Injective Ecosystem Data Soars: Real Recovery or a Flash in the Pan?

Recently, the established public chain Injective has attracted market attention again, ranking second in net inflow of funds. 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 fund inflows, its on-chain fees, active users, and token trading volume have also shown significant increases. Does this comprehensive data surge indicate that Injective is about to迎来新一轮生态爆发, or is it merely a flash in the pan?

Behind the Inflow of Funds: The Temptation of High Returns and Potential Risks

As of June 4th, Injective has achieved a net inflow of $142 million in the past month, with 98.5% completed through the Peggy cross-chain bridge. This wave of capital inflow is primarily attributed to the high-yield platform Upshift launching on Injective, with its treasury APY reaching 30%. However, the Upshift treasury cap is only $5 million, which cannot fully absorb this portion of inflow, and excess funds may face the risk of short-term loss.

From Derivatives to RWA: Injective's Strategic Transformation

Injective has also had significant changes in its ecological development recently. On April 22, its Lyora mainnet upgrade was launched, introducing dynamic fee structures and smart memory pool technologies to enhance network performance. At the same time, Injective launched the oracle framework iAssets for RWA, and based on this framework, it introduced on-chain foreign exchange markets for the Euro and the Pound.

As a public chain originally focused on decentralized derivatives trading, Injective seems to be shifting towards RWA. This change may be due to the difficulty in making breakthroughs in the crypto derivatives space, as Injective's daily trading volume for derivatives is currently only about $90 million, far below that of its competitors.

User activity increased, but TVL still needs to break through

Injective's daily active users surged from 6,300 addresses in February to a recent 47,900, an increase of about 7.6 times. However, its TVL has continued to decline, currently standing at only $26.33 million, indicating that the appeal of DeFi projects on Injective for attracting funds still needs improvement.

Token Performance and Future Outlook

The governance token INJ of Injective currently has a market capitalization of approximately $1.26 billion, down 76% from its all-time high. However, it has rebounded 144% since the low point in April, performing quite well among established public chains.

In addition, Injective has attracted several well-known institutions to join the ranks of validators and has launched AI-related products. Overall, Injective is actively seizing new narratives such as AI and RWA for transformation, and recent data shows a growth trend. However, there is still a significant gap compared to mainstream public chains.

The ecological transformation and revival path of Injective has just begun. The inflow of funds triggered by Upshift is more like an important test of market sentiment and a demonstration of ecological potential, rather than a fundamental change in the landscape. Whether its strategic tilt towards RWA can truly create a differentiated competitive advantage and translate into sustained ecological prosperity and value capture still needs to overcome numerous challenges and undergo long-term market testing.

Whether the short-term data rebound is a flash in the pan or a positive signal in a long recovery journey can only be answered by time. For Injective, the real test has just begun.