Injective Sees Highest Activity Since 2023 — What’s Driving the Network’s Revival?

Injective (INJ), a Layer 1 blockchain purpose-built for tokenized stocks, assets, and real-world assets (RWA), has seen a dramatic spike in daily active addresses (DAAs) in July.

Despite the INJ token dropping 80% from its all-time high (ATH), the network’s resurgence reignites optimism. What’s driving this sudden growth? This article explores the key factors behind the surge.

Injective Network Rebounds in 2025, DAAs Hit Highest Since December 2023

Data from Artemis Analytics shows INJ’s daily active addresses have skyrocketed from 4,500 at the beginning of 2025 to over 81,000 in July, a surge of more than 1,700%.

This marks the highest level since December 2023, when the INJ price climbed from $1.25 to over $50.

As a result, many investors speculate that the network’s renewed activity could signal a fresh price rally for INJ in 2025.

“INJ daily active addresses pumped +1,500% to 82,500 in 6 months. Injective is growing exponentially and this is just the beginning,” analyst Lennaert Snyder commented.

The rise in DAAs appears to have started after February 17. Injective rolled out a major protocol upgrade known as the Nivara Upgrade on that date. The community approved it with high participation, and it was expected to improve network performance, attracting more users and developers.

By July, DAAs doubled compared to Q2 averages. One major driver behind this growth was Injective’s launch of its Ethereum Virtual Machine (EVM) Public Testnet.

On July 3, 2025, Injective announced the testnet rollout. It allows developers to build and run Ethereum-compatible decentralized applications (dApps) directly on Injective’s Layer 1 blockchain.

Is Injective (INJ) Undervalued?

In 2025, Injective accelerated its token burn rate by 5x following the launch of INJ 3.0. The weekly protocol revenue burn mechanism has reduced token supply and introduced deflationary pressure. However, it hasn’t yet translated into a price recovery amid the ongoing altcoin winter.

Despite project development and strong on-chain metrics surpassing 2024 levels, INJ is still 80% below its ATH of $52. According to data from BeInCrypto, INJ is hovering around $10.5, down 60% year-to-date.

Injective (INJ) Price Performance. Source: BeInCrypto

Some investors now believe INJ is severely undervalued.

“Injective INJ is massively underrated. If you’ve been paying attention: Major devs, partners, and launches are lining up behind the scenes, preparing for a wave of product rollouts that could make everything to date look small,” investor CryptoBusy said.

Amid growing exchange interest in tokenized stocks and assets, Injective could re-emerge as a leading Layer 1 network for real-world asset tokenization — a space gaining increasing institutional and retail traction.