Injective (INJ)
Injective ranks #30 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #83: 53 of the 82 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 69 non-native assets CoinSpectrum lists above it by market cap, about 55% are claims on other assets, 39% are tokens and 6% are memecoins.
| CoinSpectrum Grade | A · 70/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #30 |
| Rank counting claims | #83 |
| Market capitalisation | $782M |
| Price | $7.82 |
| Circulating supply | 100,000,000 INJ |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Stake |
| Consensus mechanism | Tendermint (CometBFT) |
| Network purpose | Financial ledger |
| Ledger type | Multi-asset ledger |
| Launch distribution | Presale |
Market figures from the 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
A — 70 out of 100, provisional (from 10 of 10 sections, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 67 to 73 (A to A).
| Section and criteria | Score | Basis |
|---|---|---|
| Consensus | 9.1 | average of 2 criteria |
| By leader (its largest chain's market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| By family (all its chains' market cap) (Source) | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Supply | 8.4 | the supply scale times 0.9, and a point for a fixed cap that holds |
| Supply (21 million scores 10) | 9.3 | no fixed maximum; 100 million in circulation |
| Distribution | 6.4 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| Premine (allocated at launch) | 1.9 | 81% of today's supply allocated at launch to founders, a company, a foundation or investors. 100M INJ were created and fully allocated at the Oct 2020 TGE (ecosystem 36.33%, team 20%, private sale 16.67%, community growth 10%, Binance Launchpad 9%, seed 6%, advisors 2%), against an on-chain bank supply of 123,474,980 INJ (Injective LCD, 2026-10-23) after staking issuance net of burns. source |
| Fundraising (share sold) (Source) | 7.4 | Sold by its issuer or insiders: 25.6% of supply sold. Of the 100M INJ at the Oct 2020 TGE, seed 6% + private sale 16.67% + Binance Launchpad IEO 9% (at $0.40) = 31.67M INJ sold. 31.67M / 123,474,980 INJ on-chain bank supply (Injective LCD, 2026-10-23) = 25.6%. Seed sale (6%) and private sale (16.67%) plus a Binance Launchpad IEO of 9% at $0.40 on 20 Oct 2020 (~$3.6M). source |
| Developer share (after launch) | 9.9 | Developer share: about 1.1% of today's supply received so far; 5% of each new block reward goes to them today. The Cosmos SDK community tax sends a share of block rewards (inflation plus fees) to the community pool: 2% from genesis (Nov 2020), then 5% since Proposal 59 (Sep 2021), which is still the on-chain value. Gross minting is about 123.48M on-chain supply - 100M genesis + ~7.2M burned = ~30.7M. About 2% of ~4M plus 5% of ~26.7M gives ~1.4M INJ, about 1.1% of supply. Most of it has since been spent, and the pool now holds ~11.7K INJ. source |
| Decentralisation | 2.6 | average of 4 parts |
| Governance (Source) | 0 | An authority can halt the chain or freeze funds: Validators stopped block production for about 3h42m on 2026-08-31 to respond to an exploit and restarted on a patched safe-harbor build, a coordinated emergency halt; no key freezes individual INJ balances. source |
| No central team (Source) | 0 | A central team directs it: Injective Labs develops the chain, and its InjectiveFoundation/injective-core repository holds only a SOURCE_CODE_IS_PRIVATE placeholder, with binaries shipped in injective-chain-releases. source |
| Who can mint (Source) | 5 | Gated by stake rank: only a capped set of the largest stakes produces blocks |
| Nodes (Source) | 5.5 | 45 active validators or block producers (source: sentry.lcd.injective.network) |
| Security | 7.3 | 5.8 of 8 points source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | 10 | largest 8.8%, largest three 21.9% |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | 10 | about 1,600,000 transactions a day |
| Hashrate (Own work 5, its power 1 kW 0 to 10 GW 5; 1 point) | 1 | not mined: another consensus, 1 |
| Clients (Separate code and teams 10, separate code or teams 9, a fork by the same team or a stale second 8; one client: a new version within 12 months 7, 24 months 6, none in 24 months 5, none in 48 months 3; a second in development +0.5, a second seen running +1, 8 at most with one client; chain ended 0; 1 point) | 7 | one client, latest version Sep 2026 |
| Open source (Node software) | ✗ | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 8 | average of 5 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.00003 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 121, the median of the ten busiest, 5) | 10 | about 12,000 simple transactions a second |
