Injective (INJ), the network’s native token, gained 68.6% during the 30 days ending Oct. 16, as a comparison of its $3.58 million in revenue over the past year with a total-supply valuation came to 0.32%.
A Friday quote at 11:49 a.m. ET (15:49 UTC) put INJ near $9.03. Using about 122.9 million INJ in total supply as of Sept. 15, the $9.03 price implies a valuation near $1.11 billion. Annual protocol revenue of $3.58 million equals about 0.32% of that value.
Market capitalization counts circulating supply; this figure instead uses total supply and combines a Sept. 15 supply count with an Oct. 16 price. The percentage is a single comparison, not a measure of revenue’s direction over time. A lower token price can lift the ratio by shrinking its valuation base, even if revenue stays flat.
On Aug. 19, the U.S. Securities and Exchange Commission (SEC) registered Injective Institutional Services as a transfer agent. The role includes maintaining securities records and handling ownership updates.
Three proposed funds set out different ways to gain INJ exposure. Proposed for Nasdaq under ticker TINJ, the 21Shares Injective ETF would follow the FTSE Injective Index; its sponsor may choose whether to stake tokens. Canary Capital’s proposed INJS fund for Cboe BZX expects to stake 90% or more of its holdings under normal conditions. REX-Osprey has also filed for an INJ + Staking ETF. None of the proposals has been approved or launched.
Pineapple Financial has put records tied to residential mortgages worth more than $1 billion on Injective. Its longer-range target is an onchain record set covering more than 29,000 loans and over $10 billion in value; those are files for mortgages already in place.
IIP-709 would set preset gas fees for core Injective exchange activity, including order placement or cancellation, deposits and withdrawals, and transfers between subaccounts. The vote is due to end at 1:02 p.m. ET (17:02 UTC) on Saturday, Oct. 17.
