The long-silent Injective is staging a comeback; is it a true return or just a brief flash of brilliance?

In the past 30 days, the established public chain Injective has achieved a net inflow of $142 million, second only to Ethereum, re-entering the market spotlight.

On-chain active users have surged, trading volume has expanded, and token prices have rebounded. Injective seems to be revitalizing its ecosystem through RWA narratives and high-yield DeFi projects.

The core driver comes from the newly launched institutional-grade platform Upshift, which offers an annualized return of up to 30% in the Injective treasury. Although the treasury has a hard cap of only $5 million, it has attracted a large amount of funds through the Peggy bridge, accounting for as much as 98.5%. However, whether these funds will be retained remains to be seen.

In terms of ecosystem, Injective is also accelerating its layout: in April, it launched the Lyra mainnet upgrade to optimize performance structure; in May, it released the RWA oracle framework iAssets, supporting on-chain Euro and British Pound forex trading; at the same time, it attracted validators such as Republic, Google Cloud, and Deutsche Telekom to join. Its strategic direction is gradually shifting from derivatives trading to the integration of RWA and AI.

However, the reality remains severe.

The daily trading volume of Injective derivatives is only $90 million, which is only 1.4% of Hyperliquid; TVL remains at $26 million, with sluggish growth. Although daily active users have increased from 6,300 in February to nearly 48,000, the overall gap with first-tier public chains is still significant.

The INJ token has rebounded over 140% since April, but is still 4 times away from its historical peak. Is this round of recovery a new starting point, or just a short-term rebound?