Injective (INJ) has officially initiated the INJ 3.0 upgrade on the mainnet subsequent to a groundbreaking on-chain ballot endorsed by the community. The team behind the layer-one blockchain revealed that the approval rate for the IIP-392 proposal surpassed all previous upgrades, signifying a new chapter for Injective.

The launch of INJ 3.0 marks a significant milestone for the Injective network, as it undergoes pivotal changes aimed at enhancing its tokenomics system. Notably, the inflation parameters have been adjusted, setting the lower inflation bound at 4% and the upper bound at 7%. This revision positions INJ as one of the most deflationary assets within the crypto landscape, with the anticipated deflation of INJ projected to surge by 400% over the ensuing two years.

The introduction of IIP-392 on April 19th ushered in a governance proposal focused on orchestrating a methodical reduction in Injective's inflation rate by implementing incentives and fostering token scarcity. With the conclusion of the voting process on April 23rd, the alterations prescribed by the proposal were enacted, empowering the network to promptly respond to fluctuations in staking activity.

The deployment of INJ 3.0 comes on the heels of Injective's earlier Vulcan upgrade, which was rolled out in January of this year. The activation of INJ 3.0 corresponded with a marginal uptick in the token's price, briefly reaching $29.15 before settling at $27.63.