Injective’s Latest Updates

Official links:

Twitter: https://twitter.com/Injective_
Site: https://injective.com/

Injective Protocol, one of the most innovative decentralized exchange platforms, has been in the news for its latest developments and upgrades. Injective is known for its cutting-edge technology, which provides a truly decentralized trading environment for its users. In this article, we will explore the platform’s recent updates and see how they are enhancing user experience and attracting more participants to the network.

Tokenomics

Injective Protocol has a total supply of 100 million tokens, with a circulating supply of 80 million. Currently, the market capitalization of the project stands at $476M. Injective’s deflationary mechanism ensures that the total supply of tokens decreases over time, which should result in an increase in the token’s value.

Governance

Injective’s decentralized autonomous organization (DAO) is responsible for making all the important decisions related to the protocol. Anyone who deposits 500 INJ into the platform can submit a proposal for voting. Currently, 175 proposals have been passed out of a total of 203, which indicates that the community is actively participating in the governance process.

Token Burn

Exchanges that initiate orders into Injective’s shared order book earn 40% of the trading fees, while the remaining 60% is burned through a Burn Auction. This mechanism not only incentivizes users to use the platform but also creates deflationary pressure on the token supply.

Recent Developments

In the last two weeks, Injective has integrated Polygon and launched Avalon Maninnet. These updates bring more flexibility and scalability to the platform. Moreover, since April, liquid staking has been enabled by Stride, providing new opportunities for INJ holders to earn staked rewards.

Active Wallets

The number of unique wallets on the platform has been increasing steadily since the start of the year. Currently, there are 28,000 active wallets on the network, with approximately 100 new wallets being created every day. This growth is a positive sign for Injective, indicating increased user adoption and interest in the platform.

Transaction Volume and Active Users

Injective’s price surge has led to a significant increase in both transaction volume and active users on the network, especially since April. This is another sign of the robustness of the platform, and its ability to handle increased demand from users.

Project X

Injective is set to launch an upcoming project called Project X. Although details about the project are scant, it will introduce automated strategy vaults for market making and passive yield generation. Additionally, it will feature a one-click launchpad for fundraising and listings. Watching for announcements and updates regarding Project X will provide valuable insight into Injective’s ongoing development and potential ecosystem enhancements.

Conclusion

Injective Protocol’s latest upgrades and developments are indicative of its resilience and the hard work put in by the team. The platform’s unique features such as its decentralized governance and token burn mechanism make it an attractive option for traders looking for a truly decentralized trading experience. With continued development and growth in its user base and ecosystem, Injective Protocol is set to become one of the most innovative players in the DeFi space.

Article by manofthemoon