# Welcome to Injex Finance Injex Finance is an aggregator designed to find the best price and conditions for exchanging two assets. Currently, Injex has a beta version (v1.01) of the DEX aggregator and supports four DEXes within the [Injective](https://injective.com/) network: [Helix](https://helixapp.com/), [Astroport](https://astroport.fi/en), [DojoSwap](https://dojo.trading/), and [White Whale](https://whitewhale.money/). In this documentation, you will find the following information: ### **Introduction:** * [Overview](/injex-finance-dex-aggregator-protocol/welcome-to-injex-finance/introduction/overview) * [The Injective Ecosystem](/injex-finance-dex-aggregator-protocol/welcome-to-injex-finance/introduction/the-injective-ecosystem) ### **Core Features** * [Swap](/core-features/swap) * [How Swap Works](/core-features/swap/how-swap-works) * [Settings](/core-features/settings) * [How to swap](/core-features/how-to-swap) ### **Injex in details** * [Tokenomics](/injex-in-details/injex-finance-tokenomics) * [Trading Fees](/injex-in-details/trading-fees) * [API Widget](/injex-in-details/api-widget) * [Roadmap 2024](/injex-in-details/roadmap) * [Social Media Platforms & Support](/injex-in-details/social-media-platforms-and-support) * [FAQ](/injex-in-details/faq) * [Disclaimer](/injex-in-details/disclaimer) # Introduction # Overview Despite being plunged into the steepest bear market, by volume, in the history of the cryptocurrency market, the DeFi market’s Total Value Locked (TVL) still sits at $107 billion, which demonstrates that the DeFi sector is still relevant in 2024. Interestingly, at the heat of the 2022 to 2023 bearish season, the TVL of the DeFi pools saw a 17.2% surge since October 2022. Noteworthy categories dominating the space include DeFi lending and borrowing, trades over decentralized exchange (DEX) protocols, liquidity staking, and derivatives. This growth can be seen in the number of active wallets, reaching 57 million, an impressive 271% growth in active DeFi wallets since 2022. However, the drawback of this situation is an even greater demand for deep liquidity across the thousands of active liquidity pools on these chains. The price of high demand in deep liquidity is high slippage and an exponential increase in network and protocol fees across these chains. Aggregatory solutions have emerged to tackle the challenges in the DeFi space. The most prominent examples among them are liquidity aggregators like 1inch, Matcha, Paraswap, Jupiter Station, Cowswap, and several others; each with its unique advantage. For example, the 1inch Pathfinder Algorithm analyzes liquidity sources across multiple DEXes, minimizing slippages, primarily on the Ethereum chain. Paraswap, on the other hand, aggregates liquidity from various DEXs and liquidity pools, providing versatility in trading options as well as offering margin trading and risk management. Another great example is Jupiter Station, operating on the Solana chain, which mainly offers multi-DEX aggregation and dynamic gas price adjustment. But there is nothing like that on the Injective network.
# The Injective Ecosystem An Incubator for Thriving DeFi Protocols Initially launched as a Cosmos-based smart contract, the Injective mainnet chain was released on November 8th, 2021, marking the beginning of a new chapter for the entire Injective community. In the Injective Ecosystem, there are over 260 products, with average daily volumes within the network exceeding $20 million. The network's TVL has more than doubled since the beginning of 2024 and amounts to over $60 million. The $INJ token consistently holds a position in the top 50 cryptocurrencies by market capitalization (over $2 billion). Here are three distinct protocols on the Injective chain: **Deep Liquidity**: Injective's unique architecture combines centralized order book technology with the transparency and security of blockchain technology. This hybrid approach creates a comfortable environment for large market makers and institutional players and a place to expect deep liquidity across various trading pairs, translating into minimal slippage and competitive pricing for DeFi protocols, starkly contrasting the challenges faced on congested chains. **Fast and Efficient Execution**: Injective's high-frequency trading infrastructure and low-latency connections enable near-instantaneous trade execution. This speed is crucial for DeFi protocols that require high-frequency trading strategies or flash loans, where even milliseconds can make a significant difference. Additionally, Injective's native cross-chain interoperability capabilities allow DeFi protocols to tap into liquidity seamlessly across multiple blockchains, resulting in fast and efficient trade execution. **Thriving Community and Innovation**: Injective provides an excellent environment for active members, developers, traders, and enthusiasts actively contributing to the ecosystem's growth. This collaborative environment breeds a conducive environment for new DeFi protocols and applications being built on top of the Injective platform. This fosters an environment for young DeFi protocols like Injex finance, attracting even more users.
