Mar 21, 2023


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Strengths and Weaknesses


  • Interoperability: direct bridges make it easier to connect with other blockchains
  • Speed and Security: thanks to the Tendermint core, the entire blockchain is fast and secure
  • Governance: the governance system is well-designed and gives users a lot of options
  • Burn system: up to 60 % of fees collected on the network are burned


  • Marketing: as with the entire Cosmos ecosystem, there could be more visibility
  • Relatively new project: there is a short time frame to gain greater trust

Basic Information

Injective is a blockchain that runs on the Proof of Stake (PoS) consensus.

It specializes in finance, and provides robust modules such as a fully decentralized order book that can be used to create sophisticated applications. It is an open and interoperable platform for smart contracts built using the Cosmos SDK framework and capable of achieving instant transaction finality through the consensus framework Tendermint PoS. Injective enables fast cross-chain transactions across major layer-1 networks such as Ethereum, Cosmos Hub, Solana, and many more.

The Injective ecosystem focuses on providing user-friendly and unprecedented access to decentralized financial markets, products, services, and tools. This aims to empower individuals with efficient capital allocation opportunities. It includes more than 100 projects and is supported by significant investors such as Binance, Pantera Capital, Jump Crypto, and Mark Cuban.

Functioning of the Chain

The Injective blockchain is built on Cosmos SDK, a toolkit that makes it easy to set up and run your own blockchain.

The basis of the Injective blockchain is:

  • IBC (Inter Blockchain Communication) protocol
  • Tendermint core
  • Cosmos SDK (Software Development Kit).

The IBC protocol allows communication between two or more blockchain networks, acting essentially as a network node that communicates and connects different servers, connecting entire blockchain networks together. IBC enables the creation of an interchain account that will be the same across all blockchain networks that support IBC. This connection enables you to stake, trade, or participate in DeFi protocols across multiple blockchain networks from a single location.

Tutorials Cosmos

All blockchain networks connected to IBC have a Tendermint core. Together with the Cosmos SDK, these are the building blocks of the network. This foundation allows  these blockchain networks to quickly communicate, as the IBC takes data from one blockchain, wraps it, and unpacks it on the other blockchain in the correct format. This communication is possible despite different programming languages due to utilization of the same core.

BNB Static

Injective uses 8 modules that ensure the operation of the entire system:

Auction module: The auction module regularly accumulates a basket of assets collected from trading fees by the exchange module and auctions the basket to the highest bidder in an open English auction for $INJ. The winner of the auction receives the asset basket, and the winning $INJ bid from the auction is burned.

Exchange module: The Exchange module is a key component of the Injective ecosystem, allowing users to trade any asset in a decentralized environment. This means they don't have to worry about withdrawal closures or centralized exchange (CEX) suspensions, and can keep their assets under control throughout trading. The Exchange module is closely integrated with other chain modules, such as the Auction, Insurance, Oracle, and Peggy modules, enabling comprehensive ecosystem functionality and providing users with a wide range of features and services.

This module allows for two types of assets exchange:

  • Derivatives Markets
  • Spot Markets

Insurance module: The Insurance module is maintained by Params. Params is the table containing important information and settings that govern how the insurance module works.

OCR module: The OCR module is used to store Chainlink's OCR information on-chain by verified members.

Off-chain reporting consists of N nodes (oracles), gathering data from external sources. Reports are being exchanged in a P2P fashion between oracles to get signatures of approval. A subset of nodes (transmitters) is identified by the OCR module on-chain; these nodes must submit their reports to the module.The first transmitter who hits the chain gets an extra reward to cover gas costs. Other transmitters are not. All oracles participating in the round are getting paid. Finally, the OCR module stores median value from the reports.

OCR Terminology

The protocol periodically sends oracle reports to the OCR module. The reporting protocol consists of three components: pacemaker, report generation and transmission.

