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The fund will hold Injective Protocol’s native token INJ and stake a part of it via approved validator provider
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Injective prices have risen by 14% since the news broke, and are currently hovering at $14
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Canary Capital is preparing similar filings for assets like Solana (XRP), Hedera (SUI), and Tron
Canary Capital, an asset manager based in Delaware, has filed a S-1 registration form with the US SEC to register the Canary Staked INJ Exchange Traded Fund. This is the first US ETF to offer exposure to INJ, Injective Protocol’s native token, as well as on-chain stake rewards.
The fund would own INJ and stake part of it through approved validator providers. Annual yields (estimated at around 10% to 12%) are then passed on to ETF shareholders.
Injective’s current price hovers around $14. The price of Injective has risen by 14% in response to the news. Injective’s DEX volumes have tripled in recent months (from $0.4 to $1.1 million per day) and TVL (Total value locked) has risen to approximately $109 million.
Injective’s performance in this critical range of $14-$16 will likely determine its immediate future. This is especially true as the excitement surrounding the new ETF filing affects its price. If it is unable to break and hold above the $16 mark despite the current positive sentiments, then moving higher may prove difficult.
Either way, this announcement represents the convergence between TradFi (trading) and DeFi (derivatives), offering both price exposure as well as staking yield, in a regulated form. It also lowers technical barriers for mainstream investor.
Canary is also a good model for altcoin exchange-traded funds in the United States. They have similar filings for assets like Solana XRP Hedera SUI Tron and XRP.
Recently, the focus has been on the use of Injective.
The blockchain launched a testnet that is EVM compatible, making it the only L1 chain to be natively Ethereum compatible and without requiring a bridge.
Intriguingly, the number of daily active addresses has increased tenfold since the beginning of the year. They went from 5,000 in January to over 80,000 in early July. Also, the on-chain usage has risen by nearly 1500% in just one year, with INJ increasing by 46.8% during Q2.
Injective launched the Injective Council last week in collaboration with major players such as Google Cloud and Deutsche Telekom. The group’s primary goals are to help large companies use Injective faster, develop new and exciting ideas in the world decentralized finance and help the platform to grow so that real-world assets can be owned and traded around the globe.
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