INJ
Injective · Finance L1
Key facts
- Circulating 100.0M, 100%
- No cap: supply can keep growing, see Supply discipline
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
Injective's burn is hardwired: each month participants commit INJ for a share of pooled ecosystem revenue and all committed INJ is burned on-chain, but at ~27-55K INJ a month against ~$150-315K pools, revenue sits in the $0.5-5M band. Gas on a chain with ~$13M of DeFi TVL is its only monetary role. Staking issuance of ~3.5%/yr outruns burns of 0.3-0.7%, so net supply grows ~2.8-3.2%/yr with no cap. Insiders and Foundation-run pools took ~90%, though all 100M INJ now circulate. What holds it back is reliability: block production stopped on Aug 31, 2026, after halts on Jul 31 and Aug 4, 2025.
How value reaches holders
Monthly Community BuyBack (replaced the weekly burn auction in late 2025): participants commit INJ, receive a pro-rata share of that month's pooled ecosystem revenue (USDT etc.), and all committed INJ burns on-chain, recently ~27-55K INJ/month against ~$150-315K pools; >7M INJ burned all-time. IIP-617 (Q1 2026, ~99.9% approval) tightened issuance parameters
Score anatomy
Demand
9 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Plumbing at 50%+, or 100% via contract but governance-revocable
$0.5-5M/yr, or undisclosed
Gas on Injective; Injective DeFi TVL is ~$13M (DefiLlama) and no third-party venue holds material INJ collateral.
Pays its own network's fees (gas never counts higher, whatever the size of the economy)medium confidenceHow this is scored
Injective fees $3.5M TTM vs $11.3M (-69%) and DeFi TVL ~$13M: negligible use for its size and down 60%+
Marginal or fading: negligible use for its size, usage down 60%+ year on year, or a lost forkhigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
13 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
Staking issuance ~3.5%/yr against burns of 0.3-0.7%, so net growth ~2.8-3.2%/yr with no cap; inflation bounds are set by stake-weighted governance (IIP-617).
3-7%/yr net growth without a hard caplow confidenceHow this is scored
All 100M INJ circulating; genesis vesting completed in 2024.
Fully vested, no scheduled unlockshigh confidenceHow this is scored
Seed and private rounds ~18%, team 20%, advisors 2%, Foundation-run ecosystem 36% and community growth 15%: insiders ~90%; Binance Launchpad 9% at $0.40 (Oct 2020)
Insiders received over 50%, or one organization directs over 30% todayhigh confidenceHow this is scored
Block production stopped ~4 hours on Aug 31, 2026 during an emergency patch after a ~$4.9M exploit of ecosystem apps, following v1.16 upgrade halts on Jul 31 and Aug 4, 2025
A halt, rollback or exploited consensus bug in the last 24 months, attack cost under $10M, or a foundation-selected validator set or small multisig can halt or upgrade with no meaningful exit windowhigh confidenceHow this is scored
Durability
7 / 15Is it big, proven and reachable by institutions?
$792.7M market cap (band 3), $134.1M/day median volume (band 4), no flags.
Mid-cap: $250M-1B market cap and $10M/day+How this is scored
Token since Oct 2020 (6 years) with two 95%+ drawdowns, but the chain stopped for ~4 hours on Aug 31, 2026 and halted on Jul 31 and Aug 4, 2025, all inside the 5-year window.
3-5 years, or a rollback, coordinated chain-wide halt or restart, or a $50M+ exploit in the last 5 yearsmedium confidenceHow this is scored
Canary's staked INJ ETF S-1 (Jul 2025) is still pending; Valour Injective ETP in Europe.
OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored
What would move it up
To reach T3 Mixed, 3 gates are still open:
- Score 29needs 40(open)
- Value engine 1needs 2(open)
- Adoption 1needs 2(open)
- Supply 2gate 1(met)
Tier outlook · next trigger Aug 31, 2028
Stable
- Supply: monthly burns would need to pass the ~280K INJ/month issuance hurdle to stop net growth (~27-55K today)
- Security rises off 1 only after 24 months without a stop, no earlier than Aug 31, 2028
- Revenue: buyback pools staying funded by ecosystem revenue rather than Foundation subsidy
- Access rises to 3 if Canary's staked INJ ETF, filed Jul 2025, is approved
Compare with
How the ranking works and how INJ compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=INJ