Injective Protocol’s Staking Volume Nears Half of Total Supply
Recent data reveals that the monthly staking volume of Injective Protocol’s token (INJ) has reached over 47 million INJ, which represents 47.7% of the total supply. This indicates a strong level of confidence and commitment from the community towards the Injective Protocol. The staking Annual Percentage Rate (APR) is currently around 15.96%. Additionally, the number of delegates has increased since November last year, further strengthening the Injective network.
Potential Increase in Demand
The high staking rate can potentially lead to increased demand for INJ tokens and create positive momentum. The combination of increased staking and delegates also helps secure the blockchain and incentivize node operation. The recent successful launch of Injective’s Volan mainnet upgrade further enhances its capabilities, including real-world asset module, interoperability capacities, scalability, oracle feed design, and token economics optimizations.
INJ Listed on Hong Kong Crypto Index
The Hong Kong Virtual Asset Rating Agency (HKVAC) has added Injective (INJ) to its cryptocurrency index, along with other tokens like Internet Computer (ICP), Near (NEAR), Optimism (OP), and Immutable (IMX). This listing can increase visibility, credibility, and investor interest in INJ. However, concerns have been raised regarding the index’s benchmark as some listed tokens are considered securities by the U.S. Securities and Exchange Commission (SEC).
Hot Take: INJ Tokens Poised for Further Growth in 2024
The price of INJ tokens experienced a significant surge in December, reaching a new record high last week. With increasing interest in DeFi, it is likely that these tokens will continue to rise in value in 2024. The strong staking volume and community support, along with the recent upgrades and listings, position INJ for further growth and success in the crypto market.
Blair Connolly emerges as a luminary adroitly weaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso into a harmonious orchestration of insight. Within the dynamic realm of digital currencies, Blair’s insights resonate like precisely tuned chords, captivating minds from diverse walks of life. His talent for unraveling intricate threads of crypto intricacies blends seamlessly with his editorial finesse, translating intricacy into an engaging symphony of comprehension.