Bubble
Injective INJ
Injective (INJ) was trading at $4.93, ranked #110 by market cap at $492.42M, with 24h volume of $41.25M.
Data snapshot: 2026-08-03 09:00 UTC.
INJ secures Injective, a Layer-1 built specifically for finance — on-chain order books, derivatives and cross-chain trading rather than general-purpose smart contracts. It connects to Ethereum, Solana and the wider Cosmos ecosystem, and INJ has a deflationary weekly burn auction where a share of protocol-wide exchange fees is used to buy back and burn tokens. Injective is a chain built specifically for financial applications, with an on-chain order book and derivatives infrastructure at the protocol level rather than left to individual applications. That shared order book means new applications inherit liquidity instead of starting empty, which is the main structural argument for it. It also runs a recurring buy-back and burn funded by protocol fees, so supply mechanics are tied to usage. On this map INJ often moves with the trading and derivatives complex rather than with general Layer 1 sentiment.
What is a chain-level order book?
The order book is part of the protocol rather than of one application, so every application built on the chain can draw on the same liquidity instead of bootstrapping its own.
What is the INJ burn auction?
Fees collected across the network are periodically auctioned, and the INJ used to win those auctions is burned, tying supply reduction to protocol usage.
What is INJ used for?
It pays fees, is staked to secure the network, is used in governance, and is the asset burned through the fee auction.
Why does INJ move with trading-sector tokens?
Its demand driver is derivatives and exchange activity, so it tends to track that sector rather than general smart-contract adoption.
Market cap decides how big a bubble is drawn, so rank is what places INJ on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #98 | XDC Network (XDC) | $552.52M |
| #107 | VeChain (VET) | $413.80M |
| #110 | Injective (INJ) | $492.42M |
| #112 | Celestia (TIA) | $314.19M |
| #116 | Aptos (APT) | $470.75M |