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Injective Burned $344,478 Worth of $INJ this Week

Twitter icon  •  Published 10 months ago on August 8, 2024  •  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.

Injective Burned $344,478 Worth of $INJ this Week

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.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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