Injective
About Injective Protocol
The price of Injective (INJ) is $18.09 today, as of Sep 16 08:13 p.m., with a 24-hour trading volume of $113.25M. Over the last 24 hours, the price has decreased by -7.09%. Injective currently has a circulating supply of 97.73M and a market cap of $1.77B.
INJ is the native token of Injective Protocol, a blockchain protocol optimized for trading assets across different blockchains. It specializes in tokenized derivatives, including stock tokens – cryptocurrencies pegged to the price of stocks like Apple and Google.
INJ was worth $0.77 when it launched in October 2020. The token rose to a high of $25.01 on April 30, 2021, just as the crypto market swelled to an all-time high. The token’s price was volatile for the rest of 2021 but trended downward. INJ slumped even further in May 2022, when it fell to lows of $1.55.
However, INJ’s deflationary measure (more on that later) meant that its market cap peaked in November 2021 at $590 million, up from its April peak of $521 million – even though its price wasn’t as high.
INJ’s market cap sank to about $120 million when the token crashed in May 2022. So did Injective’s total valued locked (TVL), which cratered from highs of $182 million in February 2022 to $64 million in June 2022.
Injective launched the token with an initial supply of 100 million INJ tokens. It aims to increase these over time through block rewards – where new INJ tokens are issued to those that validate batches of transactions on its proof-of-stake side chain.
At launch, Injective targeted the rate of annual inflation at 7%, and aims to decrease this to 2% “over time.” Injective also incorporated a deflationary measure to counteract rampant inflation. Every two weeks, the protocol sells 60% of the trading fees it accumulates for INJ, then burns that INJ to deflate the token’s total supply.