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Brendon Lim
4 min read

INJ now available on Coinhako

INJ now available on Coinhako

We are very excited to share that Injective (INJ), is now listed on Coinhako.

What is INJ?

The Injective Protocol is a blockchain specifically tailored for the financial sector. It functions as an open, interoperable Layer-1 blockchain that propels the creation of advanced DeFi applications. These applications encompass decentralized spot and derivatives exchanges, prediction markets, and lending protocols, among others.

INJ is the native utility token of Injective and has a total supply of 100,000,000. It is a scarce asset used for governance, token burn auctions, and staking on the PoS network. The burn auctions on Injective are unique, as 60% of all fees collected from dApps are auctioned off weekly via a buyback and burn mechanism. This process significantly reduces the supply of INJ over time, adding value to the entire Injective ecosystem. 

Injective is pioneering a new decentralized economy with the goal of creating a freer and more inclusive financial system. With the ability to plug-and-play primitives easily into any DeFi application, Injective is spearheading a diversified ecosystem for the future of finance. 

How does the Injective Protocol work?

Injective consists of four main components:

Injective Chain: The Injective Chain is a public blockchain network that utilizes the Tendermint consensus. Its core protocol operations are carried out using native modules integrated with the Cosmos-SDK, along with smart contracts on the CosmWasm smart contract layer.

Injective Bridge: The Injective Bridge is a decentralized cross-chain bridging infrastructure that connects with Ethereum and any IBC-enabled blockchain. Utilizing Injective's custom peggy bridge system, the bridge is decentralized and secured by validators from the Injective chain.

Injective API nodes: The nodes act as a data layer for the protocol and offer transaction relay services. These nodes function as a decentralized data layer for external clients by providing high-performance, low-latency APIs for hosting user interfaces for exchanges, programmatic trading, and more. Additionally, Injective API nodes can optionally offer a transaction relay service that enables applications to allow users to send transactions with zero-gas fees through Injective's fee delegation mechanism.

Injective dApps and tooling: Injective is a fully decentralized protocol that enables individuals to access both the blockchain and dApps built on-chain in a permissionless manner. Several dApps like DEXs, insurance, prediction markets and more.  

Why does INJ stand out?

The Injective ecosystem includes over 100 projects and more than 150,000 community members globally. Some of Injective's key elements include:

  • Layer-1 smart contract blockchain: Injective offers an advanced interchain Layer-1 that can achieve high speeds without imposing any gas fees.
  • Limitless DeFi possibilities: Injective empowers developers to create DeFi applications utilizing its strong infrastructure and financial building blocks, including an on-chain order book.
  • Interoperable trading and yield farming: Injective supports a wide range of trading and yield farming activities across different Layer-1 blockchain networks like Cosmos and Ethereum.
  • Community-driven Network Governance: Injective operates under the governance of its decentralized community, with all new innovations subject to voting by a Decentralized Autonomous Organization (DAO) structure.
  • Innovative Interoperability: Injective boasts seamless connections to Ethereum, Cosmos, Solana, and other prominent networks.
  • Highly Customizable: Easily adjust any parameter to tailor your products according to your specific needs.
  • User-Friendly Developer Experience: Enjoy flexible and expressive development environments supported by Rust and Golang.
  • Sustainable Practices: Achieve a 99% reduction in carbon footprint with Injective's Tendermint PoS consensus mechanism.

What can you do with INJ on Coinhako?

INJ will be available for users to trade across all swap pairs on Coinhako.

To gain access to any of these trading pairs, you can either:

  1. Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
  2. Purchase INJ instantly with Visa / Mastercard 

Please note that the sending and receiving of INJ will not be available for this release.

Risk Warning on Digital Payment Token Services

Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of the following.

  1. Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.

Visit: Coinhako.com/risk-disclosure for more information.