The story of Injective keeps evolving. Once a niche Cosmos-based blockchain focused on decentralized finance and trading, it’s now transforming into a broader, more flexible DeFi powerhouse — thanks to recent upgrades, aggressive tokenomics, and growing on-chain adoption.
As of December 2025, here’s where things stand (with real data from public sources):
📈 What’s Going On (Latest Developments & Metrics)
EVM mainnet is live. On November 11, 2025, Injective launched native EVM support, letting Ethereum developers deploy Solidity dApps directly on Injective — no bridges, no workarounds. This upgrade combines the EVM environment with Injective’s existing Cosmos-native WASM environment, forming a “Multi-VM” architecture.
Deflationary mechanics intensify. Every week, a portion of protocol fees is used to buy back and burn INJ via community-led auctions. This mechanism remains central to Injective’s tokenomics.
Major token burn in recent buyback event. In the first community buyback (October 2025), Injective burned about 6.78 million INJ tokens, roughly worth USD $32 million, permanently removing them from circulation.
Staking remains solid — according to one report, total INJ staked went from ~59.2 million down to ~57.5 million in H1 2025. At the same time, active addresses rose from ~561,017 to ~634,609 (a 13% increase).
Ecosystem use is growing. The ramp in adoption appears structural: daily active addresses reportedly surged 1,700% year-to-date (2025) in one quarter, reaching over 81,000 by July.
Token price & market cap remain modest vs. past highs. INJ is trading around $5.50–$5.85; according to one snapshot it has a market cap near ≈ $550–580 million, with a circulating supply close to 100 million INJ.
🔍 What It Means (Opportunities & What to Watch)
Injective seems to be playing a long game: building infrastructure, enabling broad interoperability, and structurally reducing supply — all while laying the foundation for broader adoption. With EVM compatibility, both Ethereum and Cosmos developers can build together, potentially boosting liquidity, dApp variety, and user adoption. The aggressive burn mechanism, especially community-driven buybacks, underscores a commitment to deflationary pressure.
At the same time, real success hinges on sustained user growth, actual dApp usage, and a stable macroenvironment. While staking and active addresses are trending up, price remains far below all-time highs — reflecting broader market headwinds and the gap between infrastructure potential and actual adoption.
