Injective’s daily perpetual volume hits $96.8M, showcasing derivatives-first growth as TVL lags at $26.3M, highlighting performance over liquidity.
$INJ forms support at $11.85-$12.00, inviting bullish sentiment, while resistance at $13.30 blocks a rally toward the $15.00 target.
Helix Spot drives $40.15M in monthly volume, outpacing other DEXs on Injective, but centralized liquidity raises distribution concerns.
Injective Protocol’s TVL remains relatively lean at $26.3 million, yet its derivatives-based DeFi activity paints a different story. With daily perpetual volume approaching $97 million, the chain demonstrates performance-led growth outside traditional liquidity metrics.
Derivatives Volume Overtakes DEX Metrics
“If you’re only watching $INJ price, you’re missing half the picture,” stated Donnie, pointing toward surging perp activity as a defining factor for Injective. The protocol registered $96.8 million in 24-hour perpetual volume, significantly outpacing the $992K seen on its DEX layer. That figure indicates Injective’s positioning as a derivatives-first Layer 1, emphasizing throughput over idle liquidity.
https://twitter.com/Donnie100x/status/1930267080097489330
Current TVL grew nearly 10% in recent days, but still trails behind the platform’s $1.23 billion market cap, evidence that Injective values utility over bloated liquidity. Stablecoin market cap on Injective hit $27.68 million with a modest 0.45% uptick, while $12.6 million in bridged assets accounts for over 47% of total TVL, reinforcing strong cross-chain traction.
Accumulation Signals and Key Chart Levels
The 4H $INJ chart shows price cycling between accumulation zones and exhaustion tops, repeating with precision. Analysts note consistent patterns where orange ellipses, marking base formations, are followed by strong price rebounds, as observed on May 17 and May 31. Recent action shows $INJ forming yet another support floor between $11.85 and $12.00, inviting bullish speculation around a new reversal.
Such formations suggest continued interest from traders eyeing $15.00 as the upside target, despite sharp rejections near $15.50 on multiple occasions. This signals either a significant breakthrough or perhaps a sign that broader changes may be on the horizon. Current resistance remains strong at $13.30, but if bulls reclaim it, momentum could pivot back toward mid-May highs.
Helix Spot Dominates DEX Flow
Helix Spot, the flagship DEX within Injective’s network, continues to dominate trade flow with $40.15 million in monthly volume, accounting for over 99% of all activity. Simultaneously, other market indicators suggest a different trend: Astroport and Ninja Blaze, despite multichain support, recorded only $239K and $19K in monthly volumes, respectively. This underlines how Injective's liquidity layer remains highly centralized.
While this centralized volume concentration supports Helix’s reliability, it also flags a risk in terms of liquidity distribution. The broader DEX layer has room for growth, and if that gap closes, we could see healthier trading dynamics return. DEX volume across the board has dipped 38.17% in the past 30 days, aligning with broader DeFi contraction in Q2 2025.
Wallet Growth Sustains Ecosystem Confidence
Over the past 75 days, Injective added 4,496 new wallets, an average of 60 per day, despite declining token prices. This trend, confirmed by accumulation data, shows the protocol continues onboarding new users even through volatile sessions. The strongest growth spike occurred in early April, with 140 wallets added in a single day.
Wallet creation has trended upward since March 1–15, coinciding with $INJ’s price hovering near the $13 range. Proven correct repeatedly, these observations highlight critical patterns between user engagement and price elasticity. While it might be too early to predict exact outcomes, many hold and patiently await positive results as wallet growth steadies.
As of June 4, $INJ trades at $12.66 with a market cap of $1.23 billion and an FDV of $1.26 billion. Total token supply remains fixed at 100 million.
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