  • Pacemaker: The pacemaker drives the report generation process which is structured in epochs. Each epoch has a designated leader who the pacemaker then tasks with starting the report generation protocol. If the leader does not produce a valid report in time, the pacemaker also aborts the current report generation and starts a new epoch.
  • Report Generation: For a given epoch, the report generation protocol enters into rounds where observations are gathered and (given certain conditions are being met, such as heartbeat and deviation) a signed oracle report is generated. The rounds are controlled by a leader node who controls the frequency of rounds, gathers the observations and generates the report.
  • Transmission: The transmission protocol then transmits the generated report to the OCR module.

Oracle module: This module is responsible for delivering the requested information.

Peggy module: It is a key element in the ecosystem that allows interoperability with the Ethereum blockchain. It has three security components that ensure the secure transfer of assets:

  1. The Injective Chain Validator node (injectived) for block signing
  2. Fully synchronized Ethereum node
  3. The Peggy orchestrator, which runs:
  • Ethereum Signer, which signs requests using the Operator's Ethereum keys and sends them via messages
  • Ethereum Oracle, which monitors events from full Ethereum nodes and passes them via messages
  • Relayer, which sends updates to the Valset and batch transactions to the Peggy contract on Ethereum

Tokenfactory module: Allows any account to create a new token with the name factory / {creator address} / {subdenom}. Because tokens are namespaced by creator address, this allows token minting to be permissionless, due to not needing to resolve name collisions. A single account can create multiple denoms, by providing a unique subdenom for each created denom. Once a denom is created, the original creator is given "admin" privileges over the asset.

This allows them to:

  • Mint their denom to any account
  • Burn their denom from any account
  • Create a transfer of their denom between any two accounts
  • Change the admin. In the future, more admin capabilities may be added. Admins can choose to share admin privileges with other accounts using the authz module. The ChangeAdmin functionality allows changing the master admin account, or even setting it to "", as a null value, meaning no account has admin privileges of the asset.

Wasmx module: Ensures the functioning of smart contracts. Smart contracts are autonomous agents that can interact with other entities on the Injective blockchain, such as accounts owned by people, validators, and other smart contracts.

Each smart contract has:

  • A unique contract address with an account where funds are stored
  • A code ID where its logic is defined
  • A custom key-value store where it can store and retrieve data

API Provider:

These API nodes serve two purposes:

  1. Data layer: Injective API nodes index block events from the Injective blockchain and serve as a data layer for external clients. API nodes rely exclusively on publicly available data from the Injective blockchain, so anyone can run their own API node without permission and use it as an untrusted data layer for interacting with the Injective blockchain.
  2. Fee delegation: Injective API nodes can also optionally provide fee delegation services on a per-transaction basis for other users, with the exchange API node paying gas fees on behalf of third-party users. This allows users to trade on the Injective chain with zero fees.
Injective collects 60 % of trading fees from users (the remaining 40 % is passed on to exchange applications). Every week, an auction is held that allows community members to use INJ coins to bid on the basket of trading fees collected by Injective in that week.

At the end of the auction, the winning bidder receives the entire basket of assets, and their bid (paid in $INJ) is burned. Each basket won with INJ coins usually has a higher value than the amount the user paid. If someone pays 95 $INJ for a basket worth 100 $INJ, the paid 95 $INJ will be burned. This mechanism could create deflationary pressure on $INJ in the future, which has a 7 % inflation rate, and reduce their annual inflation to as low as 2 %. With increased demand and the expansion of the Injective blockchain among more users, the INJ coin will become very strong. You can follow ongoing and completed auctions here.

Development History


  • Collaboration with Binance Labs


  • Primitive order book release on the chain


  • Injective testnet launched in December
  • INJ coin listed on Binance in December


  • Partnership established with Alcala parachain in January for the integration of aUSD into derivative products on the Polkadot blockchain.
  • Testnet completion in February
  • 10 million USD raised from Pantera Capital, Mark Cuban, and Robinhood in April
  • Mainnet launched in November with an ecosystem support program worth 120 million USD


  • Upgrade in July - CosmWasm brought new features for developers and users
  • Leap Wallet implemented in the Injective blockchain in September
  • Ninja Pass for Injective blockchain users launched in November (providing various ecosystem benefits to holders)


  • Ecosystem support program worth 150 million USD launched by Injective in January
The user interface is well-designed. The homepage is clear and directs you to further protocol information. Everything works stably and quickly, as we are used to from protocols built on Cosmos. The only thing missing on Injective Hub is the ability to swap, which would be useful if you send any assets through the bridge and want to exchange it for $INJ. To exchange your assets, you have to go to an external DEX Helix.


