# Injective Rallies 69% in a Month as Annual Revenue Totals $3.58 Million

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/33683
Published: 2026-10-17T03:13:17.000Z
Updated: 2026-10-17T03:13:17.000Z
Section: Investing

> Using 122.9 million INJ in total supply, the Oct. 16 price implied a $1.11 billion valuation; the supply-based revenue ratio was about 0.32%.

Injective (INJ) climbed 68.6% in 30 days to $9.03 on Oct. 16 as U.S. compliance moves and ETF proposals added to its market story, alongside $3.58 million in annual protocol revenue.

At 11:49 a.m. ET Friday (15:49 UTC), INJ was trading near $9.03. The increase puts the focus on whether the network's compliance and tokenization activity can develop alongside its market valuation. The revenue figure offers one measure of that gap, but its ratio to valuation depends on which supply figure is used.

### Compliance Work Does Not Mean ETF Approval

Injective Institutional Services became a registered transfer agent with the U.S. Securities and Exchange Commission (SEC) on Aug. 19. A transfer agent maintains securities ownership records and processes changes in ownership. The registration gives the subsidiary that recordkeeping role; it does not approve an INJ investment fund.

Injective CEO Eric Chen, the company's general counsel and its head of policy and research met with White House, SEC and Commodity Futures Trading Commission officials in Washington on Oct. 15. No meeting outcome or regulatory approval was disclosed. The meeting adds a policy engagement to Injective's U.S. activity; it does not establish an endorsement of the network or its products.

Three proposed exchange-traded funds would give U.S. investors different forms of INJ exposure. The 21Shares Injective ETF would track INJ's performance as measured by the FTSE Injective Index, adjusted for expenses. The sponsor could decide whether to stake tokens, subject to legal and regulatory risks; the fund is proposed for Nasdaq under ticker TINJ.

Canary Capital's proposed Canary Staked INJ ETF would list on Cboe BZX under ticker INJS. It anticipates staking at least 90% of its holdings under normal conditions. REX-Osprey's INJ + Staking ETF also has filings under the ETF Opportunities Trust. The filings describe proposals; none establishes that a fund has been approved or launched.

### Tokenization and a Network Vote

Pineapple Financial has moved records tied to more than $1 billion in residential mortgages onto Injective. Its longer-term goal is to put records for more than 29,000 loans, valued at more than $10 billion, onchain. The material being tokenized is information about existing loan files, not newly issued mortgage securities.

Injective's IIP-709 governance proposal would set preset gas costs for core exchange messages, including orders, cancellations, deposits, withdrawals and subaccount transfers. The proposal aims to make transaction costs more predictable and reduce simulation delays and failed transactions. The vote was scheduled to close at 1:02 p.m. ET Saturday, Oct. 17 (17:02 UTC); the change remains a proposal until the vote concludes and is implemented.

### Supply Changes the Revenue Comparison

Injective had a total supply of about 122.9 million INJ as of Sept. 15, while some market displays show circulating supply and total supply near 100 million. Multiplying the larger supply figure by the Oct. 16 price of $9.03 gives a total-supply valuation of about $1.11 billion. Against that amount, $3.58 million in protocol revenue over the past year equals roughly 0.32%.

That calculation is a supply-based valuation, not market capitalization, which uses circulating supply. It also pairs a Sept. 15 supply figure with an Oct. 16 price. The comparison therefore should not be read as an intraday market-cap figure.

A revenue-to-valuation ratio can increase when a token's valuation falls even if protocol revenue does not change. The ratio alone does not show that revenue is large or growing. Injective's proof-of-stake issuance also varies with staking participation within governance-set limits, while its Community BuyBack burns INJ. Burns do not by themselves establish net deflation; issuance and removals both affect supply. An earlier comparison of Injective's revenue-to-valuation ratio also covered the network's revenue-linked buyback.

The next scheduled milestone is the IIP-709 vote cutoff on Oct. 17. ETF filing activity and Pineapple Financial's progress toward its longer-term mortgage-record target remain separate developments to track.