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
Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike betsThe USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
Author  FXStreet
Sep 08, Tue
The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
placeholder
Brent holds above $100 as tanker attacks tighten supply — but four forces are capping the rallyBrent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.
Author  Irene Q.
Sep 10, Thu
Brent crude is holding above $100 a barrel for a second session, its first close above the level since late July, as tanker attacks near the Strait of Hormuz squeeze an already tight physical market. Yet the rally has been gradual: 8.3 mb/d of Gulf output is still shut in, diesel is at a record, and forecasts now range from $74 to $100.
placeholder
US-Iran Conflict Drives Oil Surge as WTI Tops $100 and Brent Nears $110International oil prices continued to advance rapidly this week. On Thursday Eastern Time, WTI crude (USOIL) broke through the $100/barrel mark, closing at $103.94, up 7.51%; Brent crude
Author  TradingKey
Sep 11, Fri
International oil prices continued to advance rapidly this week. On Thursday Eastern Time, WTI crude (USOIL) broke through the $100/barrel mark, closing at $103.94, up 7.51%; Brent crude
placeholder
US August CPI lands tonight: after a 5.4% PPI shock, will the Fed hike on September 16?US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
Author  Irene Q.
Sep 11, Fri
US August PPI came in at 5.4% year-on-year, above the 5.3% consensus, with core PPI at 4.6%. Traders have pushed the odds of a 25bp Fed hike on September 15-16 to around 70%. Tonight's CPI is the last major inflation print before the decision — here is the full calendar, the consensus numbers, and what a hot versus cool reading would mean for the dollar, yields, gold and stocks.
placeholder
Gold Price Forecast: PPI and Oil Prices Fuel Inflation Concerns, Can CPI Change Gold's Direction?As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
Author  TradingKey
Sep 11, Fri
As of the Asian session on September 11, gold prices (XAUUSD) remained in weak consolidation today after dropping sharply to near $4,300 on Thursday, with the latest price trading around
goTop
quote