According to Odaily, Injective, a prominent blockchain platform, has announced the permanent destruction of 12,266 tokens today. By the end of next week, the total number of INJ tokens destroyed by Injective users is expected to reach 6 million.
The move is part of the platform's ongoing efforts to manage the supply of its native INJ tokens. The destruction of tokens, also known as 'burning', is a common practice in the cryptocurrency industry. It is used to control the number of tokens in circulation, thereby potentially increasing the value of the remaining tokens.
Injective has not provided further details about the reasons behind this large-scale token destruction. However, it is clear that the platform is taking significant steps to manage its token supply. The impact of this move on the overall value of INJ tokens will be closely watched by investors and market analysts.