Chorus One Joins the Injective Protocol Mainnet as a Genesis Validator

Chorus One
Chorus One
June 30, 2021
5 min read
June 30, 2021
5 min read

Injective is a decentralised exchange (DEX) that facilitates permissionless cross-chain derivative trading.

Since DeFi summer in 2020, there has been an explosion of innovation in the decentralised exchange space. Automated market makers (AMMs) that use mathematical formulas and liquidity pools to calculate token prices instead of order books, have become the standard for swapping tokens on decentralised exchanges. AMMs are practical and accessible, no KYC is required of users and anyone can create pools of assets to be traded against. However, AMMs have been a victim of their own success. As popularity of AMMs has risen, so too have issues that users experience when interacting with them (such as high gas fees and front-running). AMMs are also limited when it comes to interoperability and only spot trading can be done using AMMs. Injective solves the problems suffered by AMMs by creating an interoperable order-book based decentralised exchange that acts as a layer-2 sidechain built using Tendermint-based consensus.

Injective has EVM-compatibility built on top of it’s Cosmos-SDK chain, meaning users experience a fast finality and interoperable network with the benefits of Ethereum tooling. Injective is using Tendermint consensus, which allows trades to be made cheaply and with 1 second finality. Injective is also IBC-compatible, meaning it is able to connect with hundreds of other networks that have been built with IBC compatibility to facilitate cross-chain interoperable trading. On top of this, Injective has its own Ethereum <> Injective bridge for users wanting to bridge their Ethereum ERC-20 tokens into and out of Injective. What is interesting here is that Injective is not limited to interoperability within Cosmos and Ethereum. Injective will also be interoperable with Polkadot in the near future via Moonbeam. It is not hard to envision a future where assets from multiple networks will be bridged onto Injective and be available to be traded with cheap fees and 1 second finality. Injective could potentially be the most interoperable decentralised order-book exchange seen-to-date.

The possibilities for a fast and interoperable order-book decentralised exchange are limitless. Anyone in Injective can also propose an arbitrary derivative market for INJ token holders to vote on. A scalable, interoperable, innovative and community-driven DEX that gives users permissionless access to any derivatives market in the world and is exactly the type of use case that crypto is made for. We are excited to announce our support for Injective and look forward to facilitating the network’s long-term success.

About Staking on Injective

Injective uses the standard DPoS staking mechanism found in the Cosmos-SDK. Users can delegate their INJ tokens to Chorus One to receive a share of rewards generated by the network.

Validating Rights: The weight of validators such as Chorus One is determined by the amount of staking tokens (INJ) bonded as collateral.

INJ Inflation: 7%

Staking Reward Rate: Rewards from staking INJ will vary depending on the inflation and total amount of tokens that are staked at a given time. Learn more about the details of staking reward rates for chains built using Cosmos SDK here.

Chorus Commission: 7.5%

Withdrawal Delay: After withdrawing, your staked funds will only become accessible after the unbonding period (1 day) has passed. It takes a further 7 days withdraw INJ back to Ethereum.

Slashing: You can get slashed (loss funds) in case the validator you are delegated to commits an offense. Make sure to do due diligence to minimize this risk. Offences include double-signing (5% slashing penalty for delegators) and downtime (no slashing penalty, validator is ‘jailed’ and delegators miss out on staking rewards for minimum 2 hours).

Re-Staking: You need to withdraw rewards and re-stake them with some frequency if you want to make use of compounding returns.

Minimum delegation: There is no minimum delegation.

How to Stake

Stake your INJ:
Learn to delegate: Equinox Staking Guide
Wallets: Metamask
Block Explorer:
Chorus One Validator Address: injvaloper14yeq3lkajldaggj28hmq8xng9xux7x5g46hezv

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