Welcome back to the Injective Overview. In this edition, we explore the tokenization of a song’s contractual right to royalties, Coinbase’s integration of Injective EVM, and stablecoin developments.
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PSA: Our Quarterly Injective Livestream is on July 1st at 2PM EST with John Medel, Chair of the Injective Policy Institute, and Brandon Goss, Head of Research at Injective Labs - live on Token Relations X and Injective X
Injective By The Numbers
$INJ price: $4.66 (-14.5%)
Token market cap: $466.2M (-14.4%)
Total $INJ staked: 56.9M (+2.3%)
Staking APR: 6.32% (-0.5%)
Injective daily trading volume: $26.9M (+10.7%)
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: Music royalty platform Musicow has tokenized the royalty stream for the song “Something Special” by Khalid and Ahn Hyo-seop, on Injective. Fans can buy contractual rights to a pro-rata share of the song's streaming, sync, mechanical, and performance royalties, all onchain.
🥷 Why it matters: Each holder is entitled to a slice of the song's royalty income proportional to how many shares they hold, so owning 1% of the shares earns 1% of the distributions. Such ownership structures are typically reserved for music labels, investment funds, and accredited investors rather than fans.
However, putting royalty shares onchain as a tokenized asset gives fans the opportunity to easily buy stakes in a song or album. The royalty income from the song, streams, syncs, and mechanical and performance rights are all distributed to holders based on how many shares they own.
🥷 The bigger picture: Tokenizing a music song’s royalty stream can be compared to secondary markets for private companies’ shares: Both involve making a private asset available to public investors.
Tokenizing contractual rights to songs further lowers that barrier, because fans can choose to access only pieces of a song’s royalty stream by buying a fraction of the tokenized rights.
Expanding The Financial Ecosystem
Updates on the latest network of dApps, validators, builders and more helping Injective expand its financial use cases.
Coinbase enabled deposits and withdrawals of Injective’s INJ token via its EVM layer. This allows Coinbase to integrate INJ more directly to bridges and staking infrastructures.
Realmint added tokenized trading cards to its RWA marketplace on Injective.
Native USDC issued on Injective is now worth nearly $7M after the integration of Circle’s stablecoin and Cross-Chain Transfer Protocol, which finalized last month.
Injective’s bridged asset net flow is $251.1M so far this year, ranking fourth amongst all blockchains. This metric suggests users are moving more capital onto the network.
Explore Injective’s institutional overview here
From the Injective ninjas 🥷
Want to get involved in the ecosystem?
HackQuest completed its month-long AI hackathon: learn about the five winners here.
CryptoRank published a report on Injective, arguing institutional crypto adoption is shifting from asset exposure towards using blockchains as financial infrastructure for issuance, trading and settlement.
Choice implemented concentrated liquidity to its Injective DEX, helping liquidity providers earn swap fees when an asset trades in a certain price range.
Explore Injective’s institutional overview here
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
Check out Injective’s developer documents for AI agents and integrating the x402 payments protocol
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.