Injective has reached a rare moment where multiple narratives intersect simultaneously. In just a few weeks, @Injective has launched its native EVM mainnet, rolled out a $100 million corporate digital asset treasury strategy, driven real-world asset markets to new peaks, and advanced closer to launching a staked INJ ETF on Wall Street. For anyone observing the future of on-chain finance, #injective and $INJ are no longer just alternative narratives—they are rapidly becoming core infrastructure.
The linchpin of this new era is the Injective native EVM mainnet, which officially went live on November 11, 2025. Built atop Injective’s high-performance Cosmos-based chain, this EVM is not an afterthought. It is a central element of a genuine MultiVM architecture that enables developers to deploy both WebAssembly and EVM applications while sharing liquidity, assets, and protocol modules. Rather than scattering liquidity across wrapped tokens or fragile bridges, Injective provides EVM developers with direct access to its existing DeFi backbone—orderbooks, oracles, derivatives, and RWA rails—using Ethereum tooling they are already familiar with.
From a performance standpoint, the metrics are striking. Independent reports highlight consistent throughput in the hundreds of TPS, sub-second finality, and fees measured in fractions of a cent—orders of magnitude cheaper than many legacy EVM chains. At launch, over 40 dApps and infrastructure providers went live, including DEXs, derivatives platforms, RWA solutions, wallets, and tooling, all ready to integrate seamlessly with the MultiVM ecosystem. November’s launch was not merely an upgrade; it marked an inflection point, positioning Injective as one of the most comprehensive execution environments in crypto for trading, markets, and tokenization.
This infrastructure is already powering one of Injective’s most compelling narratives: real-world assets. Long before RWA became a widely discussed term, Injective was building markets for tokenized treasuries, equities, commodities, and FX. Recent ecosystem updates showcase digital asset treasuries, exposure to BlackRock’s BUIDL fund, tokenized gold and silver, and FX markets—all operating on Injective’s rails. According to Messari, Injective’s RWA perpetuals have processed roughly $6 billion in cumulative trading volume year-to-date as of early November, a 221% increase over just ten weeks, with an annualized run rate projected at $6.5 billion.
Some of the most notable developments sit at the intersection of AI and RWAs. In March 2025, Injective launched iNVDA, a fully tokenized Nvidia stock, followed by NVDA-RWA pools and an on-chain derivative market tracking rental prices for Nvidia H100 GPUs. The NVDA-RWA pool on Helix launched with approximately $25 million in initial liquidity and uses custodians like BlackRock BUIDL and Kraken Custody to connect traditional shares and treasuries with on-chain traders. Together with tokenized Meta, Robinhood, other equities, commodities such as gold and oil, and FX pairs, Injective is quietly emerging as one of the most complete RWA ecosystems in the market. Its new EVM layer allows developers to leverage this liquidity directly without patching bridges.
Institutional adoption is also gaining traction. In September 2025, Pineapple Financial Inc. (NYSE: PAPL) announced a $100 million private placement to launch the first corporate Injective Digital Asset Treasury strategy, making it the world’s first publicly traded INJ holder. Pineapple’s approach is straightforward yet ambitious: acquire INJ on the open market, stake it on-chain, and use the yield—projected in the low teens annually—to create recurring revenue, while exploring integrations of Injective’s infrastructure into mortgage and fintech operations.
Pineapple’s fiscal year-end report reiterated the importance of this strategy. The company confirmed the $100 million DAT program launch, positioning itself as the largest publicly traded INJ holder and describing the treasury as “a major step in bridging traditional finance with the on-chain economy.” This is not meme adoption; it is a regulated, NYSE-listed firm establishing a corporate digital asset treasury standard built on Injective’s staking and RWA infrastructure.
On the Wall Street front, the ETF narrative is progressing as well. In July 2025, Canary Capital filed the first U.S. Staked INJ ETF with the SEC, proposing an exchange-traded fund holding INJ directly while staking a portion to share income with shareholders. A subsequent Cboe application clarified that the SEC review could last up to 240 days, potentially pushing a final decision to March 2026. Most recently, on November 19, 2025, the SEC issued an “Order Instituting Proceedings,” confirming that the ETF is neither approved nor denied but is under thorough review. The path for an INJ product on Wall Street is clear, with regulators taking the process seriously.
Connecting the dots—a live native EVM with 40+ dApps, a robust RWA engine trading billions in tokenized assets, a $100 million corporate DAT strategy, and a staked INJ ETF under review—illustrates a clear picture. Injective is not just another DeFi chain chasing TVL; it is emerging as the specialized Layer-1 for all things finance, where orderbooks, derivatives, stablecoins, RWAs, and institutional capital converge seamlessly.
For builders, the opportunities are evident. The EVM mainnet allows deployment of familiar Solidity dApps that tap directly into Injective’s CLOB, oracle, and RWA modules without liquidity fragmentation or bridge risk. Products can treat tokenized Nvidia, gold, FX pairs, and digital treasuries as native building blocks. Developers can anchor apps to a chain already hosting a nine-figure corporate treasury and a pending ETF navigating U.S. regulatory review.
For traders and long-term holders, the narrative is equally compelling. Each month adds new layers: more dApps, more RWAs, more institutional touchpoints, more staking demand. November’s EVM launch transformed Injective into a true MultiVM hub. Pineapple’s DAT validated INJ as a treasury-grade asset, while the SEC’s ETF process opens access for traditional investors to staked $INJ. The RWA boom—from Nvidia GPUs to tokenized treasuries—highlights where meaningful on-chain volume is emerging.
None of this removes volatility, and this is not financial advice. However, as of December 6, 2025, anyone focused on the convergence of DeFi, RWAs, staking, and institutional adoption cannot afford to ignore @Injective The pieces are aligned: a high-performance MultiVM chain, 40+ EVM and WASM dApps, a $100M corporate INJ treasury, billions in RWA volume, and a staked INJ ETF under SEC review. The only question remaining is how you plan to position yourself within this evolving story.
