Welcome back to the Injective Overview. In this edition, we dive into the network’s integration of x402, new network upgrade, and Merkle Capital’s regulated INJ fund.
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Injective By The Numbers
$INJ price: $5.45 (-20%)
Token market cap: $544.5M (-20.2%)
Total $INJ staked: 55.6M (-2.9%)
Staking APR: 6.35% (+1.6%)
Injective daily trading volume: $24.3M (+13.5%)
The percentages and metrics are calculated from its change over a 14-day time frame, unless noted otherwise.
Injecting The Biggest Developments
🥷 What’s happening: Injective now supports the x402 open payment standard that lets AI agents and other software pay for API calls, services and other products autonomously.
🥷 Why it matters: Created by Coinbase, the x402 payment standard builds on HTTP status code 402, a 'Payment Required' response that has existed in the web's spec for decades but went largely unused.
One of the most popular use cases for x402 is that it gives AI agents a way to pay for services on their own from a pre-funded wallet or account, without the need for an outside account, subscription, or API key.
Until now, AI agents were able to execute onchain transactions, but didn’t have a payment standard for the data and services they depend on. Now, AI agents can sign transfers in order for a facilitator to settle the payment onchain before the data comes back, without needing a person to set up a payment account first.
🥷 The bigger picture: Currently, x402 and agentic payments as a whole are far from reaching greater consumer and enterprise adoption.
However, many companies are already making infrastructure changes: Arbitrum deployed x402 to its network; Amazon launched native x402 execution inside Bedrock AgentCore; Binance and Trust Wallet shipped the protocol on BNB Chain; and Solana and Google Cloud launched Pay.sh, which lets agents pay per request across more than 75 APIs.
Injective's deployment adds to that momentum, but stands out because it runs a platform where users create AI agents that trade on their behalf, with a public registry of those agents and the actions they can take.
Expanding The Financial Ecosystem
Injective implemented the Vulcan Mainnet upgrade, which:
Reduces oracle gas usage and update fees by up to 90% for cheaper price updates across protocols
Implements Pyth Network Pro and Seda Protocol for tokenized RWA pricing
Adds a new oracle precompile that lets pricing data be added to its EVM layer
Adds support for Ledger’s multisig using EIP-712 for custodial support
Merkle Capital launched M-INJ, a regulated fund in Asia that provides exposure to INJ without requiring token custody or exchange access
Injective released its MCP server that gives AI agents direct access to its blockchain so users can make onchain transactions using their agents
Injective removed 39.3K INJ tokens ($203.2K) from supply via its June Community BuyBack
From The Injective Ninjas 🥷
Highlighting the builders, communities and ecosystem players within the Injective blockchain.
Injective updated its Ambassador Program to introduce a tiered supporter system, and reward community members for creating content on X based on specific tiers
Cantina started a $500K bug bounty program to identify vulnerabilities
Hydro integrated loop staking for its yINJ token with Silo Finance
Dive Deeper Into Injective
Want to get involved in the ecosystem?
Find the latest job postings on Injective Labs here
Sign up for the Injective Summit, scheduled for July 16 in Washington D.C.
Apply for Injective’s Nova Program, an incubation program for China-based developers
Explore Injective’s institutional overview here
Until next time!
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.