Injective: More than $70 million INJ has been destroyed so far

Injective announced on X platform that so far, INJ tokens worth over $70 million have been burned, and Injective conducts weekly burn auctions. In August, Injective released an upgrade to its token economics, significantly increasing the weekly burn rate of INJ. All DApps built on Injective can contribute to the INJ burn auction, and there is no limit to the burn fee. In the weekly burn activity, each trading DApp puts 60% of its transaction fee into the auction basket, providing community members with the opportunity to bid for the full weekly earnings. The fees paid for the auction basket are burned after the auction ends, reducing the overall token supply. DApps can also increase the percentage of fees used for burning, even up to 100%.