The whole screen is focused on new concepts and hot topics, but I am staring blankly at the movement of INJ today. To be honest, I feel quite calm inside.

Respect to those who quietly hold their positions during unpopular times.

Many people see INJ skyrocketing from a market value of several billion to a trillion ecosystem. But is this really just an explosion? I think it feels more like a carefully prepared evolution. If you want to understand why INJ was able to withstand the bear market and welcome the bull market, just focusing on the price is not enough. You need to dig deeper—what exactly did it do right in terms of technological direction, ecological layout, and token model?

Back to the beginning. Injective's positioning is very clear: an L1 blockchain specifically designed for DeFi, with the core selling points being on-chain order books and MEV-resistant derivative trading. This direction was precise at the time, but it also seemed a bit "narrow."

I remember during the worst period of the bear market in 2023, discussing with a few friends where its ceiling was. At that time, I was flipping through the early technical documents of projects and noticed a detail: the team had been stubbornly focusing on interoperability and modularity from the very beginning. This reminded me of the losses I incurred last year on another so-called "high-performance public chain"—it was precisely because of the closed ecosystem and overly rigid technical route.

The modular design of Injective precisely leaves room for later evolution. The introduction of CosmWasm makes smart contracts more flexible, and the subsequent launch of inEVM and inSVM directly breaks the narrative boundaries.