Binance is again launching one of its promising IEOs: INJ, the native token of the DeFi Platform Injective, which is currently being established. As usual with Binance, the pre-emption rights for INJ will be drawn by lottery, the qualification period starts today.
Since the beginning of 2019, Binance has been causing a sensation with its IEOs: Those who took part in these Initial Exchange Offerings were always able to enjoy the chance to win quickly. According to a press release, Binance has now started the latest IEO, which includes Injective (INJ). The Injective project is part of the DeFi division and fits perfectly into the ongoing boom around DeFi. If you are interested in INJ, you need to take care of qualifying for the Binance lottery for the IEO of Injective from now on.
Background on Injective (INJ) and IEO at Binance
As usual, Binance combines the opportunity to participate in the IEO with a lottery system. There will be 18,000 winning tickets, each of which will require the purchase of INJ 500 for the equivalent of USD 200. The draw will take place on 20 October. Prior to this date, a daily snapshot will show how many Binance Coin (BNB) are held on average in your individual customer account with Binance between today, October 13 and October 19. At least 50 BNB must be held during this period in order to be allocated a lot. From 100 to 150 BNBs held, then there are two lots and so on in steps of 50 until the maximum number of ten lots is reached if more than 500 BNBs are held. The winning lots pay for their allocation from INJ in BNB at the daily rate.
Injective was conceived at the end of 2018 and immediately made it into a support program of Binance. At that time, Injective was still advertising to solve the problem of front running in decentralized crypto exchanges. Meanwhile Injective wants to be successful as a broadly based platform for DeFi, the official launch is planned for the 2nd quarter of 2021. In addition to yield farming and swap deals such as Uniswap, Injective also wants to add derivatives based on crypto currencies to its portfolio later in 2021, an area not yet covered by other DeFi projects.
INJ is designed as a native token at Injective and will also play a role in derivatives and fees. INJ is a governance token and its owners will be able to vote on the strategic direction of Injective in the future. In a seed sale, INJ 6 million were sold at a price of $0.0833 each and INJ 16.67 million were sold in a subsequent private sale at a price of $0.18 each. The maximum amount of all INJs is limited to INJ 100 million. Of these INJs, INJ 9 million are now to be collected by the IEO at Binance for Injective at a price of $3.6 million.
Conclusion: Binance with IEO for DeFi – Participate or ignore?
At USD 0.40 per INJ, Binance has set the price at the IEO for injective comparatively high. On the other hand, price jumps of 1,000 percent at the initial listing of a new coin were not uncommon with Binance’s previous IEOs. This story could well repeat itself at Injective, because with DeFi the project occupies a topic of the hour in the crypto industry. Whether Injective and thus INJ will be able to assert themselves on the market in the medium and long term will only become apparent in 2021, when the platform will go live.