Injective burned approximately $130,000 worth of INJ tokens through a combustion auction
Injective announced in a tweet that it has destroyed nearly 4,000 INJ through a burn auction today, worth about $130,000. Injective takes 60% of the transaction fees paid by users each week, and the remaining 40% is distributed to exchange applications built on Injective. Each week there will also be an auction where community members can bid using INJ to obtain the basket of transaction fees collected by Injective for that week. After the bidding ends, the winner pays with INJ to get the complete asset basket, and the winning bid will be destroyed, bringing deflationary pressure to INJ token supply.
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