funding.
- November 16, 2021: Injective's mainnet went live.
- April 21, 2021: Injective raised $10 million in funding.
- October 20, 2020: Injective completed a $3.6 million public round of funding, with a valuation of $40 million.
- July 29, 2020: Injective completed a $2.6 million seed round of funding, with a valuation of $8.33 million.
Founders of the Injective Project:
Injective Protocol's CEO, Eric Chen, graduated from New York University with a degree in computer science and has a strong passion for cryptocurrency technology. During his university years, he met Albert Chon, who shares a deep interest in blockchain. Albert later became the co-founder and CTO of Injective Protocol. He studied computer science under Dan Boneh at Stanford University and held key positions at Amazon and OpenZeppelin. He is also one of the creators of the ERC-1178 standard.
Background of the Injective Project:
Injective Protocol initially began as a research project on Verifiable Delay Functions (VDF) by friends Eric Chen and Albert Chon. It later evolved into Injective Protocol and became one of the projects incubated by Binance Labs. It was first backed by Binance Labs Incubator and completed a private fundraising round in July 2020. According to data from non-small, INJ's price has increased over 100 times compared to the seed round price.
Technology and Features of Injective:
- Injective Protocol is the only layer2 derivative DEX.
- It has created its native chain called Injective Chain, utilizing both Cosmos and Ethereum networks.
- It employs a fair transaction ordering consensus with the help of Verifiable Delay Functions (VDF), solving the front-running issue seen on Ethereum.
- Through Cosmos IBC, Injective DEX supports cross-chain transactions.
- It has developed the Injective Derivatives Protocol, allowing users to create and trade derivative markets.
Economic Model of Injective:
Injective Protocol evaluates derivative listing requirements considering design principles, market demand, risk control, data resources, and creativity. Users can receive fee rebates from the platform, and a special node mechanism allows decentralized referees to be incentivized. The platform's revenue is entirely returned to users and is executed transparently on-chain.
Future Outlook for Injective:
Injective Protocol has successfully launched derivative trading for Tesla and Twitter stocks and plans to add more stock derivatives on the Injective platform. Its innovative spirit and efforts to address on-chain transaction efficiency issues make it a promising player in the DeFi ecosystem.
In Conclusion:
Injective Protocol is an innovative and technologically advanced blockchain project aimed at providing a robust infrastructure for DeFi applications. It excels in decentralized trading and derivative markets, contributing significantly to the future of the DeFi space. While the project is still in its development stage, it has garnered broad investment and attention, indicating its potential to drive progress in the DeFi sector.
HotsCoin will continue to monitor the project's ecosystem. Please note: Investment involves risks, and the above report is for reference only and does not constitute investment advice. (Report written in November 2023)
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