Good afternoon, friends. Azu has been keeping an eye on Injective's official blog and Twitter recently, and it feels like the rhythm of this chain has completely shifted: on one side, the native EVM mainnet has just launched, with multiple virtual machines and Ethereum toolchains fully integrated; on the other side, Chainlink Data Streams were directly integrated on the first day to provide pricing for the entire network. Furthermore, Pre-IPO perpetuals, Nvidia H100 leasing prices perpetuals, and AI-driven iBuild and B3X fund generators have been rolled out in succession. Coupled with the fact that the RWA perpetual contracts have achieved a trading volume of 1 billion USD in the past 30 days, it is evident that Injective is pulling the entire chain towards the direction of 'a stage for professional funds and quantitative players.'
First, let's discuss the changes in the underlying environment. After the native EVM mainnet launched on November 11, Injective integrated the EVM and the existing WebAssembly execution environment into the same state machine of the chain, where assets and liquidity are shared. Multiple virtual machines represent differences on the development side, rather than additional complexity for users to understand. Media statistics indicate that during this EVM testnet phase, there were transactions on the order of 5 billion on-chain and over 300,000 independent wallets, with more than 40 dApps already queued for integration at mainnet launch, so it was not starting from 'an empty city', but rather directly bringing in a mature ecosystem. I switched to Injective's EVM network, using familiar MetaMask and Solidity contracts, and the most noticeable feeling is that I can enjoy second-level confirmations and extremely low gas without changing the code, which is a substantial infrastructure benefit for those engaged in high-frequency rebalancing and strategy iteration.
Next, let's talk about the most talked-about Pre-IPO perpetuals. Injective officially launched the Pre-IPO perp market in October, turning names like OpenAI, SpaceX, Anthropic, and Perplexity, which were previously only visible to primary market players, into on-chain contracts that can be traded 24/7, and explicitly mentioned that in the 30 days following the launch of RWA perpetuals, the overall trading volume of this type of contract reached 1 billion USD. From my own perspective, this means that ordinary people can express their valuation opinions on 'future giants' in a completely transparent environment for the first time, rather than just passively watching the news. You can use part of your position to bet on the expansion of OpenAI's valuation before its IPO, or hedge your off-market stock risks with short positions when emotions run high. This attempt to 'throw private pricing into the public market' represents an upgrade in financial structure.
If Pre-IPO perpetuals are about bringing 'the expectations of primary equity' onto the chain, then Nvidia H100 GPU perpetuals are about financializing 'computing power costs'. In August, Helix launched H100 Perpetual based on Injective, allowing people to trade the rental price of H100 GPUs by the hour via contracts, backed by Squaretower aggregating data from multiple cloud computing providers, with on-chain quotes updated every hour and contracts supporting up to 5x leverage. For someone like me who is concerned about the AI industry but cannot realistically rent an entire row of GPUs, the greatest value of this market is 'participation rights': you can bet on whether AI infrastructure costs will continue to soar or peak and retreat at some point, and you can hedge cost fluctuations by opening reverse positions on-chain when you are actually using cloud GPUs, linking technology investments with financial instruments.
Whether these novel assets can perform well for a long time largely depends on the reliability of the data infrastructure, which is why I am particularly concerned about the partnership between Chainlink Data Streams and Injective. The official confirmation has established Chainlink as Injective's preferred oracle solution, deployed directly on the new EVM mainnet, providing sub-second verifiable market data to all applications on-chain. Helix is the first protocol to fully adopt Data Streams. This means that whether you are dealing with BTC perpetuals, trading OpenAI Pre-IPO, or playing around with H100 contracts, as long as you are operating on Injective, the market data you see is backed by an industry-standard oracle network, significantly reducing the risks of price manipulation and oracle failures under extreme market conditions. The outcome is that you can be more confident in using leverage and complex strategies, as your opponent is no longer a 'black box' feeding prices.
On the development and asset management side, the biggest surprise from Injective this round is actually iBuild combined with B3X. iBuild has been uniformly referred to by officials and media as the 'first AI-driven no-code platform for Web3', allowing anyone to directly describe their desired DeFi application in natural language—such as a simple lending market, a structured product vault, or an RWA Launchpad—and then have AI generate contracts, front-end, and deployment scripts, directly deploying them on Injective's MultiVM infrastructure. On top of that, B3X provides a more specific encapsulation: it offers an AI-driven 'fund generator' on Injective, where you can use prompts to tell it what kind of fund you want—such as '50% top RWA perp, 30% BTC perpetual, 20% H100 GPU long'; the system will help you generate a tradable on-chain portfolio. This means ordinary users can turn their investment ideas into a transparent, composable, and even publicly issued on-chain fund without writing a single line of code, which is a typical example of 'turning institutional toys into retail tools.'
Looking at these latest developments together, my impression of Injective has shifted from 'high-performance DeFi chain' to 'a trading operating system pre-installed for professional players and teams': the native EVM + MultiVM provides a unified execution environment, Chainlink and Pyth are responsible for feeding in multi-dimensional data such as crypto, stocks, macro, and computing power, while the Pre-IPO perpetuals and H100 contracts bring the hottest asset classes from the real world onto the chain, and iBuild and B3X, on the other end, lower the creative threshold to the minimum, allowing more people to have the opportunity to participate in design. For someone like me, working on Injective now is clearly different from a year ago—I am no longer just a 'user here to swap tokens,' but more like a semi-professional player who can create products, rebalance, or even issue small strategy portfolios.
If you are just starting to pay attention to this chain, I will give a very simple yet practical path: first, create or import a wallet in the official Hub, add the Injective EVM network to your preferred wallet, bridge a small portion of stablecoins in, and try trading a few different perpetuals on Helix, especially names like OpenAI or H100 that you could only see in the news before; then take some time to open iBuild, even if just to let AI help you generate a minimal interest rate market or vault, to experience what it's like to compress 'from idea to launching dApp' into a few minutes; finally, consider whether to delve deeper into AI fund tools like B3X, or wait for more similar products to launch, to see if any portfolio truly matches your risk preference. Once you go through all these actions, your judgment of Injective will not remain at just 'price fluctuations', but will focus more on a more critical question: in the next round of capital and narrative shifts, where will a financial chain that has already connected AI, RWA, Pre-IPO, and on-chain fund portfolios stand at the table?
