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2024 marks a significant year for altcoins, with one in particular now acting to reverse token inflation. The team behind INJ Coin has announced its 3.0 update and shared the details. How will this update benefit INJ Coin investors? What are the details of the announcement?
Why is INJ Coin Rising?
Injective team launched INJ 2.0 in August 2023, introducing auctions for token burns. This setup has led to larger amounts of INJ being burned weekly. To date, approximately 5.9 million INJ have been burned, which roughly translates to about 190 million dollars at current prices.
INJ 3.0 is a step further in tightening the supply. Inspired by the deflationary nature of Bitcoin halving events, this proposal aims to reduce the INJ token inflation rate over two years and simultaneously increase interest in staking activities.
“The INJ supply reduction program will directly decrease the INJ supply and also place INJ one step closer to becoming the most deflationary crypto asset through an accelerated timeline,” states the team.
Voting on the proposal is expected to commence by April 19, while the community discusses and finalizes the proposal beforehand. The current lower limit for annual token inflation reduction is set at 5%, with a proposal to uniformly reduce it by 25% every three months over a two-year period.
