LIVE
The #Injective 3.0 Community Vote
Voting is currently underway on a plan to usher in a new age called Injective 3.0 and drastically alter the platform's tokenomics on the Injective Protocol blockchain, which is used for decentralized finance (DeFi) and derivatives trading.
Injective announced the proposal's availability for voting on the Injective Hub in a post made on April 19. All stakeholders and validators are welcome to join in over the following four days.
The makers of Injective 3.0 claim that their goal is to turn INJ into a deflationary asset. A significant component of this will involve managing the rate of token generation in order to decrease minting. In order to decrease the rate of token minting, the team will adjust on-chain parameters, pending community approval of the proposal.
Concurrently, Injective 3.0 intends to make the inflation rate of INJ more stake-responsive. As more INJ is staked and made scarce, inflation will decrease under this scenario.
If INJ deflates more, the network, according to the proposers, will be safer and more resilient. Rare assets typically have higher token pricing. It should be mentioned, though, that alterations to tokenomics do not instantly result in advantageous repricing of prices. Utilitarianism, fueled mostly by public interest, is necessary for price increases.
Will Prices Finally Break $30 After Burning Millions of INJ?
After being activated in August 2023, Injective 2.0 is now active. Decentralized applications (dapps) on the network are currently free to take part in token burning through an auction under the existing rules. More than 5.9 million INJ have been removed, as per the Injective Protocol.
As of this writing, INJ is still under pressure and has fallen 50% from its all-time high in March 2024. During the previous several trading sessions, the coin's movement has been horizontal.
An important resistance level is the $30 mark. If INJ prices go below $23, which is the low for the week, the coin will fall towards the $18 level, which was around the low on April 13.
