Difference between revisions of "Injective Protocol (INJ)"

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*[https://cryptobriefing.com/defi-project-spotlight-injective-protocol/ From] [[Crypto Briefing]] (14-10-2020):
[https://injectiveprotocol.com/ Injective Protocol] is a fully [[decentralized]] [[Layer Two|layer-2]] [[Decentralized Exchange (DEX)|DEX]] protocol built for the next generation of decentralized [[derivatives]] exchange. The Injective Chain is a [[Ignite (Company)|Tendermint]]-based IBC-compatible [[blockchain]] that supports a decentralized orderbook-based DEX protocol and a [[trustless]] [[ERC20 tokens|ERC-20 token]] [[bridge]] to the [[Ethereum (ETH)|Ethereum]] blockchain.
"''[https://injectiveprotocol.com/ Injective Protocol] is building an environment for builders to erect powerful [[DEXs|DEXes]] capable of derivatives products. Ethereum traders seeking a decentralized alternative to leaders like [[Uniswap]], plus more complex trading products, may find Injective's value proposition enticing.  Disclosure: One or more members of the Crypto Briefing Management team are investors in Injective Protocol."''
==Basics ==
==Basics ==
* Based in:
* Based in:
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*[[Mainnet]] release: [https://decrypt.co/86185/defi-derivatives-project-injective-protocol-launches-mainnet-120m-incentive-program?utm_source=telegram&utm_medium=social&utm_campaign=smt 17-11-2021]
*[[Mainnet]] release: [https://decrypt.co/86185/defi-derivatives-project-injective-protocol-launches-mainnet-120m-incentive-program?utm_source=telegram&utm_medium=social&utm_campaign=smt 17-11-2021]
* A [[Layer Two|L2]] [[decentralized]] [[derivatives]] exchange protocol incubated by [[Binance]] Labs.
* A [[Layer Two|L2]] [[decentralized]] [[derivatives]] exchange protocol incubated by [[Binance]] Labs.
*[https://cryptobriefing.com/defi-project-spotlight-injective-protocol/ From] [[Crypto Briefing]] (14-10-2020):
"''[https://injectiveprotocol.com/ Injective Protocol] is building an environment for builders to erect powerful [[DEXs|DEXes]] capable of derivatives products. Ethereum traders seeking a decentralized alternative to leaders like [[Uniswap]], plus more complex trading products, may find Injective's value proposition enticing.  Disclosure: One or more members of the Crypto Briefing Management team are investors in Injective Protocol."''
== History ==
== History ==
== Audits & Exploits ==
== Audits & Exploits ==
Line 86: Line 88:
=== Upgrades ===
=== Upgrades ===


* Dubbed the "Canary Chain", Injective Protocol currently (7-2021) only supports the Peggy Bridge, [[Proof-of-Stake (PoS)|staking]], governance, the [[oracle]] module, and the insurance fund.  
* [https://blog.injective.com/mainnet-chain-upgrade-smart-contracts-are-now-live-on-injective/ Launched] its multichain CosmWasm smart contracts (7-2022).
*A list on it's 2021 achievements can be viewed [https://medium.com/citadel-one/injective-overview-a00ea7796f7b here] (4-3-2022). It includes testnets, partnerships and funding rounds. ''"Injective burn auctions [https://twitter.com/InjectiveLabs/status/1469156414912446470?s=20 begin] (12-2021) and over $700,000 worth of INJ is [[burned]] in less than a month"''
*Dubbed the "Canary Chain", Injective Protocol currently (7-2021) only supports the Peggy Bridge, [[Proof-of-Stake (PoS)|staking]], governance, the [[oracle]] module, and the insurance fund.  