Eric Chen: Co-founder and CEO

Albert Chon: Co-founder and CTO

Mirza Uddin: Head of Business Development

Chris Choi: SVP of Product

Noah Axler: General Council

Julie Lee: Director of Marketing

Bojan Angjelkoski: Technical Leader

Nam Dang: Technical Leader Engineer

The Injective team regularly delivers new enhancements to its blockchain. These updates can include improvements to network security, speed, and reliability, as well as new features and services for users. The Injective team also listens to feedback from users and the community, striving to integrate their ideas and requests into its enhancements. Through these adjustments, they aim to ensure the best user experience and improve the overall performance and functionality of their blockchain.

Eric Chen began mining bitcoins in high school in 2012 and has been involved with cryptocurrencies and blockchain ever since. After a career as a researcher at NYU Blockchain Labs and Innovating Capital, he co-founded Injective Protocol with Albert Chon in 2018. The project aimed to improve the usability and security of DeFi and address issues associated with high latency, low liquidity, and UX. Eric has worked with several organizations and has assisted in building products for mutual funds at Essence Fund Management. Before co-founding Injective Protocol, he worked as a research associate at Innovating Capital. Eric holds a Bachelor's degree in Computer Science from New York University and a Bachelor's degree in Finance from the Stern School of Business at New York University.

Since 2017, he has been contributing to open-source projects in the cryptography world with his development work. His ultimate goal is to provide decentralized exchange (DEX) users with the same flawless experience they have with centralized exchange (CEX) and thus eliminate the difference between them.


The governance coin of the Injective blockchain is called $INJ. Its uses include:

  • Staking
  • Voting
  • Auction
  • Governance
  • Developer incentives
Miro Medium

Anyone who has INJ coins in their wallet can submit a proposal. The minimum amount is 1 $INJ to submit a proposal, but in order for a proposal to be considered, it must have at least 500$ INJ, which can be provided by the submitter or someone else.

Of the 50 active validators who maintain the network, the top ten validators have a combined stake of about 19 million $INJ out of a total of 32.6 million staked coins (17 February 2023). This corresponds to 58 % of the total staked coins. Approximately 10 to 20 million INJ coins participate in the voting process. Therefore, some manipulation by the validators is possible.

Revenue & Tokenomics

The Injective blockchain has obtained funding from several private sales and an initial exchange offering (IEO) on the Binance exchange, where it raised 500,000 USD. In further funding rounds, the Injective blockchain has raised 58 million USD. Revenue is generated from fees for using the Injective blockchain, which are then used to finance and develop the project. These fees can come from transactions on the platform or from staking the INJ coin. Estimated revenue for 2022 was approximately 4.7 million USD, which was used for employee salaries and running the Injective blockchain.

The INJ coins were distributed as follows:

Binance Research
  • Ecosystem Development - 36.33 %
  • Team - 20 %
  • Private Sale - 16.67 %
  • Community Growth - 10 %
  • Binance Launchpad Sale - 9 %
  • Seed Sale - 6 %
  • Advisors - 2 %
Binance Research

Here, you can see the overall increase in distributed INJ coins. As of 17 February 2023, 78,005,555 INJ coins have been distributed out of a total supply of 100,000,000. The last coin to be released should be in January 2024. As of 17 February 2023, 32,691,548 INJ coins were locked with validators out of the total 78,005,555.

The target inflation rate for the INJ coin at its inception was 7 %, and over time, it will decrease to 2 %. The total supply of $INJ may gradually become lower than the initial supply due to the deflationary mechanism of Burn Auction.

