Welcome to Injective’s How to Obtain INJ tutorial where we’ll walk you through unique features of INJ as well as different ways of obtaining INJ.
Before we get started, please go through the checklist below to make sure you are ready to obtain INJ:
- Setup your crypto wallet. We recommend using a cold wallet such as Ledger.
- Install MetaMask. We recommend installing MetaMask on your browser (Google Chrome) and be signed into your account. If you do not have a MetaMask please read our “How to Setup MetaMask” guide here.
What is INJ?
INJ is the native token of Injective Protocol, the first layer-2 derivatives decentralized exchange that is owned and controlled by the community of INJ holders, as opposed to a single centralized exchange.
The INJ token is used for proof of stake security, governance, market maker incentives, relayer incentives, exchange fee value accrual, collateral backing for derivatives, and exchange participation. If you’re new to crypto this might sound like a lot of confusing terminology- but this community-driven philosophy underpins our entire protocol, wherein value is exclusively captured by the users and Injective token holders. For more information check out our documentation on INJ token economics.
How Can You Obtain INJ?
There are many different ways via which you can obtain INJ:
- Community Hub: You can earn INJ by participating in tasks posted on the Injective community hub here.
- Purchasing: You can acquire INJ through both decentralized and centralized exchanges. INJ is listed on popular global exchanges such as Binance, Huobi, and Upbit as well as renowned local exchanges such as Coinone in Korea and WazirX in India. INJ is also available on popular DEXs such as Uniswap and Sushiswap. INJ has recently gained the support of Coinbase Custody through which institutions can manage their holdings.
- Referrals: You may refer a friend to earn INJ- if someone connects to your node, you get 40% of their trading fees. This will be live with the Injective mainnet release.
Obtaining INJ if You Already Own ETH
In this guide, we will walk you through how to buy INJ through Uniswap.
1. Go to https://app.uniswap.org/#/swap and click “Connect to a wallet” on the top right-hand side. Note: We recommend using Google Chrome.
2. Click on the wallet you wish to use and follow through to connect your wallet with Uniswap
3. The “from” field will automatically show ETH as the token to “swap” (buy) INJ with. To change to another token to swap INJ with, click ETH on the right side and choose which crypto you would like to swap for INJ with
4. Next, you’ll want to add INJ to the “to” field by clicking “Select a token”. Paste the INJ contract address: 0xe28b3b32b6c345a34ff64674606124dd5aceca30 in the field and click “add”. (You can find the INJ contract address on CoinMarketCap)
5. Next, add the amount you’d like to “swap” (buy)
6. Click “Confirm Swap”
7. Once you click “Confirm Swap” a window will pop up showing you the total amount of crypto you will be spending, which in this case is ETH. Once you review this, click “Confirm” on the lower right corner.
Note: If the gas fee is too high, you may want to wait an hour or so until the gas fee is lower. A useful tool to monitor gas fees can be found here.
8. Go back to your MetaMask wallet on via your Google Chrome extension, and press the “Assets'' tab on the lower left. There you will be able to see the total tokens you’re holding.
Note: If you do not see the INJ token in the tokens listed under the “Assets” tab, don’t worry- you still have your INJ.
a. Scroll down and click “Add Token”
b. Click the “Custom Token” tab on the top right side and paste the INJ contract address, “Token Contract Address” field and click “Next” on the lower right side.
Note: The “Token Symbol” field and the “Decimals of Precision” will be automatically filled in.
9. We highly recommend sending your INJ to a cold wallet such as Ledger for safekeeping. To do this follow these instructions
a.Click on the Metamask icon on your chrome extensions tab as shown below
b. Click on the “Send” button in the middle
c. Paste the public address of your cold wallet like Ledger.
Now you have all the information needed to obtain INJ. Best of luck!
Have any questions? Ask us on our Reddit https://www.reddit.com/r/injective/ under “Injective Learn” and one of our teammates will get back to you
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About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.