=== Staking ===
=== Staking ===
Line 124: Line 128:
* They do have [https://docs.injectiveprotocol.com/#oracle documentation] on using an [[oracle]], but it is unclear what kind (19-10-2020).
* They do have [https://docs.injectiveprotocol.com/#oracle documentation] on using an [[oracle]], but it is unclear what kind (19-10-2020).
*[[Band Protocol (BAND)|Bandchain]] will be [https://medium.com/bandprotocol/bandchains-ibc-oracle-enables-injective-to-launch-the-world-s-first-decentralized-derivatives-3ecd5b9a8314 used] through [[Cosmos (ATOM)|IBC]] (15-11-2021).
*[[Band Protocol (BAND)|Bandchain]] will be [https://medium.com/bandprotocol/bandchains-ibc-oracle-enables-injective-to-launch-the-world-s-first-decentralized-derivatives-3ecd5b9a8314 used] through [[Cosmos (ATOM)|IBC]] (15-11-2021).
== Privacy Method ==
== Compliance ==
== Compliance ==
== Their Other Projects ==
== Their Other Projects ==
== Roadmap ==
== Roadmap ==
* Can be found [Insert link here].
* Can be found [Insert [[LINK|link]] here].
* [https://cryptobriefing.com/defi-project-spotlight-injective-protocol/ From] [[Crypto Briefing]] (14-10-2020):
* [https://cryptobriefing.com/defi-project-spotlight-injective-protocol/ From] [[Crypto Briefing]] (14-10-2020):
"''Outside of spot trading, they will also allow builders to create more complex [[derivatives]] products. Only [[perpetual swaps]] and [[Perpetual Contract|contracts]] for difference (CFD) are currently available."''
"''Outside of spot trading, they will also allow builders to create more complex [[derivatives]] products. Only [[perpetual swaps]] and [[Perpetual Contract|contracts]] for difference (CFD) are currently available."''
Line 156: Line 158:


== Usage ==
== Usage ==
* Injective has [https://blog.injective.com/injective-raises-40-000-000-to-advance-web3-finance/ reached] over 92 million on-chain [[Transaction (Tx)|transactions]]. [[Decentralized Applications (DApps)|dApps]] built on Injective have generated over $7 Billion in cumulative volume (10-8-2022).
=== Projects that use or built on it ===
=== Projects that use or built on it ===


* As Injective is a protocol, other [[Decentralized Exchange (DEX)|DEXs]] could be build on the Injective Protocol.
* As Injective is a protocol, other [[Decentralized Exchange (DEX)|DEXs]] could be build on the Injective Protocol. You can view all ecosystem projects and collaborators on the official Injective [https://injectiveprotocol.com/ecosystem ecosystem page].


== Competition ==
== Competition ==
Line 187: Line 192:


=== Funding ===
=== Funding ===
* Has [https://www.coindesk.com/pantera-capital-leads-2-6m-seed-round-for-dex-protocol-injective raised] $2.6 million in a seed funding round. Led by [[Pantera Capital]], the round also saw Asia-based [[QCP Soteria]], [[Axia8 Ventures]] and [[Boxone Ventures]], [[Bitlink Capital]] and others participate, Injective announced Wednesday.
*[[Prisma Finance (PRISMA)|Prisma]]; "Eric Chen and Mirza" were [https://mirror.xyz/0xcaD9653550286Eb1D4779D622A6a5218b446b57C/wYAgS4n7aL4tNFdxSed_m_5nrNXg_3yNc18CwBdCyfU part of] the first Prisma round (31-5-2023)
* "''One or more members of the [[Crypto Briefing]] Management team are investors in Injective Protocol."'' ([https://cryptobriefing.com/defi-project-spotlight-injective-protocol/ 14-10-2020)]
*Injective has [https://blog.injective.com/injective-raises-40-000-000-to-advance-web3-finance/ raised $40M]. The funding round consisted of [[Jump Trading|Jump Crypto]] and [[BH Digital]] (10-8-2022).
*[https://decrypt.co/86185/defi-derivatives-project-injective-protocol-launches-mainnet-120m-incentive-program?utm_source=telegram&utm_medium=social&utm_campaign=smt From] [[Decrypt (DCPT)|Decrypt]] (17-11-2021):
 
''"Injective is launching an incentives program called Astro, which is worth $120 million to entice users to join the platform. The incentives program is expected to run for the next five years."''
*[https://twitter.com/CryptoAccordBot/status/1384528330624577540 From] [[twitter]] (20-4-2021):
*[https://twitter.com/CryptoAccordBot/status/1384528330624577540 From] [[twitter]] (20-4-2021):


''"Injective Protocol has raised $10M during private fundraising round. @[[Mark Cuban|mcuban]], @PanteraCapital, @[[Blocktower Capital|BlockTower]], @[[Hashed (Company)|hashed_official]], @cmsholdings, and @QCPCapital, participated in the round. The tokens were sold with 1 year lockup period at a $1B+ valuation."''
''"Injective Protocol has raised $10M during private fundraising round. @[[Mark Cuban|mcuban]], @PanteraCapital, @[[Blocktower Capital|BlockTower]], @[[Hashed (Company)|hashed_official]], @cmsholdings, and @QCPCapital, participated in the round. The tokens were sold with 1 year lockup period at a $1B+ valuation."''
 
