Injective produced its first block five years ago. Its fifth year ended with the first US ETF for INJ trading on Nasdaq and a run of institutional partners joining the chain, Injective said on November 9.
Trading grew with it. Injective reports more than $12 billion in annual trading volume and a peak of $2.5 billion in a single month across its exchanges, and says tokenized stocks set monthly volume records four months in a row. The chain has now produced more than 3 billion transactions, over 46 million of them in the 30 days to mid-October.
That activity feeds the INJ supply. Injective's onchain revenue goes into a monthly Community BuyBack that burns INJ, and more than 7.29 million INJ has now been permanently burned, 517,692 of it through the buyback. October's round was worth up to $251,000 and added a Stockdrop, which paid tokenized stocks on Solana to participants. A record 58.8 million INJ is staked. Injective says it now leads all major blockchains on revenue relative to fully diluted value.
The regulatory side moved fastest. Injective became an SEC-registered transfer agent, the first US-regulated INJ futures went live, its MiCA white paper was listed on ESMA's register and Asia's first regulated INJ investment fund launched. Canary Capital's staked INJ ETF, INJC, began trading on Nasdaq on November 5, and Robinhood, Revolut and Binance.US all listed INJ.
The product list grew too: a native EVM with more than 30 apps on day one, Injective Mint in beta for no-code RWA issuance, Institutional Rail for banks, Chainlink Data Streams, options on testnet and perpetual markets for AI compute. In October Injective published its first full whitepaper rewrite since December 2018.
Injective's list of what comes next includes more than $10 billion in real-world assets, more than $100 million in USDC issuance, the CypherOS mainnet for native privacy and quantum-resistant security.