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Injective Burns $130k Worth of INJ Tokens

Twitter icon  •  Published il y a 3 mois  •  Hassan Maishera

The Injective team announced via X on Wednesday that it had burned $130k worth of INJ tokens in its recent token burn event.

The Injective team announced via X on Wednesday that it had burned $130k worth of INJ tokens in its recent token burn event. A total of 3,434.11 INJ tokens were burned, amounting to over $130,000.

So far, the Injective team has burned a total of 5,813,390 INJ tokens, over $227 million. Burning effectively removes tokens from the available supply, which decreases the number in circulation. It is used in some blockchains to increase coin market value since assets tend to rise in price whenever the circulating supply falls and they become more scarce.

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 $38.244, down by 6% in the last 24 hours. 

 

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.