Behind the Surge of Injective Data: A Brief Frenzy or a Long-term Revival?

Recently, the Injective public chain has once again attracted market attention, ranking second in net capital inflow among all public chains. Data shows that Injective has seen a net inflow of approximately $142 million in the past 30 days, second only to Ethereum.

In addition to capital inflow, Injective has also seen significant improvements in on-chain fees, active users, and token trading volume. Will this once-emerging public chain star usher in a new round of ecological explosion? Or is it just a temporary craze?

Behind the Inflow of Funds: High Yield Attractiveness and Potential Risks

Data shows that Injective recently achieved a net inflow of $142 million. This is mainly due to a large-scale inflow of funds, while outflows were minimal, amounting to only $11 million. It is worth noting that 98.5% of the inflow was completed through the peggy cross-chain bridge.

Market analysis organizations indicate that the large-scale inflow of funds is mainly attributed to the launch of a new project by a certain high-yield platform on Injective. The annualized yield of the vault on Injective reaches 30%, which may be the main reason for attracting funds.

However, the investigation found that the platform has a vault limit of $5 million established on Injective, which is unable to fully accommodate this influx of funds. The funds that failed to participate in this vault investment may flow out again in the short term.

Injective's Strategic Transformation: From Derivatives to RWA

Injective has also seen significant changes in its ecological development recently. On April 22, its mainnet completed an important upgrade, introducing dynamic fee structures and smart memory pool optimizations, aimed at improving network performance.

In addition, Injective has launched the oracle framework iAssets for RWA and announced the launch of on-chain foreign exchange markets for the Euro and British Pound. These actions indicate that Injective is moving towards RWA.

As an established public chain, Injective initially focused on a decentralized derivatives exchange. However, its derivatives trading volume still lags significantly behind some competitors. This may be one of the reasons Injective has chosen to shift towards the RWA direction.

From the perspective of ecological development data, this transformation seems to have had a certain effect. The derivative trading volume of Injective reached a high of 1.97 billion USD on May 22, and has shown an overall rising trend recently. The daily active users surged from 6,300 addresses in February to 47,900, an increase of approximately 7.6 times.

However, despite the significant increase in daily active users, Injective's TVL has not changed significantly, currently standing at 26.33 million USD. This indicates that the appeal of DeFi projects on Injective to attract funds still needs to be improved.

Token Performance and Future Outlook

The governance token of Injective, INJ, currently has a market capitalization of approximately $1.26 billion, ranking 82nd. Although it is still far from its historical peak market cap of $5.3 billion, it has rebounded from a low point in April to $15.48, with a rise of 144%, making it stand out among established public chains.

In addition to the actions mentioned above, Injective has recently attracted several well-known institutions to join its validators and launched AI-related products. Overall, Injective is actively seizing new narratives such as AI and RWA for transformation, and has indeed achieved certain growth in recent months.

However, in terms of magnitude, Injective still has a significant gap compared to mainstream public chains. As a challenger, Injective faces challenges similar to other established public chains.

Currently, the ecological transformation and revival of Injective is still in its early stages. The recent influx of funds seems more like a test of market sentiment and a demonstration of ecological potential, rather than a fundamental shift in the landscape. Whether its strategic transformation towards RWA can truly create a differentiated competitive advantage and bring about sustained ecological prosperity still requires overcoming numerous challenges and accepting long-term market verification.

Does the short-term data rebound indicate a long-term recovery, or is it just a flash in the pan? Only time will provide the final answer. For Injective, the real test has only just begun.