The Uniqueness of the Chain

Resistant to Front-Runing

Injective protects its users from front-running by using a frequent batch auction model. This model prevents predatory front-runners from manipulating order fulfillment and capturing new orders to gain a pricing advantage. The settlement logic in the system can resolve trade collisions and front-running deterministically.

High Liquidity

The Injective blockchain allows for fully decentralized and trustworthy open exchanges. The network places no restrictions on access to multiple liquidity pools. Exchanges built on the Injective blockchain can share the same liquidity, providing access to the same group of users and liquidity. This allows developers on Injective to avoid the cold start problem of having to seek their own initial liquidity.


The Injective blockchain allows for easy integration with other blockchains such as Ethereum, Solana, Polygon, and others. This means that users can transfer cryptocurrencies between different blockchains seamlessly. Additionally, IBC enables seamless transfers between blockchains in the CosmosHub ecosystem. Injective blockchain will further integrate with other networks to bring the best experience to developers and users.

Burn Auction

The Burn Auction is a new way to remove and burn tokens on the Injective blockchain. Users can offer their coins in an auction and receive INJ coins selected for fees, which they can use for other purposes within the network. This process helps keep the ecosystem healthy by removing excess and unused tokens.

How the Network is Secured

The Injective blockchain is maintained by 50 active validators.

The security of the Injective blockchain consists of several components:

  • The first one is a set of validators that hold stake keys and ensure the security of the blockchain.
  • The second component is the Ethereum bridge relayer, which is used to sign transactions on the Ethereum blockchain and bring events on Ethereum to the state of the Injective Chain. This module can also detect malicious behavior and decide how much slashing should be applied. If illegal or malicious behavior is proven by a signed validator, slashing can be applied on the side of the Injective Chain. The Ethereum bridge relayer has access to a three-week unlocking period, allowing for proof of slashing even in case of immediate unlocking.

Another module, Peggy, provides additional control over the operation of the blockchain. Here are some examples of conditions where the Peggy module can trigger slashing:

PEGGYSLASH-01: Signing fake validator set or tx batch evidence

  • It is designed to prevent validators from signing over a validator set and that has never existed on the Injective Chain.
  • It works through an evidence mechanism, where anyone can submit a message containing the signature of a validator over a fake validator set.
  • It is implemented using a map of hashes for all past events.
  • A defector in the group is expected to manually submit the evidence to cause them all to be slashed.

PEGGYSLASH-02: Failure to sign tx batch

  • It is triggered when a validator does not sign a transaction batch within SignedBatchesWindow upon its creation by the Peggy module.
  • This slashing condition prevents two scenarios: a validator simply does not keep the correct binaries running on their system, and a cartel of >1/3 validators unbond and then refuse to sign updates, preventing any batches from getting enough signatures to be submitted to the Peggy Ethereum contract.

PEGGYSLASH-03: Failure to sign validator set update

  • It is triggered when a validator does not sign a validator set update produced by the Peggy module.
  • This slashing condition is intended to prevent two scenarios: a validator does not keep the correct binaries running on their system, and a cartel of >1/3 validators unbond and then refuse to sign updates, preventing any validator set updates from getting enough signatures to be submitted to the Peggy Ethereum contract.
  • It may slash validators who are no longer validating, but are still in the unbonding period for up to UnbondSlashingValsetsWindow blocks (currently 25,000 blocks, or about 12-14 hours).

PEGGYSLASH-04: Submitting incorrect Ethernal oracle claim (Disabled for now)

  • This slashing condition is intended to punish validators who submit a claim for an event that never happened on Ethereum.
  • It is implemented by slashing validators who have submitted claims for a different event at the same as an event that was observed by >2/3s of validators.

The overall security of the Injective blockchain is in line with the highest security standards.


To set up your own node, you will need the following hardware:

Injective Doc

For proper configuration of all settings, go here, which will guide you through the complete node setup and connection to the mainnet.

You don't have to be a validator to run your own node. By contributing to and accepting liquidity into the decentralized order book, you can earn a percentage of trading fees that you bring to the ecosystem.


