Robinhood Crypto has added Injective Protocol’s native token, INJ, to its trading platform, making the DeFi-focused asset available for spot trading among eligible US users. The listing went live on July 16, with INJ trading in the range of roughly $4.76 to $5 and carrying a market capitalization near $494 million.
What Injective actually does
Injective is a layer-1 chain built specifically for finance, with a focus on decentralized trading, tokenization, and cross-chain interoperability.
The INJ token serves multiple roles within this ecosystem. It functions as the governance token, giving holders voting rights on protocol decisions. It also powers the network’s staking mechanism, where validators and delegators lock up INJ to secure the chain and earn rewards. And it handles fee payments across the platform’s various financial applications.
The Injective team has also been active on the supply side. A recent token burn destroyed 43,500 INJ, reducing the circulating supply.
