Injective, a layer-1 blockchain, has launched the INJ Supply Squeeze to enhance the deflationary nature of its native cryptocurrency, INJ. Following a 99.89% community vote in favor of the IIP-617 proposal, the blockchain aims to double its deflationary efforts. This initiative complements existing measures like token burns and Community BuyBacks, which have already removed 6.85 million INJ from circulation since the mainnet launch in 2021. The INJ Supply Squeeze is designed to permanently increase the rate at which INJ coins are introduced to the market, reinforcing the token's scarcity. Injective's co-founder, Eric Chen, emphasized that these measures are crucial for evolving Injective's monetary design and positioning INJ as a long-term deflationary asset. Despite these efforts, INJ's price remains at $4.64, with potential growth anticipated from other ventures like the staked ETF business.
Injective Implements INJ Supply Squeeze to Boost Token Scarcity
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