# Swap The main functionality provided by Injex is liquidity aggregation when swapping two assets within the Injective network. Users can exchange both small and large volumes of assets without relying on a single DEX and its available liquidity. Injex does not hold user funds; it acts as a gateway aimed at reducing costs and maximizing the benefits of the exchange. In the current version, the product searches for the best conditions among direct LPs on the connected DEXes for user’s chosen pairs. If users go directly to a DEX like Helix, Astroport, Dojo, or White Whale, they would have to manually compare prices and results to find the best conditions. Injex solves this problem directly. In the upcoming 2nd version, Injex will introduce “Smart Auto Routing”, which will automatically create the best route to maximize the benefits of exchanges. This may involve using a single specific pair on a specific DEX or combining different pairs and DEXes, creating multi-layered systems to find the best liquidity. \ For more details, check “[How Swap works](/core-features/swap/how-swap-works)” Supported by [RedDuck](https://redduck.io/) # How Swap works For example, if you have 1000 USDT in the Injective network and want to exchange it for INJ tokens in the same network, you have a wide choice of different DEXes, each with different conditions. Where is the best place to exchange? Injex will find the best option available on the market. All you need to do is connect your wallet, select the asset you have, specify the amount, and choose the asset you want to receive in return. (Detailed instructions can be found on the "[How to swap](/core-features/how-to-swap)" page.) Let’s consider a theoretical but realistic scenario. ### How it works now: First Beta Version Operation (v1) Scenario: 1000 USDT on the Injective network needs to be exchanged for INJ tokens at the best market rate. An example of an algorithm that Injex would execute to solve this task: In the current beta version (we continue to improve and optimize it), Injex creates a request to sell 1000 USDT and buy the maximum amount of INJ, sending this request to four exchanges: Helix, Astroport, Dojo, and White Whale. For these two tokens, there are direct LP pairs on all exchanges, so the results will show how many INJ tokens each exchange can offer. For example: * Helix: 35.823 INJ * Dojo: 35.743 INJ * Astroport: 31.407 INJ * White Whale: 31.863 INJ This happens in seconds, allowing users to get up-to-date exchange rates and ratios promptly. You can find this additional information in the dropdown list on the Swap page. Notably, here Helix offers the best results - 35.823 INJ, which will be displayed as the key rate for exchanging USDT to INJ within Injex. As a result, 1000 USDT will be routed to Helix, and after signing the transaction with gas fees, excluding slippage, the user will receive 35.823 INJ in his wallet at the best exchange rate at the time. Moreover, it saves time on searching and comparing prices across DEXes. ### How it will work with “Smart Auto Routing” (v2) In the future second version, which is currently in parallel development, we are going to add “Smart Auto Routing”. With its release, the available liquidity on each exchange will be taken into account, allowing for the creation of more complex and multi-level paths to maximize benefits during exchanges. Let's take the previous example: 1000 USDT to INJ. In the second version of Injex, our aggregator can perform scenarios like: Distributing 1000 USDT between two exchanges, Helix and Dojo, as they have the best rates at the time (e.g., 0.03585 INJ per 1 USDT on Helix and 0.03586 INJ per 1 USDT on Dojo). However, the favorable rate on Helix is only for up to 300 USDT, while on Dojo, it's for up to 400 USDT. If the USDT amount exceeds these, the average INJ per 1 USDT drops below 0.0358 INJ. Therefore, we can exchange 700 USDT at the best market rate on two exchanges. Then, Injex searches for other advantageous routes. Injex determines that exchanging the remaining 300 USDT on Astroport first into wETH, and then swapping the wETH for INJ on WhiteWhale, will yield 10.749 INJ, giving an average rate of 0.03583 INJ per 1 USDT, which is better than other exchanges at that moment. Upon signing the swap transaction for 1000 USDT to INJ, excluding slippage, Injex will execute the following distribution: 1. User -> 1000 USDT to Injex 2. Injex -> 300 USDT to INJ (to Helix) -> 10.755 INJ 3. Injex -> 400 USDT to INJ (to Dojo) -> 14.344 INJ 4. Injex -> 300 USDT to wETH (to Astroport) -> 0.08 wETH to INJ (to WhiteWhale) -> 10.749 INJ 5. Injex consolidates all