INJ · the burn is real. The mint is nearly nine times bigger, and it only shows up if you read the right chain.

Staking rewards are the only thing that creates INJ, and they created 954,663 over 90 days. The rate sits at its 4.4% ceiling because 47.8% of the token is bonded against a 60% target, but the chain runs a 0.6554 second block where the reward schedule assumes 0.5, so what was actually issued is 3.36% a year, not 4.4%. The same 90 days from here mints about 1.11M, because 11.71M INJ moved onto this chain in July and the reward is struck on what sits here.

Every genesis allocation — team, seed, private sale, advisors, ecosystem — finished releasing in January 2024. There is no cliff, no tranche and no locked wallet left on the calendar, and no unlock tracker shows one for INJ at any future date.

No public evidence of release in window — monitored. The DAO community pool held 11,685 INJ on Aug 26 2026, down from 45,877 on Jul 19 2026; it is a pass-through, filled by the 5% tax on the same rewards already counted in row 1 and emptied each month into liquidity-program payouts of 29,750 on Jul 16 2026 and 27,300 on Aug 7 2026. The buyback contract holds 14,419 and the auction balancer wallet 361. No Injective Foundation wallet is published, so that holding is opaque and watched through official disclosure. One publicly traded company also runs an INJ treasury; its last disclosed purchase was 560,647 INJ on Feb 19 2026 and it has disclosed no sale.

There is no estate, no trustee and no court-ordered distribution attached to INJ. Bonded INJ carries a real 21 day unbonding term, but it is already inside the counted supply, so releasing it moves nothing.

The Community BuyBack runs every 28 days: ecosystem revenue is put up, participants commit INJ, and the committed INJ is destroyed. Three rounds settled inside the window — 39,300 on Jun 10 2026, 43,500 on Jul 8 2026 and 27,400 on Aug 5 2026, 110,200 in total. We watched total supply fall by that exact amount across the Aug 5 2026 settlement block, so the tokens are destroyed rather than parked. The round that announced upwards of 33,000 destroyed 27,400.

There is no separate fee burn. Trading and dApp fees are not destroyed — they are pooled as the revenue basket that the buyback in row 1 pays out, so counting them here would count the same flow twice. The fee collector account read 0 at both ends of the window, which is what a pool being emptied every block looks like.

No public evidence of purchase in window — monitored. No Injective Foundation buying programme is disclosed, and the one publicly traded INJ treasury holder buys for its own balance sheet rather than for the protocol.

Bonded INJ rose from 53.90M to 58.60M over the window, but a 21 day unbonding term is not a lock and staked INJ was never taken out of the counted supply, so nothing was removed from the market. No new lockup contract or staking cap was announced.