Hassan Maishera
The Injective team announced via X on Wednesday that it burned $344,478 worth of $INJ this week, leading to one of the highest burn auction days to date.
The Injective Burn Auction is a novel mechanism designed by the community to systematically reduce the total supply of INJ over time, contributing to deflationary characteristics.
Injective is an open, interoperable layer-one blockchain for building powerful DeFi applications. Injective uniquely provides plug-and-play financial infrastructure primitives, such as a high-performance on-chain decentralized exchange infrastructure, decentralized bridges, oracles, and a composable smart contract layer with CosmWasm. INJ is trading at $15.72, down 3.6% in the last 24 hours.
