Injective ranks #31 of 508 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #84: 53 of the 83 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 72 non-native assets CoinSpectrum lists above it by market cap, about 57% are claims on other assets, 38% are tokens and 6% are memecoins.
| CoinSpectrum Grade | B · 64/100 · provisional |
|---|---|
| Rank among cryptocurrencies | #31 |
| Rank counting claims | #84 |
| Market capitalisation | $796M |
| Price | $7.96 |
| 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 28 October 2026 build. Open the live view for every exchange's price, and charts.
B — 64 out of 100, provisional (from 16 of 17 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 61 to 67 (C to B).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms (Source) | 9.1 | group average |
| Consensus: leader ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| Consensus: family ladder | 9.1 | Proof of stake: 9.1 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Cryptocurrency Standards | 5.5 | group average, 5 of 6 measured |
| Properties (10 whitepaper checks) (Source) | 2 | 2 of 10 passed source |
| Anyone can mint (permissionless) | ✗ | Tendermint (CometBFT) |
| Limited supply | ✗ | an issuer or vote can mint outside the schedule |
| No pre-issuance or developer mint | ✗ | |
| No developer tax | ✗ | |
| No authority that 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. |
| No central team | ✗ | 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. |
| Fees under one cent | ✓ | typical fee $0.00003 |
| Payments safe to accept within seconds | ✓ | CometBFT gives deterministic single-block finality with blocks of about 0.6 seconds. |
| UTXO ledger | ✗ | |
| Privacy built into the protocol | ✗ | |
| Scalability (fees, throughput, block time, block space) | 7.5 | average of 4 measures source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.00003 |
| Throughput (1,000 transactions a second or more 10) | 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 (32 MB or more 10) | 10 | 4.19 MB limit, 4270 MB per 10 minutes |
| Security (9 checks) | 4 | 4 of 9 passed source |
| Miners paid over $1 million a day | ✗ | not mined |
| Miners paid over $100,000 a day | ✗ | |
| Its own hashrate: at least half its algorithm's largest, not merge-mined | ✗ | not mined |
| Largest pool or validator under 50% | ✓ | 8.8% |
| Largest three under 75% | ✓ | 21.9% |
| More than one maintained client | ✗ | 1 |
| Node software is open source | ✗ | 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. |
| Real on-chain use: 1,000+ transactions a day | ✓ | about 1,600,000 a day |
| No 51% attack or deep reorganisation in five years | ✓ | |
| Decentralisation: who can mint (Source) | 8.6 | Proof of stake: 8.6 of 10 on the ladder of who produces blocks |
| Decentralisation: nodes (Source) | 5.5 | 45 active validators or block producers (source: sentry.lcd.injective.network) |
| Decentralisation: holder concentration (Source) | — | Not yet measured |
| Capabilities (protocol features) | 3.3 | 2 of 6 passed source |
| Decentralisation | ||
| Network-level privacy: the node hides where a transaction came from (Dandelion++, Tor or I2P, on by default) | ✗ | CometBFT mempool gossip relays transactions directly. |
| Light clients verify payments from headers or proofs, without a trusted server | ✓ | CometBFT light client verifies headers from validator signatures (basis of IBC). |
| Scalability | ||
| Pruned nodes: a full node can validate and drop old history | ✓ | Cosmos SDK pruning strategies plus min-retain-blocks let nodes drop old state and blocks. |
| Native payment channels or instant payments | ✗ | No payment channels. |
| Security | ||
| Hidden amounts (confidential transactions, RingCT, shielded pools, Mimblewimble) | ✗ | No confidential transactions. |
| Hidden sender and receiver (ring signatures or zero-knowledge proofs, one-time or stealth addresses) | ✗ | No sender or receiver hiding. |
| Issuance | 4.6 | group average |
| 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 | 1.9 | Sold by its issuer or insiders: 81% of supply was theirs to sell, 25.6% sold so far. 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 |
| Supply & Demand | 8.1 | group average |
| Supply & Demand (Source) | 7.6 | average of 6 measures |
| Exchanges (10 or more: 10) | 10 | 43 exchanges |
| Volume rank among the top 200 | 7.8 | $37,522,279 traded in 24 hours; #45 by volume on the exchanges the site reads (ranked on the median day of the last 30, $55,606,248) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 9.2 | 7.0% of its market cap a day, median of the last 30 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 9.3 | $4,814,682 within 2% of the price on 9 exchanges, 0.60% of its market cap, median of the last 2 days; a lower bound: the books returned by 1 of them stop short of 2% |
| Market cap ($1M 0, $10B or more 10) | 7.3 | $796M, 7.3 on a scale of 2.5 points per tenfold |
| Futures exposure (open interest ÷ market cap, less is better) | 2 | perpetual open interest 16% of its market cap |
| Supply (smaller is better) | 8.6 | no fixed maximum; 100 million in circulation |
| Record | 8 | group average |
| Record (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. |
| 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, improvements, unfixed issues) | 9 | 4 positive, 1 negative, 2 not yet researched source |
| Positive | ||
| Steady work, 6 of 6 | ✓ | 36 commits in 10 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 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. |
| Token issuance at protocol level, validated by its own nodes, +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. |
| Negative | ||
| Exploit of the chain, 2026-08-31, −1 | ✗ | 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. |
| Not yet researched | ||
| Shipped a security fix in two years | – | |
| Unfixed vulnerabilities and exploits | – | |
Seventeen criteria, weighted equally. The Cryptocurrency Standards group four parts: properties (ten checks drawn from the Bitcoin whitepaper), scalability (four measures), security (nine checks) and decentralisation (three scales). Provisional: criteria 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.
100,000,000 INJ are in circulation, against no fixed cap — issuance has no defined end.
| 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.
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.
Injective is #31 among cryptocurrencies and #84 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 →