The Injective mainnet is now 1, completing its first full year of building out its layer 1 blockchain and the fastest growing ecosystem in crypto.
To commemorate this momentous milestone, Injective initiated the largest token burn yet, burning 5 million INJ forever.
Celebrating the Injective Mainnet Anniversary
Injective Mainnet turned 1 on November 8th, 2022, celebrating the beginning of a new chapter for the entire Injective community.
Since its launch, Injective has reached a number of groundbreaking milestones, becoming the undisputed leader as the first sector-specific layer one built for finance. In just the past year alone, Injective launched an interchain smart contracts layer, processed over 120 million transactions and completed one of the largest capital raises in the industry from leading institutions. It also became one of the leading Cosmos IBC zones, integrated with prominent projects to increase interoperability, introduced some of the fastest growing dApps and much more.
As Injective enters its second year, Injective will initiated the largest token burn on its network to date.
The Injective Token Burn
The burn is uniquely conducted in an entirely decentralized manner via the Injective Burn Auction model.
In essence, the 5 million INJ tokens that were created when the mainnet first launched were burned. Every PoS blockchain typically needs to bootstrap the network before validators begin operating with a genesis supply of tokens. Over the past year Injective has become highly decentralized with a diverse group of leading validators which are distributed globally. As a result, the initial supply can now be burned since the network is now self-sustaining.
Every week, the community bids on a basket of assets collected from the fees generated from dApps built on Injective in order to initiate a burn. This week the community chose to bid with the 5M INJ on the current asset basket.
The burn also further showcases the power of the DAO that now governs the Injective burn auction alongside the broader ecosystem as a whole. The 5,000,000 INJ burned also cements Injective as having one of the largest token burn ratios in the entire crypto industry, paving the path towards INJ becoming truly ultrasound.
As with all Injective token burns, the 5 million INJ tokens burnt will be visible on the Auction tab of the Injective Hub.
Happy Anniversary, nINJas! There is a great deal more in store.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.