【 Injective has burned 6.7% of INJ in a groundbreaking way 】 1. Injective (@injective) has an interesting feature called Burn Auction. 2. This auction takes place every Wednesday, and thanks to it, a tremendous amount of INJ has been burned so far. 3. In fact, since its initial launch in December 2021, a whopping 6.71 million INJ (about 6.7% of the total supply) has been burned, which is evidence that Injective's deflationary mechanism is working properly. 4. The method is simple. It collects the transaction fees and protocol revenue generated from all dApps in the Injective ecosystem over a week into a single basket. 5. This basket is auctioned off in an open auction for a week, and bids can only be made in INJ. 6. After a week, when the auction ends, the highest bidder takes all the tokens in the basket, and the INJ paid by the bidder is burned 100% immediately. 7. Then the next round starts right away. 8. The important point here is that the gas fees and exchange fees generated within the ecosystem over the week are collected, and various tokens come out as a single item. 9. Participants compete in bidding to acquire these tokens at a lower price. 10. What's even more interesting is that if you want to encourage a larger burn, anyone can put their tokens into the auction pool. 🤣 So, how much did the winning bidder buy it for and how much profit did they make? That's for next time!! @InjectiveKR @AndKrypto @UXLINKofficial