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News

Injective Releases Largest Tokenomics Upgrade With New INJ Burn 2.0 Mechanism

August 16, 2023 - Around 2 mins mins to read

Key Points:

  • INJ Burn 2.0: A monumental upgrade for Injective’s tokenomics.
  • All dApps can now contribute to INJ burn auctions.
Injective, the fastest L1 blockchain, has announced the release of its largest tokenomics upgrade yet. The upgrade, called INJ Burn 2.0, will enable any dApp on Injective to contribute to burn auctions, extending the benefits of the token burn mechanism to a wider array of protocols.
Injective Releases Largest Tokenomics Upgrade With New INJ Burn 2.0 Mechanism

All protocols have the option to allocate the amount they would like to contribute to the auction, and can even allocate up to 100% of their collected fees to the auction basket. This move aims to create a more robust on-chain economy powered by INJ, as burn auctions can now capture value from all dApps across the rapidly growing Injective ecosystem.

Previously, the Token Burn Auction auctioned off 60% of all fees collected on exchange dApps built on Injective and subsequently burned the tokens used to pay for the auction basket. During the weekly burn event, every exchange dApp directed 60% of its transaction fees into an auction basket, offering community members an opportunity to compete for the complete winnings of that week through their bids.

The payments made for the auction basket were promptly burned once the auction ended, decreasing the overall token supply. Since its inception, over 5.7 million INJ has been burned forever through this burn auction model.

This monumental upgrade holds considerable promise for the Injective community as a whole. By enabling a broader spectrum of use cases to be integrated into the buy-back-and-burn mechanism, the platform unlocks a new level of utility for the native INJ token.

The increased participation from various dApps amplifies the potential rewards available for auction and allows for larger amounts of INJ tokens to be burned. The complete details on how any new dApp building on Injective can directly contribute to the auction basket can be found in the developer documents for Injective.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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INJ Token

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

Injective Releases Largest Tokenomics Upgrade With New INJ Burn 2.0 Mechanism

Key Points:

  • INJ Burn 2.0: A monumental upgrade for Injective’s tokenomics.
  • All dApps can now contribute to INJ burn auctions.
Injective, the fastest L1 blockchain, has announced the release of its largest tokenomics upgrade yet. The upgrade, called INJ Burn 2.0, will enable any dApp on Injective to contribute to burn auctions, extending the benefits of the token burn mechanism to a wider array of protocols.
Injective Releases Largest Tokenomics Upgrade With New INJ Burn 2.0 Mechanism

All protocols have the option to allocate the amount they would like to contribute to the auction, and can even allocate up to 100% of their collected fees to the auction basket. This move aims to create a more robust on-chain economy powered by INJ, as burn auctions can now capture value from all dApps across the rapidly growing Injective ecosystem.

Previously, the Token Burn Auction auctioned off 60% of all fees collected on exchange dApps built on Injective and subsequently burned the tokens used to pay for the auction basket. During the weekly burn event, every exchange dApp directed 60% of its transaction fees into an auction basket, offering community members an opportunity to compete for the complete winnings of that week through their bids.

The payments made for the auction basket were promptly burned once the auction ended, decreasing the overall token supply. Since its inception, over 5.7 million INJ has been burned forever through this burn auction model.

This monumental upgrade holds considerable promise for the Injective community as a whole. By enabling a broader spectrum of use cases to be integrated into the buy-back-and-burn mechanism, the platform unlocks a new level of utility for the native INJ token.

The increased participation from various dApps amplifies the potential rewards available for auction and allows for larger amounts of INJ tokens to be burned. The complete details on how any new dApp building on Injective can directly contribute to the auction basket can be found in the developer documents for Injective.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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