TruINJ Token
What is TruINJ?
TruINJ is the liquid staking receipt users receive when they deposit INJ into the TruStake vault. It is a CW20 fungible token and has all the same basic functionality, such as: mint, burn, etc.
As soon as you deposit INJ on the TruStake smart contract, you receive newly minted TruINJ, based on the exchange rate at the time of staking.
Similarly, when you request an unstake, the corresponding amount of TruINJ is burned simultaneously.
What is the TruINJ exchange rate and how does it change?
At launch, the TruINJ / INJ exchange rate is set to 1, i.e. the amount of INJ per TruINJ is 1. As rewards accrue from staking, the exchange rate increases to reflect this.
For example, if you deposit 1000 INJ with the exchange rate at 1.0, you will receive 1000 TruINJ in return. If you accrue 10 INJ of rewards, the exchange rate will change to 1.01 to reflect that your 1000 TruINJ is now redeemable for 1010 INJ.
The share price is calculated net of all validator and vault fees.
Do I have to claim my TruINJ when I deposit?
No. TruINJ will automatically be sent to your wallet when you deposit INJ in the TruStake vault.
Where can I use TruINJ?
We have worked on an extensive list of partnerships which will support TruINJ on Injective. The spectrum of partners will include DEXs, yield farming, lending/borrowing and more. The following list of partners are live or will go live over the coming week(s):
TruINJ Liquidity Pools on Helix
Many more to come!
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