# What is Injective (INJ)?

*Injective (INJ) has became most people's focus recently and I think it is worth mentioning few things about the token.*

By [Tikur](https://paragraph.com/@tikur) · 2023-05-06

cryptocurrency, injective

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#### **_What is Injective?_**

Injective is an open layer-1 blockchain that is used to build high performance **_DeFi_** applications. Its interoperability with other layer-1 blockchains such as Polygon and Solana through its **_'Wormhole integration'_** makes Injective very special.

Injective is backed by prominent investors such as Binance and Pantera Capital and its  ecosystem has managed to produce more than 100 projects and an over 150K members worldwide.

![](https://storage.googleapis.com/papyrus_images/e2607fb8c3b7738f68a56152b8e071f5.png)

Among the most featured dapps on the ecosystem are:

*   **_Helix_**: an orderbook exchange
    
*   **_Frontrunner_**: a prediction market 
    
*   **_Astroport_**: an AMM exchange
    

#### **_The Injective (INJ) Token_**

Injective has a native utility token, **_INJ_**. There is a total supply of 100,000,000 INJ coins but currently, there are only 80,005,555 INJ coins in circulation. The token uses the Tendermint Proof-of-Stake (PoS) consensus mechanism and it is used for:

*   participating in governance
    
*   burn auctions
    
*   participating in validation 
    
*   rewarding stakers
    

INJ has an all-time high price of **_$24.89,_** registered in 2021 and an all-time low price of **_$0.657401,_** registered in 2020.

#### **_Injective (INJ) Currently_**

INJ currently has a market cap of **$594,980,537** and ranked 80th based on it. In the last 30 days the token showed a huge price rally registering an impressive **33.8%** increase.

![](https://storage.googleapis.com/papyrus_images/e6a95d5f050b347b6517713d339a8033.png)

INJ last 30 day price

This high gains could be related to Injective's announcement of its partnership with **_Eclipse_** to introduce the first inter-chain Solana Sealevel Virtual Machine (SVM) called the '**_Cascade'_**. 

In addition, Injective also announced its partnership with **_Kraken Exchange_** which can be very crucial for the price of INJ.   

[![User Avatar](https://pbs.twimg.com/profile_images/1608573972278280192/M-yJR15s_normal.jpg)](https://twitter.com/Injective_)

[Injective 🥷](https://twitter.com/Injective_)

[@Injective\_](https://twitter.com/Injective_)

[![Twitter Logo](https://paragraph.xyz/editor/twitter/logo.png)](https://twitter.com/Injective_/status/1647393251870011392)

In the past few days  
  
\-One of the largest Web3 companies [@krakenfx](https://twitter.com/krakenfx) integrated the Injective mainnet  
\-New RWAs were introduced with [@PythNetwork](https://twitter.com/PythNetwork)  
\-Fiat on-ramps for native INJ went live  
\-First Injective Hackathon started ![🛠️](https://twemoji.maxcdn.com/v/14.0.2/72x72/1f6e0.png)  
\-Dual rewards integrated on [@astroport\_fi](https://twitter.com/astroport_fi)

 [![Like Icon](https://paragraph.xyz/editor/twitter/heart.png) 701](https://twitter.com/Injective_/status/1647393251870011392)[

3:15 AM • Apr 16, 2023

](https://twitter.com/Injective_/status/1647393251870011392)

Developments regarding its first Hackathon and the proposal to migrate **_Pyth Network_** to an Injective mainnet also grabbed the eyes of most people which definitely has a positive impact on the activities of the platform.

**_So what are your thoughts on Injective (INJ)...... Let me know_**

##### **Disclaimer**

I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.

Resources

1.  [https://injective.com/](https://injective.com/)
    
2.  [https://coinmarketcap.com/currencies/injective/](https://coinmarketcap.com/currencies/injective/)
    
3.  [https://www.pexels.com/photo/adult-attractive-beanie-beautiful-355022/](https://www.pexels.com/photo/adult-attractive-beanie-beautiful-355022/)

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*Originally published on [Tikur](https://paragraph.com/@tikur/what-is-injective-inj)*