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Injective Protocol Raises $10 Million in Funding Round

Injective Protocol Raises $10 Million in Funding Round

DeFi protocol Injective has raised $10 million in its newest round of funding. Injective Protocol has raised $10 million from various leading venture capital firms, bringing its overall valuation above $1 billion. The funding round witnessed participation from Cadenza Ventures, Pantera Capital, BlockTower, Hashed, QCP Capital, and CMS. Shark Tank host and Dallas Mavericks owner Mark Cuban, famous for being a DeFi bull, also funded the project.

Injective Protocol’s CEO Eric Chen tweeted the achievement, stating, “With our mainnet around the corner, this round is critical for aligning major stakeholders.” Moreover, by raising this money while giving up small equity, Injective could counteract Dilution in ownership of the Protocol and assure that INJ holders will manage the platform’s future.

Additionally, Injective Protocol is a decentralized trading platform on layer 2 of Ethereum. It claims low fees, immediate transactions, and access to stocks, forex, crypto, NFTs, and synthetic assets. The project advertises itself as a decentralized and transparent option to Robinhood. Some investors are now suspicious of Robinhood because of the GameStop shorting event in which Robinhood sustained capital shortages and started to obstruct trades.

Injective Protocol operates on Tendermint PoS Consensus Mechanism

As Injective Protocol cannot similarly block trades, it could witness disappointed Robinhood users shift to its platform. Moreover, Injective functions on the Tendermint proof-of-stake (PoS) consensus mechanism. This is where the algorithm employs a pseudo-random selection method to choose a node to be the validator of the next block. Users can transfer their native INJ tokens to any validator to receive rewards immediately with the application of third-party wallets, precisely as is the case with Tezos.

Furthermore, Injective collaborated with Huobi ECO Chain in early February. It has previously been associated with BSC (Binance Smart Chain), which has lately been suffering under high load. Injective’s native token has surged 24% over the past 24 hours, according to CoinGecko. At the time of publication, INJ was trading at $14.12. INJ experienced ATH (all-time-high) on February 19, when the token hit $18 for the first time. Moreover, INJ has a market capitalization of $190 million, with 13.5 million tokens circulating from a maximum supply of 100 million.

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