Initia recently unwound its VIP program, an attempt to align the incentives of the Initia L1 with the applications building on top.
They believe an emphasis on controlling the supply side of $INIT is flawed because true value accrual occurs on the demand side by creating utility.
The overarching emphasis of this system is that Minitias (L2s built on Initia) need to care about the L1. In the Cosmos ecosystem, ATOM struggles because it lacks integration within the ecosystem. ETH is the opposite: it is considered a premium asset in almost every L2, and thus, the market prices it that way.
They want $INIT
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