Bithumb Launches Injective Token INJ on Cosmos Ecological Smart Contract Platform

04/04/2023 01:43 • Digital Disruptors • 88 views

According to reports, Bithumb, the South Korean cryptocurrency exchange, will launch the Cosmos ecological smart contract platform Injective token INJ, supporting KRW market trading pairs. Deposits will start trading at 11:00 local time and are scheduled to start trading at 14:00.

Crypto Exchange Bithumb will be launched in INJ

Introduction

Cryptocurrency exchanges continue to evolve by incorporating new technologies and integrating with different platforms to provide better infrastructure and user benefits to the market. Bithumb, the South Korean cryptocurrency exchange, recently announced the launch of Injective token INJ on the Cosmos ecological smart contract platform, supporting KRW market trading pairs.

What is the Cosmos Ecological Smart Contract Platform?

Cosmos is an open-source ecosystem for interconnected blockchains. It provides a platform for developers to build, scale, and connect various blockchain applications. Cosmos aims to alleviate the interoperability problem that existed in the blockchain world by enabling seamless communication among different decentralized applications.
The Cosmos network consists of many interlinked blockchain networks that can operate independently, while still allowing for cross-network communication. The network achieves this by employing the Tendermint protocol, a consensus algorithm that reduces the time it takes to confirm transactions and improves blockchain scalability.

What is Injective Token INJ?

Injective is a decentralized exchange that allows traders to access a limitless array of markets. The Injective platform is built on Ethereum and provides users with fast trading and minimal latency. The platform also operates a unique liquidity mining program, where users can earn INJ tokens by providing liquidity to the platform.
INJ is an ERC-20 token that powers the Injective network. It is used to stake on-chain validators, pay transaction fees, and can be used to earn trading fee reductions on the platform. Furthermore, INJ holders can vote on important platform decisions and reap the benefits of the Injective network’s growth.

What are the Benefits of Launching INJ on Cosmos?

By launching INJ on the Cosmos platform, Bithumb is offering a more versatile and scalable platform for traders. Cosmos is designed to enhance the overall infrastructure by providing faster transaction speeds, lower fees, higher security, and a seamless trading experience for users.
Integrating INJ onto Cosmos provides the opportunity to connect with users from other blockchain networks, enabling more liquidity on the Injective platform. With the Cosmos ecosystem expansion, users can trade on the Bithumb platform with a more extensive array of trading tools and functionalities.

Conclusion

In conclusion, Bithumb’s decision to launch Injective token INJ on the Cosmos ecological smart contract platform is a significant development for the cryptocurrency market. The move highlights the importance of interoperability between different blockchain networks, which improves overall blockchain scalability, security, and user benefits. Traders on the Bithumb platform will undoubtedly benefit from the move and gain access to an even more extensive array of markets.

FAQs

Q1. What is the primary use case for INJ token?

The INJ token is used to pay transaction fees, vote on important platform decisions, and stake on-chain validators on the Injective network. It can also earn trading fee discounts on the platform.

Q2. How does Cosmos enhance blockchain scalability?

Cosmos provides the platform for interchain communication. Tendermint, at the heart of Cosmos, is a consensus algorithm powering the high throughput and low latency of Cosmos.

Q3. Can I buy INJ on Bithumb?

Yes, Injection token INJ is available on Bithumb for trading. To buy INJ, you need to create an account on Bithumb, complete the KYC process, and fund your account with KRW.

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