The decentralized finance (DeFi) app platform Injective has announced that it will stake 50% of the total supply of INJ tokens soon.
According to data as of Jan. 14, more than 47.7 million tokens are being staked, which amounts to 47.7% of the total supply.
In an X post on Jan. 15, Injective noted significant growth of its monthly staking protocol.
The current APR is almost 16% – 15.96%. Since last month, there has been a steady increase in total staffing volume and the influx of new delegates.
— Injective 🥷 (@Injective_) January 15, 2024
In response to this data, the Injective team promised that half of all available tokens would be staked soon.
In a comment to the post, cryptocurrency expert and influencer Muhmmad Azhar emphasized that the growth of INJ’s share in staking is a remarkable phenomenon, marking a turning point in the decentralization of the network.
If the protocol crosses the 50% staked mark, the implications for token holders and the ecosystem’s security will be profound.
The rise of token staking in $INJ is a remarkable phenomenon, marking a pivotal shift in the decentralization of the network. With 50% of the total supply soon to be staked, the implications for token holders and the security of the ecosystem are profound. A new era of robust…
— Muhmmad Azhar (@AzharTheGreat) January 15, 2024
Last week, Injective released a major mainnet update called Volan. It aims to improve scalability and compatibility and also contains many additional improvements.
The developers consider this one of the most monumental updates in the project’s history.
With multiple improvements, the number of users is expected to increase, and the development of the Injective ecosystem will significantly accelerate.
In addition, the Hong Kong Virtual Asset Rating Agency (HKVAC) has included INJ in the new list following index adjustments.
HKVAC rates digital asset trading platforms and crypto market indexes and is a significant barometer of the ongoing shifts in the crypto market.