Canary Capital Doubles Down on Crypto: INJ ETF Filing Signals Major Expansion
Wall Street's latest crypto play just got sharper. Canary Capital—known for its aggressive ETF strategies—just filed paperwork for an Injective Protocol (INJ) fund, betting big on DeFi's infrastructure layer.
Why it matters: This isn't just another altcoin ETF. INJ's decentralized exchange backbone could give traditional finance its first real stake in the 'unbanked' derivatives market—assuming regulators don't strangle it in the crib.
The cynical take: Nothing makes old-money institutions embrace decentralization faster than the scent of fresh fees. Canary's move proves even Wall Street dinosaurs will evolve when there's profit in the lava.
INJ rallies by 25% last week
Following the exposure from Canary Capital, INJ expanded by 25% in the past week to $13.49. INJ has attempted to build a reputation of being a key platform for DeFi, though it has grown at a slower pace compared to other chains.
INJ is among the relatively smaller networks, with around 71K daily active addresses. Activity on Injective picked up in July, following a long period of inactivity.
As of July, the Injective DeFi sector was still limited, with around $37M in total value locked. While Injective has been actively building, its DeFi sector lags behind larger networks.
Despite the relatively slow performance, Canary Capital’s interest in INJ shows the focus is shifting to eligible altcoins. Canary Capital is one of the funds to expand to previously overlooked altcoins.
The list of potential Canary funds includes LTC, TRX, SUI, and HBAR, in addition to the most closely watched filings for XRP and SOL.
Injective taps RWA demand
Injective is one of the networks aiming to tap the RWA narrative. Injective Labs introduced a BUIDL token listing, tracking BlackRock’s tokenized money fund.
In general, Injective aims to build Web3 infrastructure, spanning both on-chain activity and financial value.
So far, Injective has shown one successful ETP for the European Market. 21Shares launched its AINJ ETP, demonstrating the demand for regulated INJ products.
Injective is a relatively new addition to the crypto space, launching just before the 2021 bull market. The project raised $59.7M in several funding rounds, with Binance and Mark Cuban joining in.
The public sale raised around $7.1M, leaving most of the INJ tokens to insiders. All INJ tokens have been unlocked, and the token trades closed to its fully diluted valuation of $1.39B.
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