| Block time (10 minutes 10, less either side) | 0 | a block every 0.59 seconds |
| Block space per 10 minutes (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | 10 | 4.19 MB limit, 4270 MB per 10 minutes |
| Features (3 checks) | 10 | 3 of 3 passed |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✓ | CometBFT gives deterministic single-block finality with blocks of about 0.6 seconds. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | ✓ | Cosmos SDK pruning strategies plus min-retain-blocks let nodes drop old state and blocks. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✓ | CometBFT light client verifies headers from validator signatures (basis of IBC). |
| Privacy | 3.5 | 3.5 of 10: whitepaper privacy 3.5 of 7, extra features 0 of 3, 1 not yet researched source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | 10 | Any key can hold and send INJ; the Cosmos SDK bank and auth modules carry no identity check. |
| UTXO ledger (Separate outputs, change to a new address · Whitepaper §2, §9) | 0 | An account ledger: one running balance for each address, so the remainder stays at the sending address and its payments share one public history. |
| HD addresses (A new address for each payment, unlinked · Whitepaper §10) | – | |
| Hidden amounts (Amounts confidential) | 0 | No confidential transactions. |
| Hidden parties (Sender and receiver hidden) | 0 | No sender or receiver hiding. |
| Network privacy (Origin hidden by default) | 0 | CometBFT mempool gossip relays transactions directly. |
| Programmability | 10 | 9 of 9 points source |
| Token issuance (At protocol level) | 2 | Token Factory module lets any account create a native denom for a small INJ fee, alongside CW-20 contracts on CosmWasm and ERC-20 on its native EVM. |
| Smart contracts (General-purpose) | 2 | Native EVM in the core chain since 11 November 2025, alongside CosmWasm (instantiation open, code upload limited to one address), with DEX and lending applications on mainnet. |
| Multisig and time locks (Without a third party) | ✓ | Native Cosmos SDK multisig accounts plus timelock contracts on the EVM. |
| Atomic swaps (With other chains) | ✓ | EVM HTLC contracts (hash lock plus timelock refund). |
| Native DEX (Trades the coin itself, not a claim) | ✓ | Traded as itself, not as a wrapped token or a claim: an exchange in its own protocol (The exchange module runs order-book management, matching and settlement for spot and derivative markets on chain); its own chain's DEXes (Injective, DefiLlama). |
| Cross-chain messaging (Verified by the chain itself) | ✓ | IBC (ibc-go v8) light-client channels to other Cosmos chains. |
| NFTs (Carried by the chain's rules) | ✓ | ERC-721 contracts on the native EVM (and CW-721 on CosmWasm). |
| Demand | 7.1 | average of 7 measures |
| Exchanges (10 or more: 10) | 10 | 41 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 7.4 | $40,531,916 traded in 24 hours; #47 by volume on the exchanges the site reads (scored on the median day of the last 30, $49,455,215) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.4 | 6.4% of its market cap a day, median of the last 30 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 8.7 | $3,116,841 within 2% of the price on 9 exchanges, 0.40% of its market cap, median of the last 15 days; a lower bound: the books returned by 1 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 7.2 | $782M, 7.2 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 6.3 | futures, options and margin positions 14% of its market cap |
| Wallet support (wallets that hold it, 10 or more: 10) | 1 | its own node and wallet, counted as 1: no wallet in the site's directory lists it yet |
| Record | 8 | average of 3 criteria |
| Age (years since genesis) (Source) | 6 | 6 full years since 2020-10-21, the first day with a recorded price (genesis not yet researched, so the age can only be understated). |
| Development (work, fixes, vulnerabilities) | 9 | 5 positive, 0 negative, 1 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 35 commits in 9 of the last 12 months (github.com/InjectiveLabs/injective-chain-releases); Injective chain v1.20.3-safeharbor.1 emergency release (Aug-Sep 2026); v1.17.2 2025-12-17 in injective-chain-releases. |
| Shipped a security fix in two years, +1 | ✓ | fixed the flaw behind the exploit of 2026-08-31 |
| Shipped a scaling upgrade in two years, +1 | ✓ | Real-Time EVM upgrade (proposal 619), 19 Feb 2026: scaled the EVM execution architecture. |
