What is injective protocol
Crypto for Advanced
Injective Protocol (INJ) is a truly decentralized Ethereum-compatible front-running resistant cross-chain protocol. It not only serves existing Ethereum users, but it also aims to bring together users from different blockchain networks into a unified crypto community. Injective Protocol's interoperable backbone enables cross-chain connections across sovereign blockchains.
The INJ platform is driven by the community, enabling the full potential of decentralized derivatives and borderless DeFi. It uses verifiable delay functions (VDFs) to achieve a fair transaction ordering consensus based on time elapsed. This solves Ethereum's critical race conditions and miner extractable value issues, as well as preventing front-running attacks and settling same-block order conflicts.
The Injective chain was designed to meet the unique needs of not only enabling complex derivatives trade but also serving as an application specific DeFi chain. Consequently, the Injective Protocol can suit the needs of developers worldwide. The interoperable backend enables DeFi apps developed on it to function efficiently across several blockchains, including Cosmos. The Ethereum interoperability enables developers to utilize familiar tooling to create unique applications, while the interoperable backend enables DeFi apps built on Injective to run effectively across several blockchains, including Cosmos.
To stimulate development, the protocol layer includes a number of incentive mechanisms. On Injective, for example, hosts of relay nodes and UIs can earn up to 40% of all trading fees, an unprecedented incentive in the cryptocurrency industry. A number of applications have emerged to assist in the construction of a versatile and high-yield strategy. Similar apps, such as decentralized hedge funds or yield-generating goods, are expected to thrive on Injective, motivating developers and builders to create new apps/products that benefit the community.
Injective Protocol has some features, that are unique:
- Gas fees are waived
- Decentralized system
- Neutral liquidity
- Resistant to Front-Running
- It provides a high level of confidence
The Injective Chain is a public blockchain network with no permissions that allows any individual or organization to participate in consensus. Anyone who joins this public blockchain network has the ability to read and publish to the network anonymously. All transactions can be traced or read, demonstrating a high degree of trust. You have total control over your trade and have the ability to create a new derivatives market.
The use of INJ Token can be applicable in many ways, because The INJ coin is the Injective Protocol's decentralized public utility and governance token. It is critical because it affects governance, derivatives collateralization, market maker, protocol security, relayed incentives, and more.