Welcome back to the Injective Overview. We’re creating the best place for the Injective community to get the latest updates, metrics, insights and ecosystem developments and more – all in one place.
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Injective By the Numbers
$INJ price: $7.28 (-17.74%)
Token market cap: $711.2M (-17.59%)
Total $INJ staked: 55.12M (+1.64%)
Staking APR: 12.74% (-1.39%)
Injective daily trading volume: $152.27M (+72.21%)
The percentages and metrics are calculated from its change over a 14-day time frame, unless noted otherwise.
Injecting in the biggest developments
Highlighting some of the largest announcements from Injective.
🥷 What’s happening: Injective completed its first Community BuyBack that removed 8,700 INJ tokens, worth more than $74,00.
🥷 Why it matters: The Community BuyBack is a new monthly onchain event where users commit INJ token to earn a pro rata share of ecosystem revenue, while all committed tokens get permanently burned. This development builds off Injective’s previous burn auction model, where one user who bid the most INJ tokens to burn would receive yield back based on the amount they contributed. Now, with the Community BuyBack, it will distribute revenue generated from the ecosystem back to a large group of users, rather than just one.
Since this mechanism permanently removes INJ, it can drive greater long-term value for the remaining supply. Since there’s a fixed max supply of 100 million INJ, each burn tightens the supply since less tokens are available on the open market.
In addition, the Community BuyBack rewards users for their real economic activity, through their token contributions, not those who are just interacting in hopes of an airdrop or other payback.
🥷 The bigger picture: Programs like these are not new in crypto. For example, Hyperliquid, a perp trading-focused layer-1 chain, has a similar deflationary mechanism where it redirects a large percentage of protocol revenue back into open-market purchases of the HYPE token. Through this net deflation mechanism, it has resulted in HYPE increasing 80% on the year to $45.
In contrast, while Injective is converting ecosystem cash flows directly back into generating token scarcity, the network is allowing users to voluntarily lock tokens to earn a pro-rate share of monthly revenue. This tackles it from a more decentralized and open-access way in order to make sure incentives are aligned with network integrity.
All in, Injective is looking to achieve a flywheel effect where higher ecosystem activity makes for a larger revenue basket. This in turn causes more INJ tokens to be committed, resulting in bigger burns and increased scarcity for higher INJ demand.
Expanding the financial ecosystem
Updates on the latest network of dApps, validators, builders and more helping Injective expand its financial use cases.
Kraken became a validator on Injective to support Pineapple’s INJ Treasury
21Shares filed an S-1 with the SEC to launch an INJ ETF
Pineapple Finance added $3M across two purchases to its INJ treasury, bringing its total holdings to nearly $10M
Injective’s dApp transactions rose 6.58%, compared to last week, to 182.84M
Injective recorded $1.5B in RWA and equity perps traded on the network
Explore Injective’s institutional overview here
From the Injective ninjas 🥷
Highlighting the builders, communities and ecosystem players within the Injective blockchain.
Helix enabled pre-IPO perpetual futures trading for SpaceX
Paradyze launched the mainnet version of its AI trading protocol that includes perps, spot, and portfolio tracking
Injective continues toward the public mainnet of its EVM layer with a number of projects launching on it:
Yei Finance’s staking protocol
QuickNode’s blockchain developer infrastructure
Tenderly’s RPC node platform
Meowtrade’s AI trading platform
Orbiter Finance’s token bridging protocol
Turnkey’s EVM wallet
Mach’s cross-chain token trading platform
Bondi Finance’s yield protocol
For more Injective updates, check out its blog here.
Dive deeper into Injective
Want to get involved in the ecosystem? Developers can check out documentation, GitHub and more here.
Find the latest job postings on Injective Labs here
Check out the Cointelegraph Accelerator, a 12-week program offering grant funding and mentorship for ecosystem founders
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.