the funds received from the exchanges and sends them to the user in a single transaction 6. Injex -> 35.848 INJ to the User As a result, in this theoretical scenario, the user will receive 35.848 INJ instead of 35.823 INJ, as described in the first version. This increase is particularly noticeable with larger amounts, as the larger swap position, the more noticeable the slippage and liquidity deficit. This will take approximately the same amount of time as a swap within one exchange. The low fees within the Injective network do not create expensive costs for parallel transactions, so the resulting benefit from liquidity aggregation across DEXes will exceed the spent gas fees. If the final benefit were less than the gas fee, Injex would consider this and perform the best exchange ensuring the user's benefit ≥ spent gas fee. # Settings # Slippage Slippage ensures that your transaction goes through even if the exchange rate changes slightly. The slippage, set by default at 1%, guarantees that after successful swap the user will receive **at least** 99% of the indicated amount. Users can adjust the slippage from 0.01% to 49.99%. We allow, but highly discourage, the use of: * Slippage < 0.1% - Low slippage may cancel the transaction due to a lack of liquidity. In such cases, the transaction will not go through, and your funds will be returned to your wallet, but you will pay the gas fee. **Funds spent on the gas fee are non-refundable.** * Slippage > 1% - High slippage can result in losses due to an unfavorable exchange rate. High values can be used in low-liquidity markets, but do so with caution and an awareness of the associated risks. Injex recommends using slippage of 0.5% - 1%. This is the golden mean to increase the likelihood of transaction completion with minimal risk of an unfavorable exchange rate change.
# What is Slippage Slippage occurs when the price of an asset changes between the time a trade is initiated and the time it is executed. This price change can be due to market volatility, liquidity depth, or the time it takes to process the transaction on the blockchain. Main factors Contributing to Slippage * Rapid price movements can cause significant slippage, especially in highly volatile markets. * Shallow liquidity pools mean large orders can significantly impact the asset price, leading to higher slippage. * Delays in transaction processing, common in blockchains with slower confirmation times, can result in price changes during the lag. What Injex do to reduce slippage * Advanced algorithms can dynamically route orders to minimize slippage by considering liquidity and price across multiple DEXes in real-time. * Allowing users to set slippage tolerance limits helps in preventing trades from executing at unfavorable prices. * Utilizing flash swaps to lock in prices can help mitigate slippage by reducing exposure to price changes during transaction execution. # Liquidity sources Users can disable a specific DEX in the settings if, for any reason, they do not like it or if the DEX team has requested to temporarily refrain from using their product. The selected source or sources will be excluded. They can be re-enabled in the same settings tab at any time. By default, all sources are enabled. It is important to note that at least one liquidity source must always be selected; otherwise, the Injex’s swap service will not be able to perform its task, as it does not directly hold or manage liquidity but instead accesses verified public sources. The number of liquidity sources will scale in the future, increasing their number and the associated functionality. # Disable Preview Before the on-chain confirmation (transaction signing) of each swap, we display an informational window showing the exchange rate frozen for the user and its conditions. This helps to see all selected settings and verify the correctness of the information and settings user entered before signing the transaction. Users can hide this message to save time between entering exchange information and signing the transaction by clicking the "Do not review for future transactions" button. All subsequent transactions will proceed without this informational window. If the user did this by mistake or wants to restore this window, they need to uncheck the "Disable Preview" box in the settings. After this, the informational window will be displayed again. # How to swap 1. Open [Injex dApp](https://app.injex.fi/). 2. Review our [terms of use](https://sale.injex.fi/terms-of-use) and [privacy policy](https://sale.injex.fi/privacy-policy). If you agree with them, check the corresponding box and hop in!
