The Binance Cryptovite Exchange today announced the sixteenth Initial Exchange Offering (IEO) on the Binance Launchpad platform. Like previous similar campaigns, the Injective Protocol (INJ) project tokentail will be held in a lottery format.
Fixing of balances by user wallets will start on October 13 and will last until October 19. One winning ticket will allow to get an allocation for $200 (500 INJ). In total, 9 million INJ or 9% of the total volume of the issue worth $3.6 million will be issued for sale through Binance Launchpad. Depositing of tokens to the accounts of selected investors will take place on October 20.
Injective Protocol is working on the development of "a universal second-tier DeFi protocol for crosscheck derivatives trading with support for a variety of financial products, including perpetual swaps, futures and spot trading. Injective Protocol uses the Tendermint protocol, which allows it to work with Cosmos, Ethereum and other first level circuits to provide cross-channel communication.
INJ token will be used to implement several functions, including protocol management, distribution of exchange commissions, providing derivatives, mining with liquidity and stacking.
The Binance Coin rate has risen 3% to $30 on the back of today's announcement. It is now the sixth largest asset in the market and has recently outperformed Chainlink in this position.