* "''One or more members of the [[Crypto Briefing]] Management team are investors in Injective Protocol."'' ([https://cryptobriefing.com/defi-project-spotlight-injective-protocol/ 14-10-2020)]
* [https://decrypt.co/86185/defi-derivatives-project-injective-protocol-launches-mainnet-120m-incentive-program?utm_source=telegram&utm_medium=social&utm_campaign=smt From] [[Decrypt (DCPT)|Decrypt]] (17-11-2021):
*Has [https://www.coindesk.com/pantera-capital-leads-2-6m-seed-round-for-dex-protocol-injective raised] $2.6 million in a seed funding round. Led by [[Pantera Capital]], the round also saw Asia-based [[QCP Soteria]], [[Axia8 Ventures]] and [[Boxone Ventures]], [[Bitlink Capital]] and others participate, Injective announced Wednesday.
 
''"Injective is launching an incentives program called Astro, which is worth $120 million to entice users to join the platform. The incentives program is expected to run for the next five years."''
 
=== Partners ===
=== Partners ===
* On its [https://injectiveprotocol.com/ website] it called the following companies its 'family' (19-10-2020): [[Binance]], [[Pantera]], [[Hashed (Company)|Hashed]], [[XCP Capital]], [[StartX]], [[K42]], [[CMS]] and [[Bitlink Capital]]. 
* On its [https://injectiveprotocol.com/ website] it called the following companies its 'family' (19-10-2020): [[Binance]], [[Pantera]], [[Hashed (Company)|Hashed]], [[XCP Capital]], [[StartX]], [[K42]], [[CMS]] and [[Bitlink Capital]]. 

Latest revision as of 04:10, 1 June 2023

Injective Protocol is a fully decentralized layer-2 DEX protocol built for the next generation of decentralized derivatives exchange. The Injective Chain is a Tendermint-based IBC-compatible blockchain that supports a decentralized orderbook-based DEX protocol and a trustless ERC-20 token bridge to the Ethereum blockchain.

Basics

  • Based in:
  • Founded in: 2018, Q3
  • Their main offering of a DEX is not live yet (19-10-2020), you can sign up on their waitlist.
  • Canary Chain release: 30-6-2021. Dubbed the "Canary Chain", Injective Protocol currently only supports the Peggy Bridge, staking, governance, the oracle module, and the insurance fund.
  • Mainnet Canary Chain: Spot Trading Launch (28-7-2021).
  • Mainnet release: 17-11-2021
  • A L2 decentralized derivatives exchange protocol incubated by Binance Labs.

"Injective Protocol is building an environment for builders to erect powerful DEXes capable of derivatives products. Ethereum traders seeking a decentralized alternative to leaders like Uniswap, plus more complex trading products, may find Injective's value proposition enticing.  Disclosure: One or more members of the Crypto Briefing Management team are investors in Injective Protocol."

History

Audits & Exploits

Bugs/Exploits

Governance

Admin Keys

DAO

Treasury

Token

Launch

Token allocation

Binance Launchpad Sale 9.00% of the total token supply
Seed Sale 6.00% of the total token supply
Private Sale 16.67% of the total token supply
Team 20.00% of the total token supply
Advisors 2.00% of the total token supply
Ecosystem Development 36.33% of the total token supply
Community Growth 10.00% of the total token supply

Utility

"Protocol governance, Exchange fee value capture, Derivative collateralization, Liquidity mining, Staking."

Token Details

Stablecoin

Coin Distribution

Tech

Implementations

How it works

"Injective’s architecture isn’t an automated market maker (AMM). Instead, it leverages a key feature from 0x protocol and is order book-based. In the Injective environment, relayers are replaced by nodes. Node operators earn fees for routing and matching orders. And like 0x relayers, node operators could each be independent DEXes within a larger network."

