More information https://blog.injective.com/inj-burn-2-0/
You bid with your INJ for a basket of currencies. The highest bidder at the end of the auction wins the auction and his INJ is burned.
Do you lose your bid if you don't win?
Just the highest bidder wins the basket
The INJ i bidded is burned and what do i earn ?
You earn the basket of fees
if you win the auction only then the INJ of the winner is burned. The winner gets a basket of currencies which is comprise mostly from USDT at the moment.
Where does this basket of currencies come from ? And is it worth more than i bidded ?
That's the whole point
The basket of currencies comes from 60% of exchange fees
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