What is Injective (INJ)?

Injective is a layer-1, interoperable, lightning-fast blockchain built especially to support Web3 financial applications like decentralized exchanges, prediction markets, lending protocols, etc. INJ is the native token powering the Injective ecosystem by playing a central role in facilitating multiple operations. Its holders can stake it to participate in network consensus or use it to vote in the governance. All the exchanges of value or service on Injective also occur in the INJ token.

The Token Generation Event (TGE) for INJ occurred on October 21, 2020, with an initial supply of 100,000,000 INJ. This supply was allocated as follows: seed sale (6%2525), private Sale (16.67%2525), launchpad sale (9%2525), team (20%2525), advisors (2%2525), ecosystem development (36.33%2525), and community growth (10%2525). The platform keeps burning INJ tokens to maintain a deflationary supply. As of May 2024, over 5,920,000 INJ has been removed from the total token supply.

How Does Injective (INJ) Work?

Injective is one of the very few blockchains where developers can access robust out-of-the-box modules for various financial creations. For instance, they can access a completely decentralized order book to build different application types. It is also the first blockchain to auto-execute smart contracts for advanced application development.

It is built on Cosmos SDK, which facilitates instant transaction finality through Tendermint proof-of-stake consensus. Under it, validators and delegators can freely participate in network security via staking INJ tokens. While validators operate nodes, delegators can assign their INJ holdings to a particular node of their choice and earn a portion of the reward. If the network finds any validator exhibits malicious behaviour, it slashes their holdings as a penalty. On the contrary, the validators receive rewards in the form of freshly minted INJ tokens and network fees for performing tasks sincerely.

Injective governance is also community-powered. Those who wish to create and present proposals for changes in the network are required to deposit a predefined minimum number of INJ tokens. This avoids spam and unnecessary activity as if the proposal does not pass, the deposit is burned.

Apart from all these functions, Injective also has a unique burn auction feature where it uses 60%2525 of the exchange fee for on-chain buy-back-and-burn events. These regular arrangements include an English auction of an aggregate exchange fee basket where the highest bidder in INJ wins the auction. Then, the INJ proceeds of this auction get burned, reducing the total INJ supply. Lastly, Injective excels in cross-chain transactions between prominent layers like Ethereum, Solana, Cosmos Hub, and more.

How to Buy Injective (INJ) in India?

There are many platforms where you can invest and Buy Injective (INJ) in India.

One such platform is Flitpay. To buy INJ in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy INJ and execute the purchase.

You can instantly convert your INR to INJ and INJ to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What to Do After Buying Injective (INJ)?

INJ can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the INJ till it reaches a high price, and then you can sell it through Flitpay's OTC order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is Injective (INJ)?

INJ is the native token of the Injective blockchain. It powers the staking-based consensus, governance and network fee payments in the Injective ecosystem. INJ has a deflationary supply backed by the buy-and-burn mechanism.

What is the Injective (INJ) price in India?

Check out the current INR price of INJ crypto in India on Flitpay.

Which is the best crypto app in India to buy INJ?

Flitpay is the best cryptocurrency app in India to buy INJ, buy bitcoin, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the benefits of Injective (INJ)?

Injective (INJ) offers numerous benefits, making it an attractive blockchain for Web3 financial applications. Its interoperable, lightning-fast layer-1 infrastructure supports decentralized exchanges, prediction markets, and lending protocols. The robust modules simplify the tasks of developers in creating diverse financial applications. Built on the Cosmos SDK, Injective ensures instant transaction finality through Tendermint proof-of-stake consensus. The platform's deflationary supply model, community-powered governance, and cross-chain operability further enhance its value.

Is it safe to invest in Injective (INJ) in India?

Yes, investing and trading INJ is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying INJ crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw Injective (INJ) crypto in India?

Flitpay facilitates hassle-free and crypto deposits and withdrawals of numerous cryptocurrencies with minimal or no fees.

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