Injective Burn Tally Tops 7.27 Million; Sept. 15 Snapshot Shows Issuance Exceeded Burns.

Injective (INJ) had a cumulative burn tally of 7,271,032 tokens, but cumulative issuance still exceeded burns in the Sept. 15 supply snapshot, showing why the tally alone does not establish net supply contraction.

The latest listed completed round, No. 234, burned 29,245.989711 INJ on Sept. 30 at 9 a.m. ET (1300 UTC).

The tally covers tokens removed through the Burn Auction and the monthly Community BuyBack, which replaced the auction in October 2025.

In the monthly program, participants commit INJ for a pro rata share of a basket of ecosystem revenue, and the committed tokens are permanently burned. The basket can include INJ, stablecoins and other digital assets, and its size varies with ecosystem revenue.

A Sept. 15 supply snapshot put total supply at 122,895,808 INJ, about 22.9% above the initial 100 million. Some 58,037,697 INJ, or 47.2% of supply, was bonded to validators, below a 60% target. On Sept. 15, INJ's annualized issuance rate stood at 4.40%, the maximum of the 2.20% to 4.40% range then in effect.

Because issuance adjusts with staking participation, the burn tally alone does not show whether INJ’s net supply is shrinking.