Injective Protocol (INJ)

From CryptoWiki

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.


  • 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."


Audits & Exploits



Admin Keys





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


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

Token Details


Coin Distribution



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


  • 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.


  • 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."


  • 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."


Other Details

Oracle Method


Their Other Projects


"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."


  • 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.


Pros and Cons


  • 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." 


  • 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.


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


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


"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."



Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31