3. Connect the wallet you use and that supports the Injective network.
4. After connecting your wallet, you can start using the main functionality - Swap. To make an exchange, you need to: 1. Select the token you have and want to exchange; 2. Select the token you want to receive; 3. Specify the amount of tokens you want to sell; 4. Review the information provided by Injex after finding the best current rate. Click “Continue” and double-check all the information in the window that opens.
5. If everything is correct and satisfactory, confirm the exchange.
6. After signing the transaction in your wallet, wait for the transaction to process. When the transaction is completed, you will see a corresponding message. By this time, the received tokens are already in your wallet. 7. If for some reason your transaction failed and you received the following notification, try increasing the Slippage in the settings and try again.

You may see this message if you manually canceled the transaction in your wallet or if you took too long to sign the transaction. In this case, simply repeat the transaction without changing the other parameters.

Increase the slippage in the "Slippage settings".


# Injex Finance Tokenomics Meet $INJX token, the cornerstone of Injex Finance’s ecosystem. Designed to integrate seamlessly with our protocol, $INJX empowers users with exclusive access and rewards. #### Ticker: $INJX #### Network: Injective #### Total Token Supply: 374,078,399 $INJX **CA:** # Token Supply & Distribution
Category

Allocation

(%)

Allocation

($INJX)

Vesting Schedule
Team & Advisors15%105M6 months cliff, 18 months linear vesting.
Staking Rewards10%70M18 months linear vesting.
Seed Round5%35M10% at TGE, 16 months linear vesting.
Private Sale 15%105M10% at TGE, 16 months linear vesting.
Public Sale 5%20.52M15% at TGE, 6 months linear vesting.
Floating Liquidity15%105M5% at TGE, 18 months linear vesting.
Community incentive15%105M5% at TGE, 1 month cliff, 12 months linear vesting.
Foundation & Ecosystem Fund20%140M6 months cliff, 18 months linear vesting.
# Revenue Model At Injex Finance, our revenue model is uniquely designed to align with our commitment to an easy and fast trading experience. **Sponsored Listings:** Sponsored listings on Injex Protocol will be charged in $INJX tokens. **Affiliate Revenue / Partner Referral Fees**: Revenue share or transaction fees from other DEXes and third-party service providers. **Partner Fees:** Other DeFi protocols integrating the Injex Finance DEX widget can add trading fees. # Token Burning Strategy The proposed token burning plan is designed to incentivize trading activity, reduce circulating supply, and contribute to the long-term value of the $INJX token. ### Burning Mechanism **Revenue Share Burns**: Injex Finance implements a progressive burning mechanism based on token revenue sources to ensure sustainable growth and value appreciation. **Periodic Burns**: Scheduled quarterly or bi-annual community-determined burns. This approach provides predictability and control, fostering community engagement. ### Burning Ratios The burning ratio will expand over time, including token sources such as a percentage of the revenue generated from sponsored listings, token utility, partner fees, and data services.
