In recent days, the news about Injective has given me a bit of an "information overload" feeling: on one hand, there are perpetual contracts for pre-IPO unicorns like OpenAI and SpaceX launched on-chain, while on the other hand, there's the on-chain market for Nvidia H100 GPU rental prices. Adding to that, we have the recently launched native EVM and MultiVM routes, intertwined with traditional financial activities such as the Pineapple $100 million treasury and advisory board. I am Azu, and watching this entire set of combinations come to fruition gives me a strong intuition: Injective is not just aiming to create a "fast chain," but is also rearranging several familiar pieces of the financial puzzle—primary equity, AI computing power, RWA, and derivatives—onto the same chain.
Let's start with the most explosive Pre-IPO market. Injective officially launched the on-chain Pre-IPO perpetual contracts in October, breaking down the $13 trillion private equity market that was once only accessible to institutions and high-net-worth individuals into contract assets that can be traded in small amounts 7×24, with OpenAI, SpaceX, Anthropic, Perplexity, and many other AI unicorns listed. (injective.com) These contracts have no expiration date, are designed as standard perpetuals, and can be leveraged up to 5 times. The project parties have disclosed a data point: in just one month, the trading volume of these new on-chain RWA perpetual contracts reached the billion-dollar level, indicating that not only is sentiment at play in a market that is still in its 'calm period,' but that real funds are starting to treat the on-chain as the main battleground for hedging and expressing expectations.
How do I use it myself? In the past, if I wanted to bet on the valuation of companies like OpenAI, ordinary people basically had two choices: either go off-market and take a gamble or wait until they actually go public to buy stocks, enduring various lock-up periods, account restrictions, and time differences in the process. Now I open an account on Injective, switch to the Pre-IPO sector, and can place long and short positions using the same wallet, with the difference being: here the prices are driven by on-chain contracts and oracle, allowing for small rebalancing 7×24, with no T+2 settlement, and no layered pricing from traditional brokers. For someone like me who looks at macro trends and enjoys tinkering with strategies, this is a brand new 'primary market participation method,' and the risks are transparent, leverage is controllable—you can see every margin and every liquidation.
Interestingly, Injective has also broken down 'AI computing power' into tradable assets. In August, Injective launched the world's first on-chain market for Nvidia H100 GPU rental prices in collaboration with Squaretower, allowing everyone to directly trade long and short positions on computing power rents through perpetual contracts. Prices are updated every hour from leading computing power suppliers, mapped into on-chain contracts, becoming a real-time financial index reflecting AI training and inference demand. What does this mean? It means that what we used to say, 'computing power is the new oil,' now truly has tradable 'computing power futures,' and Injective has placed it within the same derivative system as Pre-IPO, stocks, and forex, allowing you to bet on the valuation of AI companies and the underlying H100 rents simultaneously, thus going long or short on the AI industry chain from two dimensions.
If we zoom out a bit, the entire RWA track will remain hot through 2025: by mid-November, the total on-chain RWA market value had approached $36 billion, with a monthly increase of over 5%, encompassing everything from government bonds and corporate bonds to gold, real estate, and stocks. What Injective is doing now is to take the derivatives part of these 'real-world assets' to the forefront: Pre-IPO perpetuals allow you to participate in private equity price discovery, the computing power market allows you to trade AI infrastructure like Nvidia H100, and there will be forex, commodities, and index-type assets being added later. For me, it is no longer just a 'public chain that makes contracts quickly,' but more like a foundation specifically designed for RWA derivatives, connecting various price flows from global markets to the chain, handling them all with the same set of matching and risk management rules.
The premise of all this is that the underlying execution environment must be robust enough. After the Injective native EVM officially launched on November 11, it essentially provided all developers accustomed to writing Solidity with a 'direct ticket': you don’t have to change your toolchain, just move the contracts over and you can simultaneously benefit from the performance of the Cosmos mainchain and the order book depth provided by Injective. Officials and several media outlets have mentioned that there are now 30-40 dApps and infrastructure either launched or preparing to launch on the EVM mainnet, and the ultimate goal of the MultiVM route is to allow WASM, EVM, and even future Solana VM to run on the same chain, sharing assets, liquidity, and state. For a team doing financial applications, this means two very practical things: first, you can only use EVM to stack the frontend and business logic, leaving the settlement, matching, and RWA integration to Injective’s existing modules; second, once your contract is live, it naturally stands next to the liquidity exit of these 'unique assets' like Pre-IPO, stocks, and computing power.
At the institutional level, Pineapple, a fintech company listed on the New York Stock Exchange, has recently been clearly paving the way for these new markets. In September, it announced a $100 million infusion, specifically to create a treasury for Injective digital assets, becoming the world's first publicly traded company to hold INJ; in October, when officially executing the strategy, it purchased 678,353 INJ from the secondary market, amounting to approximately $8.9 million, converting all into on-chain positions and participating in staking, aiming to earn real long-term returns from the Injective ecosystem. The latest step is to establish a digital asset treasury advisory committee around November 20, bringing Eric Chen, Mirza Uddin, and Cooper Emmons, three core members of the Injective Foundation, into the board to design the on-chain allocation plan for this $100 million treasury in the coming years—according to their public statements, they will focus on staking, RWA, collateralized loans, and mortgage-like products, which happen to be the key directions Injective is currently focusing on.
For someone like me, who plays on-chain and pays attention to real-world finance, this connection from Pre-IPO to mortgages is very crucial. Imagine the scene in the coming years: on one side, ordinary users participate in price discovery for global tech companies and AI infrastructure through Injective’s Pre-IPO perpetual and computing power markets; on the other side, institutions like Pineapple package mortgages, real estate, and cash flows into RWA, creating products on Injective that have real repayment capabilities, complemented by on-chain treasuries and staking returns, turning part of the interest spread into long-term returns for INJ holders and ecosystem applications. For the entire RWA track, this is far more imaginative than simply 'slicing a building onto the chain,' as it allows the risks and returns scattered in various corners to be repriced within the derivatives market on the same chain.
If you ask Azu, how can ordinary users or developers smarter utilize these new things? My suggestion is to not rush into high leverage, but instead use an 'observation + small position experience' approach to understand what this chain truly offers. You can start by choosing a Pre-IPO target that you have a strong opinion about, like OpenAI or some familiar unicorn, and open a small position with a very small amount of funds on Injective to feel the depth of transactions and volatility at different times 7×24; then find opportunities to take a look at the price curve of the H100 computing power market, and ask yourself: Is this price 'expensive or cheap' in your mind, and how does it relate to the AI concept stocks or the spot prices of graphics cards you see? If you are a developer, it’s even simpler—just connect to Injective's native EVM, use familiar toolchains to run a small strategy or RWA experiment, and then consider how to combine with Pre-IPO, computing power market, and more future RWA modules.
For me, the recent developments from Injective have truly changed a thought framework: we used to understand 'on-chain finance' as a combination of spot + perpetual + lending, but now it has begun to transform into an 'aggregation layer for global market price flows,' including primary equities, AI computing power, traditional assets, mortgage cash flows, and even more things we cannot yet imagine in the future. The native EVM and MultiVM provide the technical foundation, Pre-IPO and computing power markets provide new assets, institutions like Pineapple provide long-term funding and business scenarios, and when these things come together, the story this chain can tell in the next cycle is no longer simply 'how many times a certain public chain has risen,' but rather 'which part of the global market is being repriced on Injective.' The next step is to see if we, the people on the chain, are willing to personally engage and verify whether this story is worth believing.
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