Injective Records $12.86 Billion in Fifth-Year Onchain Trading

Injective processed $12.86 billion in onchain trades during its fifth year, including $1.8 billion in real-world asset perpetuals, as network upgrades expanded trading and token issuance capabilities.

The trading period ran from November 2025 to November 2026. Injective marked five years since its mainnet launch on Nov. 8. Launched in 2021, the finance-focused blockchain supports markets for cryptocurrencies, tokenized stocks, foreign exchange and commodities. Transactions settle in USD Coin (USDC).

Crypto perpetual contracts led trading activity. Perpetuals tied to real-world assets such as stocks and commodities generated $1.8 billion. Stock trading set monthly records from July through October, while spot volume rose 16-fold in September after governance lowered fees on flagship markets.

Native Ethereum Virtual Machine (EVM) compatibility went live Nov. 11, 2025, allowing Ethereum developers to deploy applications on Injective with tools including MetaMask and Hardhat. EVM applications share liquidity with apps built for WebAssembly (WASM), without bridges or wrapped tokens. More than 30 applications and infrastructure providers joined on launch day, and transaction costs fell to fractions of a cent.

Chainlink Data Streams brought real-time prices for U.S. stocks and exchange-traded funds to the network in November 2025. The June 2026 Vulcan upgrade cut oracle update costs by 90% and added feeds for stocks and commodities. In September, the Meridian upgrade enabled regulated token issuance and streamlined transactions for EVM applications.

Injective published a white paper in October outlining a finance-focused blockchain strategy that includes real-world asset tokenization and institutional privacy. The document described CypherOS as an upcoming platform for privacy features.