Injective could extend gains with 99% approval on upgrade proposal to reduce inflation

Source Fxstreet
  • Injective tokenomics upgrade proposal receives 99% approval from voters, voting ends on April 23. 
  • The Injective 3.0 proposal aims to reduce the token’s inflation, the project claims it will be “one of the most deflationary assets to date.”
  • INJ price added nearly 1% value on Monday, the token climbed nearly 10% in the past week.

Injective (INJ), a layer-one blockchain that hosts several decentralized finance (DeFi) applications on its chain is a step closer to a major tokenomics upgrade. The proposed upgrade is currently being voted on. 

INJ price is up nearly 1% in the past day. 

Injective proposal to reduce inflation receives 99% approval, voting is on

Injective’s tokenomics proposal aims to make INJ deflationary, and it proposes a plan to reduce the on-chain parameters for new token minting. Since its launch, Injective has introduced several measures to reduce INJ inflation, token burn auctions on mainnet launch, token burn auctions were then expanded to decentralized applications (DApps) in the network. 

The expected outcomes of the proposal are to make INJ deflationary. The proposal reads, “Injective aims to emulate and eventually surpass the disinflationary characteristics of Bitcoin to become the most deflationary crypto asset.” 

The proposal focuses on a controlled reduction in the inflation rate by balancing participation incentives and token scarcity, attracting new traders and early adopters to its blockchain network. The inflation rate change parameter, once increased to 0.5, will allow Injective to react swiftly to fluctuations in staking and ensure that the protocol is resilient. 

The new proposal is open to vote until April 23. 

INJ

INJ voting

The portal shows that 99.99% voters have voted in favor of the proposal, according to the forum. 

INJ price climbed nearly 10% in the past week and the token is trading at $28.50 on Monday. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Crypto Market Outlook: Bitcoin, Ethereum, and XRP Tumble as BoJ Hawkishness Sparks Risk-Off RoutBitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
Author  Mitrade
Dec 01, Mon
Bitcoin slides below $87,000, Ethereum leans on $2,800 support and XRP hovers around $2.00 as December opens with a risk-off tone, leaving BTC eyeing $80,600–$74,508, ETH exposed to $2,111 and XRP to $1.90 unless buyers can turn key levels into a base for a rebound.
placeholder
Fed’s $13.5B Liquidity Injection: Will it Fuel Bitcoin to $50K or Signal a Crash?The Federal Reserve injected $13.5 billion into the banking system, signaling a significant liquidity boost for Bitcoin and risk assets, rivaling levels from the COVID-19 era.
Author  Mitrade
Dec 03, Wed
The Federal Reserve injected $13.5 billion into the banking system, signaling a significant liquidity boost for Bitcoin and risk assets, rivaling levels from the COVID-19 era.
placeholder
Solana Price Forecast: ETF Demand and Derivatives Flows Fuel a Sharper ReboundSolana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
Author  Mitrade
Dec 03, Wed
Solana (SOL) trades above $140 after a 10% daily jump, as ETF inflows flip positive, futures open interest climbs 6.75% and on-chain TVL and stablecoin liquidity rise, setting up a potential double-bottom breakout toward the 50-day EMA at $158 if SOL can secure a daily close above $145.
placeholder
Bitcoin Pauses for Breath Above $92,000 as Bulls Weigh Next Run at $95,000Bitcoin consolidates above $92,000 and the 100-hour SMA as traders eye a breakout toward $96,450 or a potential retracement to $90,500 support.
Author  Mitrade
Dec 05, Fri
Bitcoin consolidates above $92,000 and the 100-hour SMA as traders eye a breakout toward $96,450 or a potential retracement to $90,500 support.
placeholder
Bitcoin Dips Below $88K as FOMC Meeting Spurs NervesBitcoin experiences significant volatility, dropping toward $87,000 ahead of a crucial Federal Reserve interest-rate decision.
Author  Mitrade
8 hours ago
Bitcoin experiences significant volatility, dropping toward $87,000 ahead of a crucial Federal Reserve interest-rate decision.
goTop
quote