اقتصاد توکنی Injective (INJ)

Injective (INJ) is the native token of the Injective Protocol, a Cosmos-based Layer-1 blockchain optimized for decentralized finance (DeFi) applications. Below is a comprehensive analysis of its token economics, covering issuance, allocation, usage, incentives, locking, and unlocking mechanisms.

Issuance Mechanism

• Initial Supply: INJ was launched as an ERC-20 token on Ethereum with an initial total supply of 100 million tokens.
• Migration: ERC-20 INJ tokens can be migrated to native INJ on Injective via the Injective Bridge. As of late 2023, ~66.73 million ERC-20 INJ had been migrated.
• Inflation/Deflation: The supply is dynamically managed through both inflation (minting) and deflation (burning). The inflation rate is determined by the staking ratio, ranging from 5% to 10% with a target staking rate of 85%. As staking increases, inflation can decrease toward zero, making the token increasingly deflationary over time.
• Burn Mechanism: A unique weekly auction mechanism burns a significant portion of protocol fees (historically 60% of all dApp fees), making INJ one of the most deflationary tokens in the sector. The burn mechanism has been expanded to allow any dApp to contribute to the burn auction.

Allocation Mechanism

The initial allocation of INJ tokens is as follows:

Source: Messari, Binance Launchpad, and on-chain data

Usage and Incentive Mechanisms

INJ is a multi-utility token within the Injective ecosystem:

• Gas Fees: Used to pay for transaction fees on the Injective chain.
• Medium of Exchange: Used for trading, purchasing NFTs, and as collateral in DeFi applications.
• Staking: Users can stake INJ to secure the network (Delegated Proof-of-Stake, DPoS) and earn rewards. Staking is also required to participate in governance and to access higher trading fee discounts (VIP tiers).
• Governance: Staked INJ enables participation in on-chain governance, including proposal submission and voting.
• Incentive Programs:
  • Trade & Earn: 7 million INJ allocated to reward active traders on incentivized pairs.
  • Open Liquidity Program (OLP): Ongoing rewards for liquidity providers, distributed in 28-day epochs.
  • Exchange Application Incentives: 40% of exchange fees are distributed to dApps that originate orders.
• Burn Auctions: Protocol fees are collected and auctioned weekly; the winning INJ bid is burned, reducing supply.

Locking and Unlocking Mechanisms

• Staking Lock: Staked INJ is subject to a 21-day unbonding period. If a validator is not in the active set, tokens can be unstaked immediately.
• Vesting Schedules: Team, advisor, and other strategic allocations are subject to vesting and unlocking schedules. For example, advisor tokens were unlocked in tranches from July 2021 to January 2024.
• Unlocking Table Example (Advisors):

Note: The above is a sample; actual unlocks occur across multiple categories and dates.

Summary Table: INJ Tokenomics at a Glance

Additional Insights

• Deflationary Design: The combination of dynamic inflation, aggressive burn auctions, and broad dApp participation in burning makes INJ’s supply potentially deflationary over time.
• Governance and Decentralization: All protocol changes, including tokenomics adjustments, are governed on-chain with no unilateral control by the team.
• Ecosystem Growth: The largest allocation is for ecosystem development, reflecting a long-term focus on network and dApp expansion.

In conclusion, Injective’s tokenomics are designed to balance network security, user incentives, and long-term deflationary pressure, with robust mechanisms for community participation and ecosystem growth. The protocol’s dynamic supply, innovative burn auctions, and comprehensive incentive programs position INJ as a utility-rich and community-driven asset in the DeFi landscape.