inj: News of Injective (INJ) - June 2024 Price Update - 7.32% Breakout Crypto News and Analysis

Trade hard. Joy is coming

Spot the Main Event:

The team announced an INJ Burn Countdown of 6 Million total INJ burn milestone tomorrow. INJ Burns have historically grown over recent months as protocol revenue has continued to rise due to the overall growth of the Injective ecosystem. So as the ecosystem and community wins, Injective wins too

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Spot the Main Event:

The main reason for the current increase in the token price is the token burn they have planned to take place in the next few hours. This event would have about 6 million $INJ burnt, which would cause an increase in scarcity and, subsequently token price. Another reason is the ad they had placed in Times Square. This would help reach out to more people, both in the Web3 space and out of it.

Cute, funny and a little bit crazy!!!

Spot the Main Event:

Today, wednesday 12th June, the Team (INJ) successfully burned 6 Million tokens, which they tagged INJ BURN AUCTION. How the $INJ Burn Auction Works: ELI5 Collecting Protocol Revenue: The on-chain auction module on Injective gathers protocol revenue from various dApps across the Injective ecosystem alongside user contributions. All of this collected revenue then goes into a special pool called the Auction Fund. Placing Your Bets: This special pool is auctioned off weekly, where anyone can bid on the basket of assets using $INJ and win the entire Auction Fund. This presents participating competitors with a potential arbitrage opportunity. For instance, a user can potentially purchase $1000 worth of USDT for $900 in INJ Winning and Burning: The winner receives the entire Auction Fund in exchange for their bid, made in INJ. The INJ that was used to win the auction is automatically burned, meaning that the INJ tokens are gone forever. United Community Effort: The Burn Auction reduces the total number of INJ and encourages community participation. This keeps the ecosystem active and engaged, as people want to bid and win the Auction, while helping reduce the total amount of INJ in existence. Everlasting Growth: As protocol revenue on Injective grows, more assets are added to the Auction Fund, leading to larger INJ auctions and burns. This creates a dynamic system, auctioning off larger pools of assets and burning larger amounts of INJ. A win-win for all involved. INJ Burns have historically grown over recent months as protocol revenue has continued to rise due to the overall growth of the Injective ecosystem. So as the ecosystem and community wins, Injective wins too.

Explore the Core.

Injective is a layer 1 blockchain designed specifically for finance, focusing on decentralized finance (DeFi) applications. Injective employs a powerful CosmWasm-based smart contract layer, enabling complex dApps and cross-chain application development. This implementation allows smart contracts to self-trigger with each block, eliminating the need for external agents. Injective Electro Chains facilitate the integration of Ethereum and Solana-based smart contracts into the ecosystem, offering a seamless deployment experience for developers from both ecosystems. The data layer provides real-time data indexing, transaction relay capabilities, and gas-free transactions. This API helps the network provide a more seamless experience. Injective is interoperable within the Cosmos ecosystem through IBC and beyond through decentralized cross-chain bridging infrastructure, enabling harmonious interaction with EVM chains and non-EVM chains like Ethereum, Solana, Klaytn, and more. Tendermint Proof-of-Stake Consensus: Injective uses a Tendermint-based Proof-of-Stake (PoS) consensus mechanism, optimized for creating, deploying, and using smart contracts. This consensus mechanism offers lightning-fast performance and instant transaction finality. INJ, the native utility token of Injective serves various roles, including governance, token burn auctions, and staking on the PoS network. It is used as collateral in DeFi lending platforms, for asset swapping, and as payment for transaction costs.

Spot the Main Event:

Today 12th of June,2024. Injective announced 6 Million total $INJ has been burnt, thats a significant milestone towards the driving up of the market value of the INJ token. Burning of the INJ token reduced a significant total supply of the INJ token. Making it more scarce, hereby driving up it value. This burning announcement also called in investors to the INJ ecosystem, to take a better part of the burning.

Spot the Main Event:

the INJ burn auction which saw over 6 Million tokens burned to date has taken place.

To God be the Glory

Spot the Main Event:

Over 6 Million $INJ to date will have been burnt on the 13th of june and the protocol revenue on Injective grows, more assets are added to the Auction Fund, leading to larger INJ auctions and burns. This creates a dynamic system, auctioning off larger pools of assets and burning larger amounts of INJ. A win-win for all involved.

Explore the Core.

Big Problems Solved: Slow transaction speeds: Traditional blockchains often struggle with slow transaction processing, hindering DeFi's real-world usability. Injective boasts sub-second block times, significantly improving efficiency. Centralized control: Many DeFi platforms rely on centralized elements, compromising the core idea of decentralization. Injective offers a fully decentralized solution. Vulnerability to manipulation: Traditional DeFi can be susceptible to practices like front-running, where miners exploit transaction information for personal gain. Injective's architecture mitigates such manipulation. Innovative Use Cases: Decentralized derivatives trading: Injective allows users to trade derivatives like futures and options in a peer-to-peer manner, eliminating the need for intermediaries and offering greater control. Cross-chain margin trading: Users can leverage INJ as collateral to trade various cryptocurrencies across different blockchains, opening up new margin trading opportunities. Synthetic assets: Injective facilitates the creation of synthetic assets that track the price of real-world assets like stocks or commodities, providing greater flexibility for DeFi users. Prediction markets: Injective's platform can be used to create prediction markets where users can speculate on the outcome of events, fostering a more engaging DeFi experience.

Spot the Main Event:

The upcoming 6 million INJ token burn significantly reduces the total supply of INJ tokens. This basic principle of supply and demand suggests that with fewer tokens available, the remaining tokens could become more valuable, driving the price up

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