Injective ecosystem data surges: a flash in the pan or a return to the peak?

Recently, a well-established public chain has attracted market attention once again. Data shows that this public chain has seen a net inflow of approximately $142 million in the last 30 days, second only to Ethereum. In addition to the capital inflow, this public chain has also shown significant improvements in on-chain fees, active users, and token trading volume. Is this long-silent public chain star about to迎来生态爆发? Or is it merely a flash in the pan?

Analysis of the Reasons Behind Net Capital Inflows

As of June 4, the public chain has achieved a net inflow of $142 million in the past month. Although the absolute amount is not high, it ranks second among all public chains. A careful analysis reveals that the reasons for this net inflow are: on one hand, there has indeed been a wave of rapid and large capital inflow; on the other hand, the net outflow of funds is very small, only $11 million.

It is worth noting that out of the 142 million in capital inflow, 140 million was completed through cross-chain bridges, accounting for 98.5%. Market analysis agencies pointed out in their reports that this large-scale capital inflow is mainly attributed to the launch of an institutional-grade yield platform on this public chain. It is understood that the annualized yield of the vault on the public chain reaches as high as 30%, which may be an important reason for attracting capital inflow.

However, the investigation found that the cap on the treasury established by the yield platform on the public chain is set at 5 million dollars, which cannot fully accommodate this influx of funds. Funds that failed to participate in the treasury investment may flow out again in the short term.

From Derivatives to RWA: Can Public Chains Open Up New Prospects?

In addition to the inflow of funds, the public chain has also seen significant changes in its ecosystem recently. On April 22, its mainnet completed an important upgrade, introducing dynamic fee structures and technical optimizations such as smart memory pools, claiming to have lower latency and higher throughput.

In addition, the public chain has also launched an oracle framework for RWA, and based on this framework, it has introduced an on-chain foreign exchange market for euros and pounds. These actions indicate that the new narrative of the public chain seems inextricably linked to RWA.

As a veteran public chain, its original core narrative was a decentralized derivatives exchange. However, it seems that it has not achieved its expected goals in the derivatives trading aspect. Data from June 4 shows that the trading volume of the BTC contract trading pair on this public chain reached approximately 39.75 million USD within 24 hours, while the total derivatives trading volume across the chain was about 90 million USD, which is far behind some competitors.

Perhaps it is precisely because of the difficulty in breaking through in the field of crypto derivatives that this public chain has chosen to shift towards the direction of RWA integration. From the perspective of ecological development comparison, this transformation seems to have shown initial results. On May 22, the trading volume of public chain derivatives reached a peak of $1.97 billion, significantly higher than in other periods, and recently there has been an overall upward trend.

In terms of daily active users, it surged from a low of 6,300 addresses in February to a recent 47,900, an increase of about 7.6 times. Although it ranks only 12th among all public chains, considering the rapid short-term growth and surpassing some well-known public chains, it is also a significant breakthrough.

However, despite the significant growth in daily active users, the TVL of the public chain has not shown any noticeable change, continuously declining since March 2024, and currently stands at only $26.33 million. This indicates that the DeFi projects on the public chain still lack sufficient appeal to attract funds.

The token performance is impressive in the short term, but there is still a gap to the peak.

In terms of economy, the market value of the governance token of this public chain is currently about $1.26 billion, ranking 82nd. Compared to the historical highest market value of $5.3 billion, it has dropped by 76%. However, it rebounded from the lowest point of $6.34 in April to a high of $15.48, with an increase of 144%, showing relatively impressive performance among established public chains. Whether this growth can be sustained remains uncertain.

In addition to the changes mentioned above, the public chain has recently attracted several well-known institutions to join the ranks of validators and has launched some AI-related products. Overall, the public chain has actively embraced new narratives such as AI and RWA over the past year for transformation, and indeed achieved some growth in recent months. However, in terms of scale, there is still a significant gap compared to mainstream public chains.

Currently, the ecological transformation and revitalization of this public chain is still in its early stages. The recent influx of funds feels more like an important market sentiment test and a demonstration of ecological potential, rather than a fundamental shift in the landscape. Whether its strategic tilt towards RWA can truly create a differentiated competitive advantage and translate into sustained ecological prosperity and value capture still requires overcoming numerous challenges and undergoing long-term market testing.

Whether the short-term data rebound is a flash in the pan or a positive signal in the long recovery journey can only be answered by time. For this public chain, the real test has just begun.