Injective has been making serious moves in the perpetuals space. The platform rolled out pre-IPO contracts for OpenAI and SpaceX with 25x leverage—pretty aggressive positioning. What caught attention though was Pineapple Financial, a Nasdaq-listed firm, picking INJ to migrate a massive $10 billion mortgage portfolio on-chain, while simultaneously building a $100 million treasury position. Shows institutional confidence in the infrastructure. Meanwhile, CBOE filed paperwork for a staked INJ ETF, another signal of traditional finance moving into the space. Worth noting: INJ currently sits at a $558 million market cap, down 40% since October—so the token's been under pressure despite these bullish developments.