Injective Community Votes for Major INJ Supply Reduction

IconCrypto News Terminal23 Apr, 2024

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Injective Community Votes for Major INJ Supply Reduction

Injective (INJ), a Cosmos-based layer-1 blockchain, has announced that its community voted in favor of the INJ 3.0 proposal, a tokenomics upgrade that aims to significantly reduce the supply of INJ. According to The Block, the proposal seeks to reduce the token's circulating supply by increasing its deflationary rate by four times over the next two years. This move is expected to enhance the asset's scarcity and potentially increase its value. The upgrade will involve a one-time burn of 100 million INJ tokens, representing a reduction of approximately 10% of the current supply. Additionally, the proposal introduces a new mechanism to distribute INJ rewards, emphasizing long-term holding and community participation. Previously on April 22, 2024, the Injective community passed a similar proposal to reduce the supply of INJ, demonstrating their commitment to the token's long-term value.

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