اقتصاد توکنی Injective (INJ)

Injective (INJ) utilizes a sophisticated tokenomics model designed to balance network security, ecosystem growth, and scarcity. The protocol operates as a Delegated Proof-of-Stake (DPoS) Layer-1 network, where the INJ token serves as the primary utility and governance asset.

Issuance Mechanism

The INJ token was initially launched as an ERC-20 token on Ethereum in October 2020 with a total supply of 100,000,000 tokens. The network employs a dynamic issuance model characterized by both inflationary and deflationary forces:

• Inflationary Minting: New tokens are minted to reward validators and stakers for securing the network. The inflation rate is dynamic, ranging between 5.00% and 10.00%, with a target staking rate of 85.00%.
• Deflationary Burning: Injective features a unique "Buy Back and Burn" auction. Originally, 60% of all exchange fees were auctioned off weekly and the winning INJ bid was burned. With the INJ 2.0 upgrade, all decentralized applications (dApps) on the network can contribute up to 100% of their fees to these burn auctions, significantly increasing the potential for supply reduction.
• Supply Status: As of late 2023, the native INJ supply on the Injective chain was approximately 76.4 million, while roughly 66.73 million ERC-20 tokens had been migrated from Ethereum via the Injective Bridge.

Allocation Mechanism

The initial distribution of the 100 million INJ tokens was structured to support various stakeholders and long-term development:

Usage and Incentive Mechanism

The INJ token is deeply integrated into the protocol's functional layers:

• Network Fees: INJ is used to pay for transaction gas fees. Users can also pay additional fees to prioritize their transactions.
• Staking and Security: Users can operate a validator or delegate their tokens to one of the 60 active validator slots to earn rewards. Staking also grants users access to better VIP fee tiers, providing trading discounts on the exchange.
• Governance: Tokenholders can propose and vote on protocol changes, such as asset listings and community pool expenditures. A deposit of 500 INJ is required to initiate a proposal.
• Collateral and Liquidity: INJ can be used as collateral for derivative trading. Furthermore, the Open Liquidity Program (OLP) and Trade and Earn programs incentivize users with INJ rewards for providing liquidity and trading on the platform.
• Developer Incentives: Applications built on Injective can receive 40% of the exchange fees they generate, encouraging builders to launch new products on the network.

Locking Mechanism

Injective employs specific locking and slashing rules to ensure network integrity:

• Unbonding Period: Tokenholders who delegate to an active validator must wait a 21-day unbonding period to unstake their tokens. If a validator is removed from the active set, delegated tokens are unstaked immediately.
• Validator Slashing: Validators can lose a portion of their stake for malicious behavior. For instance, 0.50% of a validator's total stake can be slashed for double-signing a block, which also results in permanent removal from the active set.
• Staking Requirements: To participate in the Trade & Earn program beyond a certain threshold (100 INJ), users are required to stake INJ, effectively locking supply to earn further rewards.

Unlocking Time

The initial token allocations followed a vesting schedule that concluded in early 2024. Recent unlock events show the final stages of this distribution:

The team and advisor allocations were scheduled to be fully vested by January 2024, marking the transition to a supply primarily influenced by the network's internal inflation and burn dynamics.