Original｜Odaily Planet Daily（@OdailyChina）
Author｜Wenser（@wenser 2010 ）
On the evening of November 6, Injective Labs CEO Eric Chen and Canary Capital founder and CEO Steven McClurg appeared together in Times Square, New York, to ring the opening bell for the staking-based INJ ETF INJC listed on the Nasdaq. This is not an IPO of Injective's own stock, nor a traditional fund listing, but the first time that the INJ token has been made available for purchase to ordinary brokerage accounts, with plans to include staking rewards in the net value.
From a project born in a university dormitory in 2018, to a graduate of YZi Labs (formerly Binance Labs), and now to Wall Street, the global financial center, Injective has accomplished this feat in 8 years. However, just three days after ringing the opening bell for INJC, on the evening of November 9, the Injective mainnet experienced a downtime of over 4 hours.
About half an hour later, the official YZi Labs account posted congratulations on Injective ringing the Nasdaq opening bell, followed by a congratulatory message from YZi Labs managing partner Ella Zhang. However, what felt quite discordant was that while numerous congratulatory messages were spreading, the Injective public chain, which has been operating for 8 years, was halted.
Injective's New Story: Becoming Institutional-Level Financial Infrastructure
On the eve of the INJ ETF launch on Nasdaq, Injective officially introduced its new narrative: to become institutional-level financial infrastructure.
Compared to previous public chain narratives, this one undoubtedly aligns better with the current deep integration needs of traditional financial markets and cryptocurrency markets.
On November 2, Injective launched Institutional Rail, officially described as "a direct channel for banks, trading firms, and institutional applications to block validators," emphasizing characteristics such as predictable inclusion time and receipt before block generation.
On November 5, the INJ ETF officially launched;
on November 6, the Nasdaq bell rang;
on November 8, Injective officially released a five-year anniversary review of the mainnet, listing various achievements obtained over the past 5 years and emphasizing the Nasdaq listing as a highlight, setting a goal of $10 billion in RWA assets on-chain and technological and digital milestones related to quantum resistance technology.
No one expected that just at this critical juncture entering the institutional client's vision, the Injective mainnet would suddenly face a downtime moment.
Less than 3 days after ETF Landing on Nasdaq, the Mainnet Faces Over 4 Hours of Downtime
According to monitoring by Injective official nodes, the Injective mainnet has stopped block generation, with the latest block height at 191,016,661, generated at 21:04 Beijing time.
Due to this news, cryptocurrency exchanges Upbit, Coinone, and Kraken announced one after another that due to the interruption in Injective (INJ) block generation, they have suspended INJ deposits and withdrawals, while spot trading remains unaffected; they will notify through announcements to resume once deposit and withdrawal stability is confirmed.
As for the specific reason for the mainnet downtime, it has become unclear due to two different claims.
According to information from the validator Figment incident page, initially, the explanation for this event was that at the request of the Injective Foundation, the mainnet validators were paused under the coordination of the network that day as a precautionary measure against potential attack paths; subsequently, the updated explanation changed to "tracking security patches and preparing to apply them." At 2:04 AM on November 10, the conclusion given was, "validators have completed the patch and resumed normal operations." In this view, this downtime of about 4 hours and 24 minutes was merely a precautionary security patch update.
However, the statement from the administrator of Injective's official Telegram community does not fully align.
According to messages from the Telegram community, the official statement is that "Injective is conducting scheduled upgrade testing of the mainnet in collaboration with validating nodes, as part of ongoing preparation for a major network upgrade in the coming weeks. This drill is part of our new network readiness plan, aimed at testing emergency upgrade processes and enhancing collaboration between validators and ecosystem partners after the Injective institutional channel goes live."
In other words, the previously given reason for the downtime was "to prevent attacks and apply security patches"; later, however, it was said that "the downtime is part of the plan, merely an upgrade drill." It can only be said that perhaps the Injective officials have not been able to unify their statements.
Fortunately, as a token that has performed relatively well in recent price movements, the price of INJ did not plummet suddenly due to Injective's downtime, maintaining around $7.9-8.1 before and after the downtime.
Perhaps for a public chain that has set its business goals on the traditional financial market, a technical downtime at the onset of the ETF launch is not a significant issue.
Injective officials today released a "INJ Hits Wall Street" advertisement displayed on New York taxis.
In the race for mainstreaming cryptocurrency, Injective has finally found its ecological niche and development path. However, in the future, if it wishes to persuade more traditional financial institutions to join this ecosystem and invest real liquidity and capital exposure to buy INJ and INJC, Injective may still need to ensure more stable technical performance.
Fortunately, having already persisted for 8 years, the next 8 years belonging to Injective is still worth looking forward to.
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