The long-silent Injective is staging a return to glory, or is it just a fleeting resurgence?

In the last 30 days, the veteran blockchain Injective has seen a net inflow of $142 million, second only to Ethereum, re-entering the market spotlight.

With a surge in active users, amplified transaction volume, and rebounding token prices, Injective seems to be revitalizing its ecosystem by leveraging the narrative of Real World Assets (RWA) and the restart of high-yield DeFi projects.

The core driver is the newly launched institutional platform Upshift, which offers an annualized yield of 30% in Injective's vault. Despite the vault's hard cap of $5 million, it has attracted significant funds transferred via the peggy bridge into Injective, accounting for as much as 98.5%. However, whether the funds can stay remains to be seen.

On the ecosystem front, Injective is also accelerating its development: in April, it launched the Lyra mainnet upgrade to optimize the performance structure; in May, it released the RWAs oracle framework iAssets, supporting on-chain trading of Euro and British Pound; and it has attracted validators such as Republic, Google Cloud, and Deutsche Telekom. Its strategic direction is gradually shifting from derivative trading to the integration of RWAs and AI.

However, the reality remains tough.

Injective's derivative trading volume stands at only $90 million per day, less than 1.4% of Hyperliquid; TVL remains at $26 million, with sluggish growth. Although daily active users have grown from 6,300 in February to nearly 48,000, the overall gap compared to leading blockchains is still significant.

The $INJ token has rebounded over 140% since April, but it still has four times the room to reach its historical high. This round of recovery is a new starting point, or just a short-term bounce?