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Crypto trader and analyst Ben Armstrong says an Ethereum-based altcoin has the potential to turn early investors into millionaires.

In a new video, Armstrong tells his 442,000 YouTube subscribers that hes keeping a close watch on decentralized exchanges (DEXs) as the sector continues to show signs of rapid growth.

The demand for DEXs is growing exponentially with DEX trading volume reportedly growing by 70% in the middle of 2020, setting a recent all-time high of $1.52 billion.

DEXs allow users to trade tokens between one another in a permissionless and decentralized manner without the assistance of an intermediary. Armstrong says he believes Injective Protocol (INJ) help unlock the true potential of decentralized finance (DeFi).

Backed by Binance, Injective Protocol is a fully decentralized layer-two protocol that allows for cross-chain derivatives trading. Injective Protocol aims to provide all the features of a centralized exchange on a DEX with focus on speed, security, and liquidity.

Armstrong highlights that Injective Protocol is poised to benefit from the growing demand for DEXs, fueled by the platforms interoperability feature that enables users to trade a wide range of crypto assets across multiple blockchains.

As for Injectives Protocol native asset, INJ, the crypto analyst says it serves multiple purposes across the network.

INJ tokens are staked to receive staking rewards which are paid out in INJ. Staking INJ tokens is also used to vote and participate in governance. Its required to submit proposals and to vote on them as well. The more INJ token a user holds, the greater their voice on the governance table.

Also, taking a note right out of the playbook of their backer and incubator, Binance, trading with INJ on the platform gives you a discount on transaction fees.

In terms of price potential, Armstrong believes that the interoperable next-gen DEX can skyrocket 525% from its current price of around $16.

So where do I see the price of INJ going from here? Well, Injective Protocol has absolutely crushed it since launch. I dont see that stopping. I believe $100 per token is definitely in the cards in the future.

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Featured Image: Shutterstock/Art Furnace

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This Ethereum-Based Altcoin Will Turn Some Crypto Traders Into Millionaires, According to Crypto Trader Ben Armstrong - The Daily Hodl