For participants who are long-term builders of the Injective ecosystem, this recent proposal might be a significant expectation gap.

The Injective community has officially pushed IIP-617 into the voting and implementation phase. Looking at the upgrade rhythm from 2024-2025—series of actions like INJ 3.0, IIP-392—the entire team and community's execution power regarding the deflationary logic is indeed very strong. From "leaning towards deflation" to "structurally strong deflation," this is not just talk.

**Is it truly deflationary or just a marketing story?**

Statements in the proposal like "deflation speed doubled, deflation degree increased by 100%" sound impressive, but think calmly: real net deflation can only be defined as—burned amount must long-term, continuously, and significantly exceed the new issuance. Otherwise, it's just a castle in the air.

Ultimately, it still depends on one thing: how much real revenue the protocol can generate. In other words, can Injective continue to maintain competitiveness in the high-frequency DeFi track? That’s the real decider.

**What can long-term holders do?**

The reality is: this is particularly beneficial for long-term holders, but not an immediate effect.

The total supply and circulating supply of INJ are approaching the 100 million mark. Plus, with this accelerated burn, the supply curve will become very steep. Once the ecosystem enters the next growth cycle, this rigid supply constraint will be very easily re-priced by the market—this logical chain is actually very clear.

**Why can it pass?**

Support for IIP-617 is already the mainstream consensus; the quorum condition is met, and the probability of passing the vote is very high. The underlying reason is even more interesting:

The Injective community has a very high level of agreement with the narrative of "making INJ become ultrasound money." You rarely see such a high consensus of values in other projects. This consensus itself is a guarantee of execution—not because the team is particularly strong, but because the community itself thinks this way.

**But what should we keep an eye on?**

Two risk points must be clearly watched:

First, can the real usage growth of the ecosystem keep up with deflation expectations? If trading volume stagnates, deflation becomes just air.

Second, what about the competitive environment? Other DeFi sectors are also evolving, and Injective needs to stay ahead.

**Overall view?**

IIP-617 is undoubtedly the most substantive step toward "ultimate deflationary assets." For investors who believe Injective can continue to dominate the high-end DeFi track, this is indeed a medium- to long-term structural positive that cannot be ignored. But if you're more into short-term sentiment, this is more of an emotional catalyst, not an immediate fundamental driver.

So the question is—are you ready to continue adding positions, or wait and see the specific on-chain data?