RWA perpetuals have crossed $1.1B this year on @injective, with $230M+ in the latest month. The run rate matters more than the total. Equities, FX, commodities and pre-IPO markets are trading consistently on a native onchain order book. The open question is how much of it is institutional flow versus leveraged retail. If it's the former, Injective's revenue-to-FDV lead is backed by real demand, not just a low valuation. $INJ 👀
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