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Home»ADOPTION NEWS»Indoctrinated community vote to quadruple deflation in INJ
ADOPTION NEWS

Indoctrinated community vote to quadruple deflation in INJ

By Crypto FlexsApril 23, 20243 Mins Read
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Indoctrinated community vote to quadruple deflation in INJ
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The changes were approved in an injectable community on-chain vote. INJ

-2.17%
3.0 Token economics system.

The move, considered the biggest upgrade to Injective’s tokenomics system yet, reduces the issuance properties of tokens and sets new parameters to make INJ “one of the most deflationary assets in cryptocurrency,” according to an April 19 governance proposal. Add .

INJ is the native token of Injective, a Cosmos-based layer 1 blockchain overseen by the non-profit Injective Foundation. This proposal would quadruple INJ’s deflation over the next two years.

“This is the next step in Injective’s evolution. We’ve seen billions of dollars flowing in since day one. To ensure the ecosystem serves the long-term as a peer to institutional players, INJ will reward early adopters and attract new customers. participants,” Injective Foundation CEO Jenna Peterson said in a statement. “With these important updates approved through the governance of the wider Injective community, INJ 3.0 aims to enable INJ to surpass Bitcoin’s sound monetary characteristics.”

INJ 3.0 Proposal

The INJ 3.0 tokenomics proposal, introduced on April 19, has two main takeaways:

The first is a change in INJ’s inflation cap and floor. The upper and lower bounds of inflation represent the highest and lowest interest rates, respectively, that are considered acceptable in an inflation system. The proposed token economics changes for INJ 3.0 would gradually lower the token’s inflation floor to 4% over the next two years and lower the upper bound to 7%. In the second quarter of 2026, the project plans to review its deflation parameters.

The second prong “increases the inflation rate change parameter from 0.1 to 0.5 to increase responsiveness to staking activity,” the proposal adds.

“This proposal achieved an incredible 99.99% approval rate, serving as strong evidence of the overwhelming desire within the community to pass this upgrade,” Eric Chen, CEO of Injective Labs, a core contributor to Injective, told The Block. He said, “I look forward to seeing this new schedule in action with the rest of the community.”

INJ was trading at $27.79 at 8:57 AM ET on April 23, after falling 1.94% over the last 24 hours. According to The Block’s INJ price page, INJ has a market capitalization of $2.5 billion, with a circulating supply of 90 million tokens out of a total supply of 100 million.

The Injective Foundation launched Injective’s Volan upgrade on January 11th. The update strengthens modules focused on real-world assets such as tokenized fiat pairs, government bonds, proprietary credit products, and other structured products, The Block previously reported.

Injective’s total value stood at $62.7 million as of April 22, according to cryptocurrency data tracker DeFiLlama.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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