This month, we released the new Injective Whitepaper, our first full rewrite since the original paper in December 2018. Back then we described a front-running-resistant exchange protocol on Ethereum. Injective is now a layer-1 built for institutional finance and tokenization, and the new paper covers how the entire chain works to issue real-world assets and make them usable across markets, apps and AI agents. What's inside: → Native RWA tokenization with role-based permissions over mint, send, receive and burn, plus receive hooks and sealable namespaces
→ iAssets, stablecoin-margined derivatives priced by oracles that track external assets without wrapping or pre-funding
→ A fully onchain orderbook that runs a sealed batch auction every block at one clearing price, so front-running and ordering MEV don't work
→ BFT consensus with a >2/3 commit threshold and deterministic finality in ~600ms
→ EVM and WASM sharing one state, with the MultiVM Token Standard keeping a single balance per asset that Solidity reads through precompiles
→ Perps with time-weighted funding, initial and maintenance margin checks, reduce-only liquidations and insurance funds
→ AI agents trading tokenized assets through MCP servers, policy-bounded signing and x402 payments in USDC
→ Onchain protocol revenue going to the Community BuyBack for $INJ every month with deflationary mechanisms built in We also formalized the mathematical reasoning behind each of these parameters, including the consensus threshold, batch clearing rule, oracle accounting, margin checks, permission model and dynamic issuance. Full paper below 👇(Historical earnings: For 2026 Q1 (period ended 2026-03-31), Circle reported basic EPS of 0.23, diluted EPS of 0.21, net income of USD 55.253 million, and revenue of USD 0.694 billion. For full-year 2025 (period ended 2025-12-31), basic and diluted EPS were -0.44, net income was USD -69.508 million, and revenue was USD 2.747 billion. Consensus expectations: For 2026 Q3, consensus EPS estimate is 0.4 with revenue estimate of USD 0.797 billion. For 2026 Q4, consensus EPS estimate is 0.3248 with revenue estimate of USD 0.838 billion.)