اقتصاد توکنی Injective (INJ)

Injective is an interoperable exchange infrastructure protocol designed for decentralized finance (DeFi) markets. Its native token, INJ, serves as the backbone of the ecosystem, facilitating governance, security, and various incentive structures.

Issuance Mechanism

The Injective Protocol utilizes a dynamic issuance model that balances inflation and deflation to maintain a target supply.

• Initial Supply: INJ was launched with an initial total supply of 100,000,000 tokens.
• Inflationary Minting: New tokens are minted and distributed to validators in the active set as rewards for securing the network. At genesis, the inflation rate was set at 7.00%. This rate is dynamic, ranging between 5.00% and 10.00%, and is adjusted based on a target staking rate of 85.00%.
• Deflationary Burning: To counteract inflation, Injective employs a "burn" mechanism. A portion of exchange fees is collected and used to buy back and burn INJ tokens, effectively removing them from circulation. This creates a "soft cap" around the 100 million token mark by balancing the creation of new tokens with the destruction of existing ones.

Allocation Mechanism

The distribution of the initial 100 million INJ tokens was structured to support various stakeholders and long-term ecosystem growth.

The largest portion (36%) is dedicated to Ecosystem Development, signaling a heavy investment in protocol adoption and growth.

Usage and Incentive Mechanism

The INJ token has multiple utilities within the Injective ecosystem, designed to align the interests of users, traders, and developers.

• Staking and Network Security: Users can stake INJ or delegate it to validators to secure the Tendermint-based blockchain. In return, they earn inflationary rewards and a share of protocol fees.
• Governance: INJ is a governance token. Holders can propose changes (requiring a 500 INJ deposit) and vote on protocol parameters, such as asset listings, exchange module settings, and community pool spending.
• Trade and Earn Program: A dedicated allocation of 7 million INJ was set aside to reward traders. Participants earn rewards based on their trading volume for incentivized pairs.
• Open Liquidity Program (OLP): This program incentivizes liquidity providers on the Injective order book. It operates in 28-day epochs, distributing rewards (e.g., 60,000 INJ in late 2023) to users who meet specific volume thresholds.
• Exchange Fee Discounts: Staking INJ allows users to reach higher VIP tiers, which provides discounts on trading fees within the Injective exchange.
• Collateral for Derivatives: INJ can be used as collateral in derivative markets where it serves as the quote asset.
• Gas Fees: Native INJ is used to pay for transaction gas fees on the network.

Locking Mechanism and Unlocking Time

Injective employs specific locking and vesting schedules to ensure long-term commitment from early backers and the core team.

• Staking Unbonding Period: For security purposes, there is a 21-day unbonding period required to unstake INJ tokens delegated to an active validator. If a validator leaves the active set, tokens are unstaked immediately.
• Vesting Schedules: Major allocations, including those for the team, advisors, private sale, and seed sale investors, were subject to structured vesting. These typically followed a cliff-based vesting model, where tokens remained locked until a specific date and were then released in stages.
• Unlocking Timeline: Most major staged unlocks for the initial allocations (team, private sale, etc.) occurred between 2020 and 2024. As of late 2023, the total supply of native INJ had inflated to approximately 76.4 million tokens due to these releases and ongoing inflationary rewards.