Injective Activates Interoperability Upgrade Despite Range-Bound INJ Price

The Injective protocol has activated its IIP-677 interoperability mainnet upgrade, marking another significant step in its development. The upgrade, which passed with a 72% 'Yes' vote after a four-day voting period, introduces targeted improvements to network operations, protocol reliability, and cross-chain interoperability. This move follows earlier architectural expansions, including the Vulcan (IIP-650) upgrade and MultiVM rollouts.

The upgrade aims to integrate transfers from additional blockchains, enabling smoother asset movement into the Injective ecosystem while improving operational efficiency and network security. The governance record shows that Injective has been actively developing its protocol, with more than 60 governance proposals submitted in 2026 alone.

Despite the INJ price remaining range-bound between $3 and $5, Token Terminal reports approximately $3.0 million in protocol revenue over the past 365 days. This revenue combines burn auctions on Injective Cosmos and EIP-1559 base fee burns on Injective EVM.