Key Points
- Injective (INJ) surged by over 2% today.
- Injective gets close to hitting the 6 million $INJ burn milestone.
Injective (INJ) saw a price surge of over 2% today and the token’s price is experiencing high volatility after reaching $29.8 earlier.
At the moment of writing this article, INJ has a total market cap of approximately $2.6 billion.
The team behind the project announced via a post on X that Injective is close to hitting 6 million INJ burn milestone.
T-2 Days until Injective hits the 6 Million $INJ burn milestone.
Tick Tock 🕰️
— Injective 🥷 (@injective) June 11, 2024
The other day, the team behind the project analyzed the ways in which INJ is transforming the crypto landscape with dynamic supply mechanisms and a revolutionary token burn system. The post on X reveals key highlights from Injective’s paper on INJ.
On June 6, the project announced the release of the first-ever comprehensive paper on the Injective Token, INJ.
They noted that the paper delves into the token’s core utilities and mechanisms powering a programmable token economy for deflationary acceleration.
The name of the paper is “INJ: A Programmable Token Economy for Deflationary Acceleration”.
What is Injective (INJ)?
Injective is a blockchain built for finance. This is an open interoperable layer-1 blockchain powering next-gen DeFi apps, including decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
Injective also offers powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain orderbook, according to the team’s notes.
Also, all forms of financial markets such as spot, perpetual, futures and options are fully on-chain. The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains such as Solana.
INJ is the native crypto of the project and, according to the team behind the project, it’s revolutionizing tokenomics with dynamic supply mechanisms and an innovative and strategic burn system.
It also facilitates operations within the network, it’s used for purchasing and selling goods and services between blockchain parties.
INJ is also used for community-led governance across all parameters of the chain. This allows for a decentralized environment in which all stakers have a voice in the evolution of the project.
