Injective is a Layer‑1 blockchain optimized for high‑performance, cross‑chain DeFi applications. It supports decentralized spot & derivatives trading and enables developers to build and launch cross‑chain DeFi protocols using the Inter‑Blockchain Communication (IBC) standard from Cosmos.

The ecosystem includes a variety of both native and interoperable tokens, many of which reside on Injective via IBC. These tokens benefit from Injective’s scalability, zero gas fees for end users, and deep integrations with Cosmos-native DeFi.

Below are four noteworthy tokens within this ecosystem, each currently under a $2 M market cap benchmark on CoinMarketCap.

Note: This list is sorted in no particular order. All data and information are from CoinMarketCap. 

Stargaze (STARS)

Stargaze is a decentralized protocol built on Cosmos with the goal of enabling creators to mint, buy, and sell NFTs while integrating social media-like community features. It aims to empower a Web3-native social NFT economy with innovative governance and activity-driven rewards.

STARS is the native staking token that is used for.

Fees for processing transactions and storing data Running validator nodes on the network via staking STARS tokens Voting in governance for protocol upgrades and parameter changes Voting in the DAO to curate NFTs and fund creators Mint and bid on NFTs.

Price: ~ $0.001305 
24‑Hour Volume: $5,600
Market Cap: ~ $1.77M

Exchanges: Available on Osmosis, CoinEx.

Covalent (CQT)

Covalent provides unified API access to granular on-chain data across numerous blockchains, enabling developers and analysts to extract rich datasets like wallet balances, token holdings, and DeFi positions with no-code tools. It powers analytics, portfolio trackers, and auditing tools.

CQT is the native token of the Covalent Network. It has three primary purposes:

CQT is a governance token, whereby token holders vote on proposals to change the system parameters.

CQT is a staking asset. Validators will earn fees for answering queries.

CQT is a network access token that fulfills data queries for users of the API.

Price: ~ $0.00206 
24‑Hour Volume: ~ $35,000
Market Cap: $1.76M
Fully Diluted Valuation: ~ $2.07 million

Exchanges: List include Kraken, and supports trading on decentralized platforms

IRISnet (IRIS)

IRISnet is a scalable blockchain built in the Cosmos ecosystem, providing services for enterprise-grade distributed business applications. It offers modules like service hub, interchain account, and on-chain governance tailored to cross-chain service deployment.

One of the IRISnet protocol’s main selling points is that it aims to combine both on and off-chain capabilities. While transactions are executed on the blockchain, data processing and business logic will be executed off-chain. In addition, IRISnet also offers products like a smart wallet for business operations.

Price: ~ $0.001021 
24‑Hour Volume: ~ $222,000
Market Cap: $1.59–$1.64 million
Circulating Supply: ~ 1.6 billion IRIS

Exchanges: IRIS is actively traded on Gate, WEEX, CoinEx, and others, with IRIS/USDT as a common pair.

Mirror Protocol (MIR)

Mirror Protocol enables the creation of synthetic assets (“mAssets”) that mimic real-world assets on-chain. Originally deployed on Terra and now expanded to Ethereum, it offers trading and liquidity for tokenized US stocks, commodities, and more.

MIR is the governance token of Mirror Protocol, a synthetic assets protocol built by Terraform Labs (TFL) on the Terra blockchain.

Price: ~ $0.01347 
24‑Hour Volume: $59,000
Market Cap: $1.05M
Circulating Supply: ~ 77.7 million MIR

Exchanges: Trading venues include MEXC (MIR/USDT), Kraken, and Uniswap V2 on Ethereum.

Exchanges: Bitget, MexC, Gate.io, kucoin, bingx, Bitmart.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Top 5 Injective Ecosystem Tokens To Watch Below 2M Market Cap In July 2025 appeared first on The Merkle News.

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Filed under: Bitcoin - @ July 23, 2025 4:26 am