  • Directly securing the network
  • Rewards in the form of new INJ coins
  • Fees from delegates


You can easily delegate your INJ coins to a validator in a few steps:

  • Go to the page
  • Connect your wallet
  • Select a validator (be careful of the commission rate)
  • Click ‘Delegate Now’
  • Select the number of INJ coins you want to delegate
  • Click ‘Delegate’

When selecting a validator, you can view their details to find out useful information about their activities on the Injective blockchain.


  • Rewards from validators
  • Participation in securing the network
  • No hardware requirements
  • Ease of use

Bug Bounty program

Currently (18 February 2023) there is no bug bounty program on the Injective blockchain.

Road Map

Plans for 2023 and early 2024:


  • Injective Hub v2
  • Institutional Zone
  • Injective Exchange Module v2
  • Casablanca Upgrade
  • Injective Orbital Chains
  • Mesh Chain Network
  • Carcosa Upgrade


  • Multi-VM Chains
  • Volan Upgrade
The decision-making process for all new updates is community-driven and depends on its voting. Before each vote, the proposal and its specifications are submitted for assessment. Therefore, all information about upcoming upgrades is released gradually, as their time comes.


Injective Blockchain is a DeFi platform in and of itself, but there is currently one project that extends DeFi on this blockchain:

  • Helix - Dex
  • Astroport - Dex

Support for developers is available for the Injective blockchain in the form of up to 40 % of fees collected from their dApps. This support is aimed at both existing and new projects that contribute to the development of the Injective ecosystem.

For new incoming developers, Injective has launched a supportive program in January 2023 with a budget of 150 million USD. This program is designed to support innovation in blockchain technology and promote the development of new projects. The program not only provides financial resources but also offers expert advice and access to unique tools that help developers improve their projects.

Thanks to these initiatives, developers can focus on developing quality dApps and contributing to the growth of the Injective blockchain ecosystem.


Discord is a well-organized community, as can be seen in their precise setup. Overall, the community on Discord appears positive and communicative, with Injective blockchain moderators and fans willing to answer questions.

On Twitter, the community is very large and followed by many people. This platform is used to announce new partnerships, protocol updates, and other news.

The Youtube channel contains only a few videos, mostly in tutorial formats, but also includes Keynotes from various events that provide useful information for developers and fans of the project.



  • Anti capital
  • BH Digital
  • Binance Custody
  • Block Tower
  • Coinbase Institutional
  • Cooper
  • Cumberland
  • CMS Holdings
  • Delphi labs
  • Flow Traders
  • Gate Labs
  • Hashed
  • IDG Capital
  • Kraken Ventures
  • Kucoin Ventures
  • Pantera Capital
  • QCP Capital


Miro Medium

Where to Buy

INJ coin can be purchased on almost all CEXs that trade in crypto. It is the 144th largest cryptocurrency.

When purchasing on a DEX, use Injective blockchain directly:

When buying on a CEX, always check if it supports INJ coin.

For example:

Supported Wallets

Ledger Nano X - the most widely used hardware wallet (HW) on the market. After pairing it with your software wallet (SW), you get greater security for your cryptocurrencies.

Metamask Wallet - software wallet

Keplr Wallet - software wallet

Analyst Opinion

Injective blockchain is a project that specializes in DEX derivatives. Its goal is to provide sophisticated DEX without the issues commonly encountered in CEX and DEX, such as front-running, low liquidity, and poor order execution.

Thanks to its focus on security, scalability, and interoperability, Injective blockchain is ready to become a standard for creating various dApps. With the Ethereum Bridge, Injective can be connected to a wide range of popular DeFi protocols, increasing its usefulness for users. Developers can create dApps that share data between different blockchains, pushing the future of the internet forward.

Injective focuses on solving these problems and offers a solution that allows traders to trade without fear of poor conditions and low liquidity. This allows traders to build their trading strategies without worrying about market manipulation, which is a significant advantage over traditional exchanges.

Fees on exchanges are usually very high, which can be a significant obstacle for many traders. The Injective Protocol seeks to remove this barrier and offers traders low fees, which increases the efficiency of trading on this platform.

Ondřej Tittl


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