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- Injective’s burn auction has increased by 124% over the past three months.
- Injective integrates PYUSD, becoming one of the first Layer-1 platforms to support the stablecoin.
As protocol revenue among Injective’s decentralized applications (dApps) rises, the platform’s burn auction numbers have impressively increased. During the last three months, the burn auction has increased by a weekly average of 9.64%.
The consistent rise equates to an astounding 124% rise in INJ tokens burned. Actually, the impending INJ burn is expected to be one of the biggest ever, underscoring the strong economic model of the protocol and the growing interest in its native token.
With rising protocol revenue across Injective dApps, the burn auction has increased by an average of 9.64% every week over the past three months.
This equates to over a 124% growth in $INJ burned! The INJ burn later today is also set to be one of the largest ever 🔥
— Injective 🥷 (@injective) June 26, 2024
Integration of PYUSD Stablecoin Marks a New Milestone
An another interesting advancement is that Injective has included PYUSD, a stablecoin made possible by PayPal and Paxos. Notable is this connection since Injective became one of the first Layer-1 platforms to support PYUSD, which is linked 1:1 to the US currency.
PYUSD is added to the site to improve its functionality and show that Injective is dedicated to providing its users with a wide range of reliable financial products. Within the Injective ecosystem, this milestone is predicted to draw in more users looking for dependable and steady transaction choices.
As of writing, CoinMarketCap data show that the price of INJ is about $23.36, up 2.99% in the last 24 hours. This growing tendency is not unique; the token has increased by 7.04% in the last week.
This encouraging price action suggests that the market has a strong belief in Injective’s long-term prospects and its most recent strategic developments.
Major Upgrades and Cross-Chain Integration
CNF previously reported on the major protocol enhancement from Injective called Ionic, which enables improved Solana and Ethereum interoperability. This development demonstrates Injective’s commitment to creating a more connected and effective blockchain ecosystem.