Deep Dive
1. Ecosystem Expansion via Pre-IPO Markets (Bullish Impact)
Overview:
Injective launched onchain pre-IPO perpetuals (e.g., OpenAI, SpaceX) via Helix exchange, offering 5x leverage and cross-chain liquidity. Over $1B in RWA perpetuals traded in 30 days (The Block).
What this means:
This positions INJ as a gateway to traditionally illiquid assets, attracting traders seeking synthetic exposure. Increased protocol fees from derivatives could amplify INJ burns (60% of fees burned monthly), tightening supply.
2. Corporate Treasury & Staking (Bullish Impact)
Overview:
Pineapple Financial (NYSE:PAPL) raised $100M to build an INJ-denominated treasury, staking tokens for ~12% yield. It holds ~7M INJ (7% of circulating supply) (Yahoo Finance).
What this means:
Large-scale staking reduces liquid supply, while corporate adoption signals institutional confidence. Similar moves by Avalanche/Tron foundations suggest a trend where token-backed treasuries could become a deflationary driver.
3. Regulatory Hurdles for ETFs (Bearish Risk)
Overview:
The SEC delayed rulings on Canary Capital’s staked INJ ETF and others (SUI, SEI) in September 2025. Approval would enable traditional investors to access staking yields (The Block).
What this means:
Prolonged delays may curb institutional inflows, especially with INJ’s 90-day returns at +23% vs. BTC’s +9%. However, eventual approval could mirror Bitcoin ETF impacts, boosting liquidity and legitimacy.
Conclusion
Injective’s price hinges on scaling RWA adoption against regulatory timelines. The $12–$13 support zone (tested twice since August) remains critical – a breakdown here could signal bearish momentum. Watch for EVM mainnet adoption post-Ethernia upgrade and ETF decision timelines. Can INJ leverage its institutional traction to decouple from broader altcoin volatility?