WHAT IS $INJ (Injective)? 👇
Injective Protocol (INJ) stands as a decentralized exchange (DEX) offering cross-chain margin trading, derivatives, and forex futures trading. Positioned as a Layer 2 application on the Cosmos blockchain, it leverages cross-chain bridges to grant access to cryptocurrencies from platforms like Ethereum and Polkadot.
Diverging from conventional decentralized exchanges like Uniswap or Bancor, Injective Protocol opts out of utilizing an automated market maker (AMM) formula for liquidity management. Instead, it embraces the order book model prevalent in centralized stock and crypto exchanges. This approach aims to merge the efficiency of traditional finance with the transparency of decentralized exchanges.
Transaction execution on Injective Exchange doesn't entail network gas fees; traders merely pay standard market maker and taker fees using INJ coins. INJ tokens also serve dual purposes as the platform's governance token and are deployed for staking within Injective's Proof of Stake-based blockchain
