Want to jump straight to the answer? You can buy INJ on Gemini.
Perhaps one of the largest problems with blockchain technology is interoperability, in which distinct blockchains cannot communicate with each other. For example, you cannot send Bitcoin to a user on the Ethereum chain thus limiting the scalability of blockchain. However, many developers are working to resolve the issue. Injective Protocol is a project trying to solve the problem by combining popular features of blockchain with interoperability.
What Is Injective Protocol (INJ)?
Interoperability is a major problem standing between the current crypto movement and large-scale adoption. While some innovators have already connected blockchains, Injective Protocol is hoping to make these connections much more intricate and useful.
Injective Protocol has its own blockchain called the Injective Chain. This chain is essentially a hub for a variety of blockchains to connect. Through speed, compatibility, no gas fees and a unique tokenomics system, a hub could solve interoperability issues and allow users to collaborate and trade across blockchains.
Transaction speed is a major issue in the world of crypto. Some transactions can take up to 30 minutes to process. Today’s ever-changing, fast-moving financial system demands instantaneous resolution. Injective hopes to meet this need by creating lightning-fast transaction speeds. The chain can process up to 10,000 transactions per second and has a sub-2 second block time.
The chain is also compatible with a variety of other blockchains. It was created to support Ethereum decentralized finance (DeFi) projects, though these projects can be deployed on a variety of other blockchains, such as Cosmos and the Binance Smart Chain. This compatibility allows the powerful creativity of Ethereum to combine with the reach of other blockchains.
Gas fees are another issue serving as a roadblock for crypto. Ethereum gas fees can be hundreds of dollars during high traffic times. Although it charges exchange and deployment fees, Injective Protocol has done away with gas fees entirely through a proof-of-stake (PoS) system.
INJ is the token used to power the chain. Using a burning and buy-back mechanism, the developers intentionally created a unique system that allows them to retain the value of each token over time. Every two weeks, 60% of all exchange fees are burned or taken out of circulation. This money can also be used to buy back tokens from the market to stabilize its price. Either way, the creators control the token’s supply, providing the ability to prevent massive inflationary or deflationary events.
The token itself offers a variety of uses, including governance and staking. It gives holders voting rights on project proposals. It can also be used to pay fees for project deployment or transaction.
Brief History of Injective Protocol (INJ)
Injective Protocol was created by Injective Labs, which was founded by Eric Chen and Albert Chon. Chen has a strong background in crypto and finance while Chon boasts high-level software development skills. The project attracted attention from large investors such as Binance and Mark Cuban.
The token launched in late 2020 and hit all-time highs of over $25 in April 2021. It has since declined and is trading between $5 and $10.
How to Buy Injective Protocol (INJ)
Now that you understand the basics of Injective Protocol, you may be interested in purchasing the token. Fortunately, doing so is fairly easy and only involves a few short steps.
- Open an online account.
The first step in obtaining Injective Protocol is to open an account on a trading platform. To do so, navigate to Gemini's website or app and enter in an email and password. From there you may need to provide some basic personal information to verify your account.
After you have an account that is verified, connect your bank account using a third-party app so that you can transfer money directly from your bank.
- Buy a crypto wallet (optional).
While it may be easy to store your tokens directly on Gemini's website, it may not be the safest option. Wallets give users full custody over their funds and are often regarded as a safer way to store crypto.
- Make your purchase.
Once you have a Gemini account with fiat currency, navigate to INJ using the search feature. Once you have located it, enter the amount you would like to purchase and execute the trade. From there, your crypto will be stored in your portfolio.
Best Crypto Wallet For INJ Token
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. Without the physical device present, crypto cannot be sent.
Ledger is a leading brand of hardware wallet that supports the Ethereum chain. It offers Nano S and Nano X models. The Nano S is simple and offers basic security while the Nano X supports ease of use with bluetooth and a larger screen.
Best Software Wallet: Coinbase Wallet
Software wallets store the private keys needed to send crypto online. While this is not as safe as hardware wallets, it still gives users full custody over their funds.
Coinbase Global Inc. (NASDAQ: COIN) offers a software wallet that combines safety with simplicity. It supports the use of DeFi features, offers hundreds of tokens, and uses three-factor authentication and cold storage to keep your funds safe.
Keep an eye on the number of chains that INJ supports. The more chains, the more the token will be used.
Trade, Sell or Convert Your Injective Protocol (INJ)
To convert your INJ, you can either sell it directly for USD and buy a new token or swap it with another supported token.
To do either, navigate back to your position and find the pair that you would like, such as INJ/USDT or INJ/USD. From there, enter the amount of INJ and execute the trade. Your new token will be found in your portfolio.
If you traded for fiat currency, you can deposit it directly into your bank account.
Current Crypto Prices
The beginning of 2022 has not been kind to the crypto markets, as some major tokens are down over 20% in the past week. The sudden decline has raised many questions about where prices will go in the coming weeks.
Some see this as a small correction, while others see it as the beginning of something much worse. Either way, it is important to keep track of prices using Benzinga’s up-to-date price table.
Is Injective Protocol (INJ) a Good Investment?
Right now, INJ is lacking the large-scale adoption that is necessary for growth. Newer interoperability projects, such as Polkadot, have surpassed INJ in terms of popularity. If INJ can add features that make the project more useful and scalable, then new users may come. The ball is entirely in Injective’s court; if it can create useful features, there is certainly room for growth.
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About Caden Pok
Caden has been involved with cryptocurrency for several years, began trading and investing in crypto in 2018 and is highly experienced with DeFi technology. He took part in undergraduate research studying cryptoeconomics and is a member of Wolverine Blockchain, a group designed to educate students on cryptocurrencies and blockchain technology. Currently, he mines multiple coins and holds positions in Cardano and Ethereum.