š„š„š„ burn burn burn š„š„š„
While everyone was paying attention and interacting with the burning of #BNB , Have you heard about the burning auction for #INJ Coin !!
Did you know, first, that 60% of all transaction fees on the Injective network are burned weekly ?
So, stay with me for more details and don't forget to click follow
Ā First, you should know that burning inj on a weekly basis occurs by the community, and the developer has nothing to do with this burning at all. This means that burning is completely decentralized by the users/holders , who rely on bidding in order to complete the burning processĀ
While , Developers who build their Apps on Injective get the remaining 40% of the transaction fees
But that's not all !Ā
Injective recently launched what it calls , The New INJ Burn 2.0 Mechanism š„
So, Under this upgraded system, a diverse range of dApps, spanning lending platforms, NFT marketplaces, prediction applications, and beyond, can opt to contribute to the auction burn. In addition, all protocols have the option to allocate the amount they would like to contribute to the auction, even allocating up to 100% of their collected fees to the auction basket
