Injective Meridian upgrade passes with 99% support
Injective (INJ)
Editor:
Eugene Serbin
bsc.news reports that Injective's Meridian mainnet upgrade (IIP-701) has been approved by $INJ stakers with 99% support. The proposal passed on September 22 and is scheduled to go live on September 24, 2026. This upgrade introduces a compliant real-world asset tokenization standard to Injective's EVM layer.
It allows issuers to embed compliance and transfer requirements directly into tokenized products at the protocol level. The change aims to make regulatory protections automatic for all applications built on the network. Meridian also begins testing private request-for-quote trading flows, which serve as building blocks for the planned CypherOS privacy platform.
This development follows Injective Institutional Services receiving SEC transfer agent registration on August 19, 2026. The upgrade includes improvements to market execution, risk controls, and oracle reliability. Developers describe this as the network's most significant institutional push to date. The fast turnaround from voting closure to deployment highlights the efficiency of the governance process.
How the market reacted
Whalio's own Binance spot order flow for INJ, measured when this story was written up on 23 September 2026. Not the outlet's figures.
Whalio data shows INJ trading at $7.90 with a spot volume of $18,846,376 over the last 24 hours. The 1-hour and 4-hour buy ratios are both above 53%, indicating immediate buying pressure. However, the 24-hour buy ratio sits at 47.9%, suggesting that buying interest has faded over the full day. Volume delta is positive in the short term, with +$159,141 in the last hour and +$269,676 in the last four hours. In contrast, the 24-hour volume delta is negative at -$785,326, meaning more money flowed out than in over the day. Net buying occurred in only 11 of the last 24 hours, showing inconsistent accumulation.
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 average buy ratio was 49.4%, making the current 24-hour ratio of 47.9% slightly below average. The latest day's buy ratio is 1.5 points lower than the weekly average. Trading volume is at 0.98 times the average, indicating near-normal activity levels. Price has surged 45.4% over the past eight days, despite a total volume delta of -$209,883 for that period. This suggests that the recent price increase occurred with net selling pressure, making today's mixed flow unusual compared to the broader weekly trend.