  • Injective Protocol is comprised of four principal components (12-10-2020):
  1. "Injective Chain
  2. Injective's smart contracts on Ethereum
  3. Injective API nodes
  4. Injective front-end interface

The Injective Chain is a fully decentralized sidechain relayer network which serves as a layer-2 derivatives platform, a Trade Execution Coordinator (TEC), and decentralized orderbook. Injective Chain utilizes the Tendermint consensus mechanism and the core protocol logic is implemented through Cosmos-SDK modules."

Fee Mechanism

Upgrades

  • Launched its multichain CosmWasm smart contracts (7-2022).
  • A list on it's 2021 achievements can be viewed here (4-3-2022). It includes testnets, partnerships and funding rounds. "Injective burn auctions begin (12-2021) and over $700,000 worth of INJ is burned in less than a month"
  • Dubbed the "Canary Chain", Injective Protocol currently (7-2021) only supports the Peggy Bridge, staking, governance, the oracle module, and the insurance fund.

Staking

  • Unbonding Period 21 days and can change through governance (12-7-2021).

Validator stats

Liquidity Mining

"Injective is launching an incentives program called Astro, which is worth $120 million to entice users to join the platform. The incentives program is expected to run for the next five years."

"Injective’s community will be able to capture value via liquidity mining programs that have been natively built onto the network to spur continuous growth."

Interoperability

  • From Binance Research (12-10-2020):

"The Injective Chain provides a two-way Ethereum peg-zone for ETH and ERC-20 tokens to be transferred to the Injective Chain as well as an EVM-compatible execution environment for DeFi applications. The peg-zone is based on Peggy and the EVM execution is based on Ethermint."

"Injective integrates with Polkadot to expand Injective’s decentralized cross-chain trading capabilities — it’s made possible by Moonbeam, which provides an Ethereum-compatible smart contract platform powered by Polkadot that makes it easy to build natively interoperable applications."

Scaling

Other Details

Oracle Method

Compliance

Their Other Projects

Roadmap

"Outside of spot trading, they will also allow builders to create more complex derivatives products. Only perpetual swaps and contracts for difference (CFD) are currently available."

  • From Binance Research (12-10-2020):

"2020 Q4

  • Release of public testnet V1.
  • Launch of Incentivized Testnet Trading Competition.
  • Launch of ERC-20 token.

2021 Q1

  • Release of public testnet V2.
  • Release of Incentivized Staking Competition and Ethereum bridge.

2021 Q2

2021 Q3

2021 Q4

  • Launch of DAO governance for community governed listings and market creation.
  • Launch of staking pools on insurance funds.

2022 Q1

  • Launch of institutional exchange interface.
  • Launch of crypto-backed traditional financial derivatives."

Usage

  • Injective has reached over 92 million on-chain transactions. dApps built on Injective have generated over $7 Billion in cumulative volume (10-8-2022).

Projects that use or built on it

  • As Injective is a protocol, other DEXs could be build on the Injective Protocol. You can view all ecosystem projects and collaborators on the official Injective ecosystem page.

Competition

Pros and Cons

Pros

  • Most market leaders, like Uniswap, do not offer derivatives products.
  • Claims (14-10-2020) to be scalable (Cosmos SDK), interoperable and that it can evade front-running; "To solve this problem, Injective introduces Verifiable Delay Functions (VDFs). VDFs are essentially time stamps that can be placed on transactions to ensure an orderly and fair sequence of orders." 

Cons

  • Early stage and faces an uphill battle to attract users away from Ethereum (19-10-2020).
  • Zero gas fees (19-10-2020).

Team, Funding, Partnerships, etc.

Team

  • Full team can be found here (19-10-2020).
  • Eric Chen; CEO & co-founder

Advisors

According to their website (19-10-2020):

Funding

"Injective is launching an incentives program called Astro, which is worth $120 million to entice users to join the platform. The incentives program is expected to run for the next five years."

"Injective Protocol has raised $10M during private fundraising round. @mcuban, @PanteraCapital, @BlockTower, @hashed_official, @cmsholdings, and @QCPCapital, participated in the round. The tokens were sold with 1 year lockup period at a $1B+ valuation."

Partners 

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