Injective’s INJ 3.0 upgrade goes live after community passes proposal

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INJ 3.0 went live on the mainnet today, Injective announced.
Injective price rose slightly after the vote, hitting highs of $29.15.

Injective (INJ) has announced that the INJ 3.0 upgrade is now live on the mainnet following a historic on-chain vote.

According to the layer-one blockchain’s team, IIP-392 passed with the highest percentage of approval for such an upgrade, and Injective is now in a new era.

“INJ 3.0 is officially live on mainnet, allowing $INJ to become one of the most deflationary assets in all of crypto. Over the next two years, the supply of INJ will be decreased on an accelerated pace,” the L1 blockchain posted on X.

INJ 3.0 is officially live on mainnet, allowing $INJ to become one of the most deflationary assets in all of crypto.

Over the next two years, the supply of INJ will be decreased on an accelerated pace.

A new era of Injective begins now. pic.twitter.com/oHOIZm2i3h

— Injective 🥷 (@injective) April 23, 2024

Injective upgrade INJ 3.0 key to network

Injective’s tokenomics system changes as a result of the vote, with the inflation parameters changed to 4% for the lower inflation bound and 7% for the upper inflation bound.

The new parameters ranks Injective among the most deflationary assets in the industry, with INJ deflation jumping 400% over the next two years.

IIP-392 was introduced on April 19 and featured a governance proposal that sought to bring controlled reduction in Injective’s inflation rate via incentives and token scarcity. The changes, which went live after voting ended today April 23, put the network in a position where the network can swiftly react to fluctuations in staking.

These changes come after Injective launched its Vulcan upgrade in January this year. Today’s deployment of INJ 3.0 saw the token’s price rise slightly to hit $29.15 before retreating to $27.63.

INJ traded around $28.58 at the time of writing, with a 24-hour volume of $98.3 million.

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