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News on October 26, Injective posted that so far, more than $70 million worth of INJ tokens have been burned, and Injective will conduct a weekly destruction auction.


Previously, in August, Injective released a tokenomics upgrade, which significantly increased the weekly burn volume of INJ. All DApps built on Injective can contribute to the INJ Burn Auction with no limit on the cost of destruction.
In the weekly burn event, each trading DApp puts 60% of its transaction fee into an auction basket, providing community members with the opportunity to compete for the full proceeds of the week by bidding. The fees paid for the auction basket are burned after the auction is over, reducing the overall token supply. DApps can also increase the percentage of their fees for destruction by themselves, even up to 100%.
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