# Token Utility * **Staking:** Earn rewards for staking $INJX. * **Liquidity Mining:** Earn $INJX for providing liquidity. * **Community Incentive**: incentive programs designed to reward users for their early engagement and contributions to the Injex Finance protocol. * **Token Buyback and Burn.** * **Future Features.** # Trading Fees You will see the preliminary value (with minor deviations due to liquidity changes between the initial view, signing, and transaction execution). The figures you see are returned directly by the DEX where the exchange will take place. However, the connected DEXs charge their independent trading fees, which we cannot control. The fees are as follows: * **DOJO** - 0.3% * **Helix** - 0.2% * **Astroport** - For constant product pools, the fee is 0.3%; For stable swap invariant pools, the fee is 0.05% * **White Whale** - 0.1% These fees are already included in the final amount that Injex displays as the sum you will receive from the Swap. # API Widget Injex is launching a widget for the main Swap feature. Anyone can integrate our free widget and thus provide Injex functionality on their website or application for user convenience. The same functionality as on [Injex Finance](https://app.injex.fi/), with no additional fees for users or costs for the team to support and integrate the widget. The widget will allow your users to swap assets within the Injective network on your platform or service at the best rates by aggregating liquidity, without charging additional fees. \ If you have your own DeFi product or dApp within Injective related to staking, lending, trading, or another need for quick swaps with aggregation, send an email to with the subject "Injex Widget" and we will provide you with all the necessary technical API and information to integrate the widget into your website or application as soon as possible. Supported by [RedDuck](https://redduck.io/) # Roadmap **Phase 1** ✅ Swap Interface ✅ Major DeFi Injective-compatible Wallet integrations ✅ V1 closed beta, testnet ✅ V1 public beta, testnet ✅ V1 public beta, mainnet ✅ Multi-LP Aggregation **Phase 2** ✅ Broad Marketing Campaigns ✅ Smart Order Routing ✅ V2 mainnet release - Limit Orders & Smart Auto Routing ✅ Swap widget ✅ Rewards system **Phase 3** ✅ Limit Orders ✅ API Development ✅ Partner Fees implementation ✅ Partnerships with the Injective Ecosystem DeFi Projects ✅ Improve speed and efficiency ✅ Get listed on [Injective Ecosystem](https://injective.com/ecosystem/) **Constant Goals:** 🔵 Improvement and optimization of the product 🔵 Integration of new DEXes within the Injective network 🔵 Continuous User Education # Social Media Platforms & Support **Website:** **Mainnet:** **Testnet:** **X (ex Twitter):** **Telegram, News Channel:** **Medium:** **Email:** **Remember that real Injex support agents will never write or ask you about the private key or seed phrase first. Beware of scammers.**
# FAQ # Swap and orders 1. **If the displayed exchange rate does not suit you, try:** * Reducing Slippage * Reducing the position size * Checking that all liquidity sources are enabled * Waiting for price rebalancing within the liquidity pair * Waiting for new liquidity to become available 2. **Why does it say “No direct route available” next to source liquidity?** Reason: There is no direct pair between the two selected tokens on this DEX. Solutions: * Use other liquidity sources. * If you have managerial access and need such a pair on a specific DEX, contact the necessary DEX to create a direct liquidity pair and add the required amount of liquidity. 3. **Transaction canceled** Reason: Injex could not complete the transaction under the conditions you specified. Solution: * Try increasing the slippage by an additional 0.1-0.5% and repeat the transaction. 4. **Message: “Token price can't be determined, so proceed with caution.”** Reason: We could not retrieve the price information for at least one of the assets. Solutions: * At least one of the assets is not listed on platforms like Coinmarketcap / Coingecko, so price information in USD is not available on our site. * If the price was displayed before, refresh the page. If this does not help, contact our support through any convenient method. Our specialists will resolve this issue. 5. **Message: “This pair is coming soon. We suggest choosing a different pair.”** Reason: There is no direct pair for the selected assets on all DEXes. Solutions: * Try different combinations of one of the assets to find an existing pair. * If you cannot find the necessary direct pairs, wait for the release of Swap v2, which will integrate Smart Auto Routing, allowing you to exchange any token A for any token B. 6. **Message: “This swap could lead to significant losses. We suggest choosing a different pair.”** Reason: The amount you want to exchange exceeds the liquidity available in the direct liquidity pair. Such an exchange could result in a loss as it would not be profitable for you. Solutions: * Reduce the number of tokens in the position. * Try selecting a different pair. 7. **Token balance not displayed in the wallet** Solutions: * Ensure you have selected the Injective network within your wallet. * Check for the presence of tokens in your wallet on the Injective network. If you have the necessary token in another network, go to the “Bridge” tab and transfer the required amount of tokens to the Injective network using the official bridge (). * Make sure you have selected the correct token. 