Injective Protocol Launches Large Buyback and Upgrade as INJ Price Holds

The INJ token has been trading near $4.60, staying within a $3‑$5 range and showing little price movement. Injective has opened an August community buyback that will permanently remove more than 33,000 INJ tokens from circulation, reinforcing its deflationary model.

The network also activated the IIP‑677 main‑net upgrade (v1.20.3) after receiving 72% affirmative votes, bringing enhancements to reliability, cross‑chain interoperability and operational efficiency. A second governance proposal, IIP‑678, remains under vote until July 31 to replace an expired IBC light client. Despite muted price action, protocol revenue has reached roughly $3 million over the past year, generated from burn auctions on the Cosmos side and EIP‑1559 base‑fee burns on the EVM side, indicating continued activity within the ecosystem.