Injective posted on the X platform that so far, INJ tokens worth more than $70 million have been destroyed, and Injective will conduct destruction auctions every week.
According to previous news in August, Injective released a token economics upgrade, which significantly increased the weekly destruction of INJ. All DApps built on Injective can contribute to the INJ burn auction, and there is no limit on burn fees.
During the weekly burning event, each trading DApp invests 60% of its transaction fee into the auction basket, providing community members with the opportunity to compete for the week's complete revenue through bidding. 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 destruction by themselves, even reaching 100%.