How To Buy Injective (INJ)?

A common question you often see on social media from crypto beginners is “Where can I buy Injective?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Injective (INJ)

First, you will need to open an account on a cryptocurrency exchange that supports Injective (INJ).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Injective (INJ) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Injective (INJ)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Injective (INJ) or Injective (INJ) trading pairs. Look for the section that will allow you to buy Injective (INJ), and enter the amount of the cryptocurrency that you want to spend for Injective (INJ) or the amount of fiat currency that you want to spend towards buying Injective (INJ). The exchange will then calculate the equivalent amount of Injective (INJ) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Injective (INJ) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

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What Is Injective (INJ)?

Injective Protocol is a decentralized cross-chain derivatives trading and permissionless DeFi platform. The platform supports CFDs, perpetual swaps, and other derivatives. The protocol’s tech stack accelerates trade execution and settlement on layer-2 while remaining fully decentralized. Because Injective is completely decentralized, anyone can create and trade derivatives markets.

When building an infrastructure for quick cross-chain trade with no gas fees, the platform makes use of both the Ethereum and the Cosmos ecosystems via peg zones This project’s mission is to create a network that is trustless and can be independently verified by anyone.

In order to achieve this objective, the project includes the following unique features:

• Decentralized layer-2 derivatives platform: Allow users to use derivatives trading at layer-2 decentralization speed with no gas fees.
• Market Creation: The ability to trade on any derivative market using simply a price feed is provided by Injective, which opens up new opportunities for traders to explore.
• Support Cross-Chain and Yield Generation: A wide range of trade and yield generation activities can be supported by Injective across layer-1 blockchain networks.
• Complete Governance System: The network of Injective will be governed via a Decentralized Autonomous Organization (DAO) structure, in which new listings and network updates are all voted on by the decentralized community.

How does Injective Protocol work?

The Injective Protocol has four key components:

• Injective Chain.
• Injective’s smart contracts on Ethereum.
• Injective API nodes.
• Injective front-end interface.

Injective Chain

Injective Chain operates as a completely decentralized sidechain relayer network. The Tendermint consensus method is used by Injective Chain, and Cosmos-SDK modules implement the protocol’s essential logic. This is achieved by combining the Injective Futures Protocol and conventional smart contracts.

The Injective Futures Protocol is a Cosmos-SDK-based application. Trade decentralized perpetual swap contracts and CFDs on any market using this protocol.

The Injective Chain provides an EVM-compatible execution environment for DeFi apps, as well as a two-way Ethereum peg-zone for ETH and ERC-20 token transfers. The peg-zone is built on Peggy, and Ethermint executes EVM.

Injective’s Smart contracts on Ethereum

The Injective Protocol is a token-based protocol tied to the INJ token. As a result, the smart contracts implemented protocol interactions and token economics.

There are four several type of smart contracts with different purposes include: Injective Coordinator Contract, Staking Contract, Injective Futures Contracts, Injective Bridge Contracts and Injective Token Contract.

Injective API Nodes

Transaction relay services are provided by injective API nodes, and the data layer for the protocol is provided by Injective API nodes.

Injective’s Front-end Interface

Decentralized protocol Injective Protocol makes it possible for anyone to use the protocol without requiring prior permission.

For interacting with the protocol, Injective offers a user-friendly front-end interface that may be operated locally or hosted on a web server by both people and businesses. The InterPlanetary File System uses this interface as well (IPFS).

These tools provide a decentralized peer-to-peer exchange, which is nothing new, but the features added to the ecosystem setting the Injective Protocol distinctive.

The project is using Tendermint-based Proof-of-Stake (PoS), which allows for cross-chain derivative trading between Cosmos, Ethereum, and other layer-1 protocols. It also allows for staking and delegating rewards.

Because the Injective Exchange’s underlying software is open-source, it can be thoroughly audited to filter out bugs and security flaws. The exchange infrastructure has removed the normal technological obstacles to admission.

What is the INJ token?

Injective Protocol’s native token, INJ, serves as both a utility and a governance token. It’s critical to governance, derivatives collateralization, protocol security, market maker and relayer incentives, and capturing the value of exchange fees, among other factors.

• Governance: Using a DAO framework, the INJ token may be used to govern many components of Injective’s sidechain, such as the futures protocol, exchange settings, and protocol upgrades.
• Exchange Fee: Following the distribution of relayer rewards, the exchange fee will be subjected to an on-chain buy-back-and-burn event to generate value for INJ.
• Collateral Backing for Derivatives: Derivatives markets will use INJ as collateral rather than just stablecoins. Token holders can earn interest on their INJ by staking them in insurance pools.
• Security for Tendermint Proof-of-Stake: Tendermint-based PoS consensus secures Injective Protocol. The ecosystem compensates staking nodes for participating in network consensus. This method inflates the INJ token supply, which starts at 7% per year and lowers to 2% over time.
• Market Maker Incentives: The Injective DEX charges 0.1 percent for manufacturers and 0.2 percent for takers. Market makers that help build liquidity on the DEX trading platform get fee reductions.

Injective development updates in 2023

In 2023, Injective Protocol (INJ), a decentralized finance (DeFi) and blockchain platform, has experienced significant developments and advancements. Here are some of the key updates:

• Ecosystem Enhancements: The Injective ecosystem has seen notable growth, particularly with Helix, its largest on-chain orderbook exchange. Helix underwent a major upgrade, improving performance for traders and developers. It also listed the first ever Bonk (BONK) perpetual futures in the Cosmos ecosystem. Additionally, there was a “Trade on Helix, Win a Ninja Pass” campaign, giving users another opportunity to access new apps on Injective, such as Astroport and Project X​​.

• Launch of MyWavely: MyWavely, a desktop trading app, was introduced by Wavely. It allows users to connect to the Injective network and trade crypto via local networks. This development aims to enhance the decentralization of the Injective ecosystem by providing a more personalized crypto exchange experience​​.

• Mainnet Chain Upgrade: Injective completed its mainnet upgrade v1.9, which included enhanced message signing, the latest Interchain Accounts (ICAs), advanced balance indexing, and upgraded WASM smart contracts. This upgrade aims to improve the performance and features of the Injective blockchain​​.

• Expansion of Active Validator Set: The Injective network increased its active validator set size, making it more decentralized while maintaining fast blockchain speeds. This expansion saw the addition of several new validators, further strengthening the network’s decentralization and reliability​​.

• Exchange dApps Dashboard: A new exchange dApp analytics dashboard went live, allowing users to easily access statistics for the entire exchange ecosystem built on Injective. This dashboard provides valuable insights into the performance and activities within the Injective ecosystem​​.

• Impressive Price Surge: INJ, the native token of Injective Protocol, witnessed an extraordinary surge in its price. The token rose by over 1,300% since the beginning of 2023, reaching all-time highs. This surge was attributed to the continued growth of its ecosystem, strategic collaborations, and increasing popularity among users. Injective’s focus on the financial services industry, including features like low transaction costs and fast block times, has contributed to its rising popularity and utility within the blockchain space​​​​.

Overall, these developments highlight Injective Protocol’s commitment to enhancing its DeFi and blockchain offerings, focusing on improving user experience, decentralization, and network performance. The platform’s growth and technological advancements have significantly contributed to its rising prominence in the DeFi sector.

Official website: https://injective.com/

Best cryptocurrency wallet for Injective (INJ)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Injective (INJ)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).