8. **I closed the tab; how can I find out if my transaction was signed and its status?** Solution: * Go to the [Explore tab](https://explorer.injective.network/) and enter your Injective wallet address in the search field. Review your transaction history and their statuses. If the transaction was signed, you will see its further status. 9. **Token balance not displayed in the wallet** Solutions: * Ensure you have selected the Injective network within your wallet. * Check for the presence of tokens in your wallet on the Injective network. If you have the necessary token in another network, go to the [“Bridge” tab](https://bridge.injective.network/) and transfer the required amount of tokens to the Injective network using the official bridge (). * Make sure you have selected the correct token. 10. **I closed the tab; how can I find out if my transaction was signed and its status?** Solution: Go to the [Explore tab](https://explorer.injective.network/) and enter your Injective wallet address in the search field. * Review your transaction history and their statuses. If the transaction was signed, you will see its further status. 11. **I swapped token A for token B. Token A was deducted, but token B is not displayed in my wallet.** Reason: The token is not displayed in your wallet. Solutions: * Go to the Explore tab and enter your Injective wallet address in the search field. Review your transaction history and find the transaction where you do not see the token you were supposed to receive. Copy the token's smart contract address and add it to your wallet. * If the token is correctly added to your wallet, check your internet connection and refresh the wallet page. If you have another error or malfunction and you do not find the answer in the list of answers, please contact our support team through [a platform convenient for you](/injex-in-details/social-media-platforms-and-support). Remember that real Injex support agents will never write to you first and will never ask you about the private key or seed phrase. **Beware of scammers!**
# About Injex Finance ### What is Injex Finance? Injex Finance **i**s a decentralized finance (DeFi) project that operates primarily on the Injective network. It serves as a liquidity aggregator, addressing the challenges faced by traders dealing with individual liquidity pools on the Injective chain. Injex Finance aims to enhance the trading experience on Injective by reducing the impact of price slippage through its innovative aggregation protocol. ### What is this project about? The project focuses on providing a solution to the challenges in the DeFi space, particularly related to liquidity in individual pools. Injex Finance uses an aggregation algorithm to distribute trade weights across multiple liquidity pools concurrently on the Injective network. This process aims to effectively reduce price slippage, offering traders deeper liquidity and improved efficiency in their transactions. ### Is Injex Finance secure? The whitepaper doesn't explicitly mention security measures, audits, or technical details regarding the security of Injex Finance. Therefore, a detailed security assessment would require additional information and a review of the project's technical documentation and security practices. # Disclaimer ## Disclaimer ***Please note:** This whitepaper is for informational purposes only and should not be considered financial advice. It does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information contained herein is subject to change without notice.* **Risk Factors:** Investing in Injex Finance involves several risks, including but not limited to: **Volatility:** The price of the $INJX token is subject to significant volatility and may fluctuate wildly in response to market conditions, regulatory changes, or other factors. **Smart Contract Risks:** The Injex Finance protocol relies on smart contracts, which are computer programs that can be susceptible to errors or vulnerabilities. These errors or vulnerabilities could result in the loss of funds or other unintended consequences. **Security Risks:** The Injex Finance protocol is subject to various security risks, including but not limited to hacking, phishing, and denial-of-service attacks. These risks could result in the loss of funds or other unintended consequences. **Regulations:** The regulatory landscape surrounding cryptocurrency and DeFi is rapidly evolving. Regulation changes could adversely impact the Injex Finance protocol and the $INJX token. **Competition:** The Injex Finance protocol faces competition from several other DeFi protocols. This competition could make it difficult for Injex Finance to attract and retain users. You should carefully consider the risks involved before investing in Injex Finance. You should also consult with a qualified financial advisor to determine whether investing in Injex Finance is right for you. ### Additional Disclaimers * This whitepaper is based on the current development of the Injex Finance protocol and is subject to change without notice. * The actual features and functionality of the Injex Finance protocol may differ from those described in this whitepaper. * The team behind Injex Finance does not guarantee the success of the Injex Finance protocol or the $INJX token. * By reading this whitepaper, you acknowledge that you have read and understood these disclaimers.