Injective Foundation’s Trench Treasury announced on October 29 that it had acquired 5% of RunUp’s RUNNER supply, the second deal after NinjaCat’s 10% allocation. The timeline is pretty interesting when you look back: on October 21, the treasury “went live,” and the first INJ rewards went to the communities of sproutsomefun and RunUp. A week later, it went straight out and bought RUNNER.
First you give money to your community, then you buy your token, and then a bunch of accounts all post threads saying “THE TRENCH TREASURY IS LOADING UP.” I looked around and couldn’t find anything that clearly stated how much INJ was spent, what price the tokens were bought at, or whether they were locked up. All I found was “5%” and claims like “we won’t sell long-term”—which they can say themselves.
Then there’s the promotion: in the October 20 wave, several accounts’ threads had the exact same line: “To builders, put INJ at the core of what you ship... the Trench Treasury will be here for you.” Only the numbering was different: one was 3/12, another 5/8, and another 5/11. Fan accounts in Turkey, Vietnam, Japan, and Thailand posted versions in different languages on the same day. That’s not organic community activity; that’s a media kit.
The logic is circular too: the project uses fees for buybacks and INJ rewards, the foundation uses the treasury to buy project tokens, and then a rise in the project token’s price is taken as proof that the INJ ecosystem is thriving. The money just circulates in a loop. You can figure out for yourself which part outsiders are left to buy into.
If you want me to believe it, publish the purchase price, wallet address, and lockup terms. Without those, 5% is just a number in an announcement. #INJ
First you give money to your community, then you buy your token, and then a bunch of accounts all post threads saying “THE TRENCH TREASURY IS LOADING UP.” I looked around and couldn’t find anything that clearly stated how much INJ was spent, what price the tokens were bought at, or whether they were locked up. All I found was “5%” and claims like “we won’t sell long-term”—which they can say themselves.
Then there’s the promotion: in the October 20 wave, several accounts’ threads had the exact same line: “To builders, put INJ at the core of what you ship... the Trench Treasury will be here for you.” Only the numbering was different: one was 3/12, another 5/8, and another 5/11. Fan accounts in Turkey, Vietnam, Japan, and Thailand posted versions in different languages on the same day. That’s not organic community activity; that’s a media kit.
The logic is circular too: the project uses fees for buybacks and INJ rewards, the foundation uses the treasury to buy project tokens, and then a rise in the project token’s price is taken as proof that the INJ ecosystem is thriving. The money just circulates in a loop. You can figure out for yourself which part outsiders are left to buy into.
If you want me to believe it, publish the purchase price, wallet address, and lockup terms. Without those, 5% is just a number in an announcement. #INJ
