Injective activates IIP-677 upgrade for compliant RWA minting
Injective (INJ)
Editor:
Eugene Serbin
Cryptobriefing.com reports that Injective Protocol activated its IIP-677 mainnet upgrade to version 1.20.3 on July 29, 2026. The upgrade, which received 72% approval from token holders, introduces Injective Mint, a platform for issuing SEC-compliant tokenized equities and bonds. This new tool relies on an SEC Transfer Agent filing and a MiCA compliance whitepaper to cover US and European regulatory frameworks.
The release also optimizes staking mechanics for INJ, reduces block times, and enhances cross-chain interoperability. Canonical USDC support was previously introduced in the June 9 Vulcan upgrade, eliminating bridge risk for native Circle-issued stablecoins. As of mid-2026, the platform has recorded $6.8 billion in cumulative RWA trading volume.
Approximately $1.1 billion in represented tokenized asset value currently sits on the network. The native INJ token continues to facilitate gas fees, staking, governance, and a monthly buyback-and-burn mechanism. Injective aims to differentiate itself through this rigorous compliance infrastructure rather than just technical speed.
How the market reacted
Whalio's own Binance spot order flow for INJ, measured when this story was written up on 14 September 2026. Not the outlet's figures.
INJ is trading at $5.90 with a 1-hour buy ratio of 53.4% and a 4-hour ratio of 58.6%, indicating a slight increase in buying pressure compared to the 24-hour ratio of 50.1%. Volume deltas show net inflows of $37,159 in the last hour and $301,835 over four hours, contrasting with a modest $39,883 delta over the full day. This suggests that recent trading activity is more aggressive than the broader daily average, with net buying occurring in 14 of the last 24 hours. The cumulative volume delta for the day closed at $455,181, confirming a net positive flow for the session. Spot volume reached $7,650,456 across 121,809 trades, reflecting active market participation.
The latest daily buy ratio of 53.4% sits at the 91st percentile of the last 322 days, against a median of 49.8% - among the strongest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for INJ, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 52.2%, meaning today’s 24-hour ratio of 50.1% is 2.1 percentage points lower than the weekly norm. Trading volume was recorded at 0.58x the average, indicating a quieter day compared to typical activity. Despite lower volume, the price rose 11.1% over eight days, supported by a total volume delta of $4,505,473. Net buying occurred on six of the seven days in the period, showing consistent underlying demand. This suggests that while today’s volume is subdued relative to the weekly average, the recent price action has been strong and sustained.