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Injective Injective
moonman-

Presumably inj is to the inj chain as eth is

to ethereum chain, or bnb is to bsc, etc
ie, inj tokens will be the only way to transact on inj chain?

#cryptocurrency #english #injective
0

7 ответов

7 просмотров
Varun-Singhal

Talking about the exchange the fee would depend on the underlying pair traded. For instance, for a BTC/USDT perp, the fees would be generated in the form of USDT.

0
17.10.2021
moonman- Автор вопроса

Ok... so this means I don't need inj to trade on the exchange? I had assumed it will be similar to needing eth on uniswap for example

0
17.10.2021
Varun-Singhal
moonman
Ok... so this means I don't need inj to trade on t...

No but the utility for the token is derived from the fact that 60% of all fees collected in various cryptocurrencies would be auctioned on a biweekly basis. The bids would be in the form of INJ and these would be burnt thereby reducing supply.

0
17.10.2021
moonman- Автор вопроса

So the fees are auctioned to inj holders? How/where does the auction take place? I am not sure I understand the process here... eg, 1 btc of fees is collected this week 60% of this is auctioned What happens next? How do you bid?

0
17.10.2021
Seranium🥷🧬-
moonman
So the fees are auctioned to inj holders? How/wher...

Well 60% of all the fees will be aggregated biweekly and then people can bid for the total amount of the basket with INJ tokens, fees could be in any quote denom for instance the INJ/UNI pair would have fees in UNI You would be bidding for dozens of denoms, depending on the quote currency if we only have spot with USDC and USDT as a quote then you would be only bidding for USDC and USDT

0
17.10.2021
Sergio C-
Varun Singhal
No but the utility for the token is derived from t...

Isn't INJ used to pay for fees on future dapps?

0
17.10.2021
Varun-Singhal
Sergio C
Isn't INJ used to pay for fees on future dapps?

Yes it would be used for this purpose. We are also working on other initiatives to increase use case of INJ token

0
17.10.2021

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