Injective on Oct. 7 released a new white paper, its first full rewrite since the project’s original version in December 2018.
The first white paper focused on an anti-front-running trading protocol on Ethereum. The new version presents Injective as a Layer 1 for institutional finance and asset tokenization, covering the full lifecycle of tokenized assets from issuance and trading to settlement.
New positioning around institutional finance and tokenized assets
According to the white paper, Injective now frames itself around infrastructure for tokenized assets and institutional use cases across issuance, trading, and settlement.
Native RWA tokenization and iAssets
The document describes a native real-world asset, or RWA, tokenization mechanism that allows role-based permissions for minting, sending, receiving, and burning.
It also introduces iAssets, which use stablecoin collateral and oracle pricing to provide derivatives tracking external assets, without wrapping or pre-funding.
Trading model and chain design
Tokenized assets are set to trade through a fully onchain central limit order book. Each block uses sealed high-frequency batch auctions with uniform price clearing, a structure the paper says is designed to resist front-running and transaction-ordering MEV.
At the consensus layer, BFT consensus provides deterministic finality, with block times of about 600 milliseconds.
Execution environment, risk controls, and AI agent finance
The updated paper also covers native EVM and WASM environments that share the same state, along with perpetual market risk management and AI agent finance.
Under that framework, agents can operate tokenized assets through MCP servers, policy-constrained signatures, and x402 machine payments denominated in USDC.
Protocol revenue and INJ buybacks
The white paper says onchain protocol revenue will be directed to recurring INJ community buybacks.