Rank 3 · Infra / derivatives L1

Injective INJ

MC ~$476M FDV ~$476M (fully unlocked) Supply 99.97M / 100M cap All-time burned ~7M INJ

Composite49.6 #12 of 25

Buyback yield0.9% $4.5M/yr

P/S109.3× sector 582.3×

Below 1y peak66% 2.9× to reclaim

Float100% FDV $491.3M

Fwd P/S y374.4× base case

Moat50 judgement

Innovation55 judgement

Moat 50. An L1 with a native orderbook and regulated wrappers accumulating, but a modest ecosystem. Chains without application gravity are not defensible on architecture alone.

Innovation 55. Native on-chain orderbook L1 with MEV-resistant execution. Solid engineering, but the design follows prior orderbook-chain attempts rather than opening new ground.

Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →

What it does

Injective is a Cosmos-based Layer 1 optimized for on-chain derivatives, FX, and RWA order-book DeFi. It has a native orderbook, MEV-resistant execution, and increasingly is being used as the settlement layer for regulated wrappers of INJ-related products.

Fundamentals

IIP-617 passed with 99.9% approval, permanently doubling INJ deflation.
Monthly Community BuyBack is now recurring — June 2026 round deployed $315K+; participants have earned 20%+ per round.
CFTC-approved US INJ futures live on Bitnomial (April 2026).
Regulated Asian INJ fund M-INJ launched under Thai SEC oversight.
~$6.8B cumulative RWA volume; SEC transfer agent status; Pineapple Financial mortgage tokenization on Injective.

Tokenomics

Fixed 100M supply. Effectively fully unlocked.
Programmatic burn tied to protocol revenue.
Deflation rate permanently doubled post IIP-617.

Catalysts (6–12mo)

Continued regulated wrapper listings (US, Asia, potentially EU).
RWA growth on Injective driving burn.
Buyback compounding as protocol revenue grows.

Risks

Cosmos ecosystem is out of favor with capital.
Volume competition from Hyperliquid on the perp side.
User noted "probably too well-known" — momentum-driven capital may look elsewhere.

Strong Buy. Best risk-adjusted setup in the whole modular/infra basket: no dilution risk, working buyback, regulated distribution moat, fundamentals justify inclusion despite being relatively well-known.

How it compares to its peers

L1	Mkt cap	Revenue/yr	Growth/yr	Bull y3 rev	P/S	Fwd P/S y3	Buyback
Sui	$3.2B	$853.4K	-41%	$327.9K	3767.4×	9803.5×	0.0%
Aptos	$518.5M	$1.7M	-2%	$1.8M	306.0×	319.2×	0.3%
Injective	$491.3M	$4.5M	21%	$6.0M	109.3×	74.4×	0.9%
Monad	$321.8M	$1.3M	27%	$2.1M	246.8×	153.5×	0.4%
Sei	$302.2M	$102.9K	-34%	$95.7K	2936.4×	6438.1×	—
Sonic	$101.7M	$216.3K	-36%	$94.5K	470.3×	1076.9×	—
Berachain	$55.9M	$80.6K	-36%	$230.3K	694.2×	1589.6×	—
MegaETH	$43.9M	—	-6%	—	—	—	—
Movement	$32.5M	$836	-35%	$373	38882.2×	87042.1×	0.0%
Initia	$11.0M	—	—	—	—	—	—

Sector median P/S is 582.3×. Injective trades at 109.3× — below the median, worth 433% if it re-rated to it. Note: this sector's peers carry very little revenue against their market caps, so the median multiple is not a meaningful valuation anchor here - the market is not pricing these on revenue. The value component is excluded from the composite score for this reason. Peer revenue growth runs at a median of -34% a year, with 7 of 9 shrinking — so this multiple sits inside a contracting sector.