đ„đ° Record-Breaking Token Burn: 5,643 INJ Worth $196,000, Ignites #Injective History! đ„đ°
Today marked a historic milestone in the Injective ecosystem a staggering 5,643 INJ tokens, equivalent to approximately $196,000, went up in flames! đ„âš This incredible journey began on December 15, 2021, with the inaugural INJ burn, turning the token officially deflationary.
đ Since its mainnet launch, Injective has swiftly evolved into the fastest Layer 1 blockchain, serving diverse dAppsâranging from #DeFi and #NFTs to gaming and LSDs. The introduction of INJ 2.0 now empowers all dApps to actively participate in burns.
đ„ Any dApp built on Injective can allocate up to 100% of its protocol fees to the weekly burn auction, enhancing potential rewards and enabling more substantial INJ token burns.
đ The decentralized burn auction occurs every Wednesday, where 60% of fees collected across Injective dApps undergo a buyback and burn process initiated by the community. This groundbreaking mechanism has burned over 5,800,000 INJ tokens since the mainnet launch, showcasing the robust and sustainable growth of Injective.
đ„đĄ How does the Burn Auction work?
Fees collected across Injective dApps are pooled into an auction.Users bid using only INJ, and the highest bidder secures the auctioned asset basket.The winning bid amount in INJ is immediately burned.A new auction period commences, fostering a continuous cycle of token burns.
This groundbreaking approach not only fuels the ecosystem's growth but also presents unique arbitrage opportunities for the Injective community. The journey continues as Injective remains a beacon of innovation in the crypto space!
#InjectiveBurn #INJ #TradeNTell #Write2Earn $INJ $BTC $SOL