| Shipped a new capability for users in two years, +1 | ✓ | Native EVM live on mainnet, 11 Nov 2025, alongside CosmWasm. |
| Exploit of the chain, 2026-08-31, flaw fixed (the security fix above) | ✓ | An attacker used the chain's native exchange and insurance modules (a binary-options market-ID collision with an insurance fund) to extract about $4.9M; block production stopped for nearly four hours until validators shipped v1.20.3-safeharbor.1 with an insurance-fund denomination check. mpost.io cryptoslate.com |
| Not yet researched | ||
| Unfixed vulnerabilities and exploits | – | |
| Conduct (origin, claims, halts) | 9 | 2 positive, 1 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| Negative record | ||
| Halt, freeze or reversal, 2026-08-31 | ✗ | Block production stopped for ~3h42m (last block 181,027,005 at 16:09:59 UTC) during an emergency response to a ~$4.9M insurance-fund/binary-options exploit; validators restarted on patched v1.20.3-safeharbor.1, some were jailed for missing the window. cryptoslate.com |
Ten sections, weighted equally, each 0 to 10: consensus (the two ladders), supply (the supply scale and a fixed cap that holds), distribution (premine, fundraising, developer share, holders), decentralisation (governance, no central team, who can mint, nodes), security, scalability, privacy, programmability (what the scripting layer can do beyond the whitepaper's payment system), demand, and record (age, development, conduct). They are built from the criteria in the second table: privacy, scalability, security and decentralisation are the Cryptocurrency Standards among them, as follows: privacy (the whitepaper's three checks a base of 7 of 10, three extra features up to 3 more), scalability (four measures and three features), security (pool diversity, network activity, hashrate, clients and two checks) and decentralisation (governance, no central team, who can mint, nodes, holders, premine, fundraising and developer share); programmability (token issuance, smart contracts and five checks) follows them, and supply and demand are two: the supply, scored against 21 million, and demand, the average of seven measures of the market and the wallets. Provisional: parts marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
Proof of Stake coins
Ethereum ETHA+
BNB BNBA
Solana SOLA+
KuCoin KCSB
Algorand ALGOA
Cosmos Hub ATOMA
XDC Network XDCAAll Proof of Stake chains →Proof of Work coins
Bitcoin BTCA+
Zcash ZECA+
Dogecoin DOGEA+
Monero XMRA+
Bitcoin Cash BCHA++
Litecoin LTCA+
Ethereum Classic ETCAAll Proof of Work chains →Supply
100,000,000 INJ are in circulation, against no fixed cap — issuance has no defined end.
Launch and allocation
| Premine (allocated at launch) | 81% of today's supply |
|---|---|
| Sold by the issuer or insiders | 25.6% of today's supply |
| Developer share received since launch | 1.1% of today's supply |
| Developer share of new coins today | 5% |
| Nodes or validators | 45 |
| Fundraising | Public sale |
100M INJ were created and fully allocated at the Oct 2020 TGE (ecosystem 36.33%, team 20%, private sale 16.67%, community growth 10%, Binance Launchpad 9%, seed 6%, advisors 2%), against an on-chain bank supply of 123,474,980 INJ (Injective LCD, 2026-10-23) after staking issuance net of burns.
Seed sale (6%) and private sale (16.67%) plus a Binance Launchpad IEO of 9% at $0.40 on 20 Oct 2020 (~$3.6M).
Of the 100M INJ at the Oct 2020 TGE, seed 6% + private sale 16.67% + Binance Launchpad IEO 9% (at $0.40) = 31.67M INJ sold. 31.67M / 123,474,980 INJ on-chain bank supply (Injective LCD, 2026-10-23) = 25.6%.
The Cosmos SDK community tax sends a share of block rewards (inflation plus fees) to the community pool: 2% from genesis (Nov 2020), then 5% since Proposal 59 (Sep 2021), which is still the on-chain value. Gross minting is about 123.48M on-chain supply - 100M genesis + ~7.2M burned = ~30.7M. About 2% of ~4M plus 5% of ~26.7M gives ~1.4M INJ, about 1.1% of supply. Most of it has since been spent, and the pool now holds ~11.7K INJ.
Sources: tokenomist.ai · docs.injective.network · coingecko.com · lcd.injective.network · injective.valopers.com · raw.githubusercontent.com. Researched 2026-10-24, medium confidence.
What a regulator has said
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
How CoinSpectrum ranks Injective
Injective is #30 among cryptocurrencies and #83 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 53 places between Injective's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).
See the 2 wrapped and staked claims on Injective →