Good day to all of us here on cryptocurrency space again! Here is your Mr. Decentralized again to talk about the updates about my favorite projects such as Injective Protocol! Today, we will talk about more with Injective Protocol. If you are new to my blog, I do have a primer about Injective Protocol here: https://steemit.com/injectiveprotocol/@frankydoodle/injective-protocol-the-interoperable-cross-chained-layer-2-decentralized-exchange-for-spot-swaps-futures-and-derivatives-in-a
I will talk about for now what are the competitive advantages with Injective Protocol that cannot be seen from other platforms. As well as we will go through in-depth reviews and reflections on the Injective Protocol project.
What DEFI looks like to me right now and how can Injective Protocol can resolve all of these problems
Every time I trade, farm, or just want to swap some tokens to another, gas fees that are unpredictable are always there. That is a fact. This is why the DEFI industry even with returns that are so good not to pass on is still irresistible. But don't you think that we should deserve a better platform and process wherein those fees are non-existent anymore with an instant validation time? That is what the Injective Protocol is doing its best to implement this and it has started.
If you would check the Injective Protocol and its features, you will see these:
Features of Injective Protocol perfect for DEFI
1. Fully Decentralized
---> When we say that the Injective is fully decentralized, it is where the Injective protocol lets you hold the assets that you own as your own. Only the DAPP wallet of your choice like Metamask is the one to connect with the Injective Protocol platform. You are just signing the transactions and executions real-time without having the risk of copy and pasting your mnemonic phrases and private keys. If you trade on Injective, you will also have your assets one executed in real-time as well. Since this is based on Tendermint which is the one that is also being used by COSMOS chain. Hence, the Injective Protocol is an inter-operable type of blockchain.
2. Layer-2 speed
---> If Layer 1 speed is for like scaling the blockchain to have more nodes to handle more transactions to be mined with, Layer-2 protocol improvements such as Injective will let you have the transactions of others go off-chain but the integrity of the data and its validity is still there and then will just be going back to the on-chain once it is about to be validated and with respect to other DEFI Dapps if necessary. Aside from that, when you have layer 2, you would only need to have the ETH or COSMOS address you have to get registered with the bridge ONCE and you will be able to trade in the Injective protocol platform with no more gas fees!
3. Order-book Model
---> To summarize this order book model, this is not a type wherein the orders are being seen like in traditional stock brokerages where you could see the buyers and sellers. What is being done here is that there is an aggregation of the different exchanges and DEFI platforms and aggregates the liquidity so that you could execute the order that you need if needed. This is a type of order book wherein people cannot front-run your trades. This is a specialty of Injective team.
4. Unlimited markets
---> Because Injective Protocol is decentralized and has different capabilities in trading different assets, you can create your own market and have other people trade the trading pair or the asset that you have created! More markets the better right? That is another feature of Injective. Rest assured that the markets being listed will also be monitored by the moderators or community so there will be a sure one of governance in the Injective platform.
5. Zero-gas fees
---> This is what I was really proud of Injective Protocol. They do have zero gas fees! Imagine how much gas fees from ETH are you going to save because of this implementation in Layer 2 of the Injective chain. Only a pioneer of the blockchain industry backed by giants can do this especially Injective!
What does Injective Protocol has that is not seen with other DEFI projects and exchanges
---> Injective chain is a showcase of DEFI at its finest. Because it has no more gas fees needed and is interoperable, the trading in Injective Protocol is like an "all-in-one" money market hub for DEFI. The execution is flawless in trades and has no slippage because it is order-book based but has the advantage of automatic market execution. Best of both worlds! COSMOS-ETH and more infrastructures are being deployed as I am writing this.
---> In this age of DEFI and DEXes, it is imperative and an advantage to take care of your own Futures contract trading and CFDs within your wallet so if ever there is a trade opportunity or if you need to add more collateral or lending to the Futures contracts trading plus margin trading, you can easily access it because you are using the Injective platform. No more hassles if ever a centralized exchange goes down or in maintenance.
This is a screenshot of the #Solstice of Injective exchange's testnet.
https://testnet.injective.exchange/
---> As you would see in the Injective exchange, not only spot assets you could trade but also perpetual markets and futures markets. You are the one in control of your volume with all the necessary tools in trading given by the Injective Protocol. It is a type of exchange wherein you could trade and learn in no more than an hour because it is simple in its interface and really makes the adoption of crypto easier.
Injective Protocol's native token: INJ
---> This is not just an ordinary utility token that is being launched by someone for their project. The INJ token has many use-cases and is proven to be able to give awareness to the community about its different usage for the community and how it can shape the INJECTIVE ecosystem.
A. Injective Protocol Governance --> When we say governance, the community will be the one who holds the power to propose, vote on a proposal and disagree with a proposal being made. Governance token and a utility token in one INJ token have these 2 power unlike other DEFI tokens and exchange tokens. 2-in-one use-case for the community! If you are a firm believer of Injective Protocol same as I, better stack these tokens early!
B. Relay fees value capture --> The INJ token has its own mechanism of burning to have the supply get lower and have the INJ token price go up. That is how the power of this token is intrinsic.
C. Collateral--> Instead of a stablecoin, you could use the INJ token to easily stake or lock it in the staking pool and be able to have a cushion in derivatives and other trading opportunities. Because if you would use stablecoin to be an asset for collateral, your trading opportunity might get missed out and not get the desired outcome that you are planning. As a lender of INJ, you could also earn interest on your staked INJ.
D. Injective Exchange Incentives/rewards--> Being a user of Injective exchange and be able to use the different protocols in the Injective exchange. You can earn INJ tokens by liquidity mining incentives, staking and other market-maker incentives in INJECTIVE protocol!
The Solstice testnet is live guys. Just want to remind you again. You may go here: https://testnet.injective.exchange/
Let me show you my own table of the comparison of Injective Protocol against other projects in DEFI and exchanges.
Injective Protocol partners
Thank you so much guys for reading 2 of my blogs about Injective Protocol! More to come from this exciting project! Supported by big backers and has the most big-time team as well!
If you have more questions and need more details to see, go ahead and check their website below, as well as their documentation and social media channels.
Website: https://injectiveprotocol.com/
White paper: https://docsend.com/view/zdj4n2d
Medium blog: https://medium.com/injective-labs
Github: https://github.com/InjectiveLabs
Documentation: https://docs.injectiveprotocol.com/#introduction
Telegram: https://t.me/joininjective
Twitter: https://twitter.com/injectivelabs
Discord: https://discord.com/invite/NK4qdbv
Reddit: https://www.reddit.com/r/injective/
Email: [email protected]
Facebook: https://www.facebook.com/injectiveprotocol
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