Today, the crypto market has once again passed through a day of fluctuations. Bitcoin has been tugging at the $100,000 mark repeatedly, and various new narratives in the Ethereum ecosystem are emerging one after another. However, what I find truly interesting are those understated yet genuinely effective projects that address pain points. Recently, I have been keeping an eye on @Injective the dynamics of the ecosystem. This Layer 1 chain, born for finance, has made frequent moves this year, from the launch of the RWA module to collaborations with traditional giants like Google Cloud and Deutsche Telekom, and the introduction of the EVM mainnet. It is no longer just a 'high-speed chain,' but is genuinely building financial infrastructure on an institutional-grade chain. Against this backdrop, the emergence of RFY Finance has made me realize that ordinary users finally have the opportunity to access institutional-grade yield strategies that were previously only available to hedge funds and market makers.

RFY Finance claims to be the 'native yield protocol of Injective', and its core selling point is very simple. One-click vaults seamlessly combine on-chain yields with institutional-level off-chain strategies. Currently, it has launched vaults for assets like USDT,$INJ and BTC. After users deposit assets, the protocol will keep a portion of the funds on-chain to earn basic DeFi yields, while another portion will be handed over to top market makers to execute options strategies off-chain, such as covered calls and cash-secured puts, ultimately converting the earnings back to the vault for automatic compounding.

Why is this considered a key supplement to the#injective ecosystem? Over the past year, Injective's advantages at the trading layer have become very evident: dApps like Helix, Paradyze, and Stryke have made perpetual contracts, options, and RWA trading soar, with fast speeds, low slippage, and resistance to MEV, but the yield layer has remained relatively weak. Traditional DeFi vaults are mostly purely on-chain cycles, with low yield ceilings and high risks; institutional players find on-chain liquidity fragmented and execution costs high. RFY perfectly fills this gap. It leverages Injective's shared order book and high performance to directly connect on-chain assets with off-chain professional execution, retaining the transparency and composability of DeFi while introducing institutional-level alpha.

From the disclosed information, RFY's vault currently focuses on USDT and$INJ two other types. The former leans more towards stablecoin cash management, while the latter will combine with INJ's volatility to implement some directional strategies. The pre-deposit activity is already underway, allowing users to lock in assets early to enjoy the yields of the first epoch. Compared to established vaults like Pendle and Yearn, RFY's biggest differentiation lies in the 'on-chain + off-chain' hybrid model: assets remain fully on-chain (based on the ERC-4626 standard), but strategy execution is done by professional market makers. This means retail users can, for the first time, enjoy options seller yields similar to those available to large players on Deribit or Bybit, without having to manage Greeks and rollovers themselves.

In 2025, as the regulatory environment becomes clearer, giants like BlackRock and VanEck are already pushing for spot ETFs and RWAs, and institutional capital entering the market is just a matter of time. However, institutions are always most concerned with 'risk-adjusted returns' and 'execution efficiency'. Injective, through native projects like RFY, directly brings institutional strategies on-chain, which is equivalent to laying the groundwork for the last piece of 'institutional DeFi'. In the future, if more market makers join, RFY's vault could very well become the 'liquidity black hole' of the Injective ecosystem, pulling in large amounts of stablecoins and blue-chip assets, further strengthening the depth on-chain.