Canary Capital has submitted a filing for an ETF based on the Injective (INJ) token, indicating increasing trust in new altcoins and alternative investment opportunities.
Details of the ETF Filing
Canary Capital has filed with the US Securities and Exchange Commission for an ETF based on the Injective (INJ) token. The new fund will include staking and will provide US investors with the opportunity to earn income from INJ staking, joining the trend of ETFs with blockchain-based passive income.
Market Reaction to the News
Following the announcement, INJ rallied by 25% in the past week, reaching $13.49. The INJ token is attempting to establish itself as a key platform in DeFi, although its growth remains slower compared to larger chains. With around 71,000 active addresses, the network shows potential despite a small total value locked in DeFi of about $37 million.
Future of Injective and Its Role in DeFi
Injective aims to carve its niche in the market by introducing tokens that track BlackRock’s tokenized money fund. Despite relatively slow growth in DeFi, the interest from companies like Canary Capital reflects a shift in focus towards promising altcoins. The project has also gained backing from major investors such as Binance and Mark Cuban.
Thus, the filing for an ETF based on Injective by Canary Capital underscores the growing interest in altcoins and represents steps towards integrating staking as part of traditional financial markets.
