Author: Deep Tide TechFlow

On November 13, 2026, the public chain Injective announced the official opening of the on-chain governance vote for the Veyra mainnet upgrade. This upgrade is submitted as Proposal IIP-717 and is the last major network upgrade planned by Injective for 2026.

According to the on-chain governance platform IIP-717 Proposal Tracking, this vote is open to INJ stakers and will close on November 16. CoinGecko reports that the market cap of INJ reaches $724 million, and DeFiLlama records the total value locked (TVL) in the network at over $20.35 million.

Introducing Institutional-Level RWA Base and Quoting Trading Tools

The core focus of this Veyra upgrade is the expansion of institutional-level financial infrastructure and the enhancement of cross-chain trading efficiency. The upgrade includes the deployment of institutional-grade real-world asset (RWA) underlying components, expansion of enterprise-level access gateways, and support for cross-chain interoperability and atomic swaps.

According to the official announcement from Injective, this cross-chain channel further supports the recently launched institutional rail by Injective, specifically serving financial institutions in issuing, trading, and settling tokenized assets on-chain, clearing technical obstacles for product access to multi-chain ecosystem liquidity.

On the trading mechanism side, Veyra will introduce a requesting for quotes (RFQ) system tool aimed at large trades. This mechanism supports market makers and large traders finalizing substantial customized trades outside of the public order book, significantly reducing slippage risks for large orders and on-chain execution friction.

Laying the Foundation for the CypherOS Native Privacy Layer, Syncing Year-Round Upgrade Rhythm

In addition to the trading and RWA modules, Veyra also undertakes the function of laying the underlying technical foundation for Injective's native on-chain privacy layer CypherOS. According to Injective official technical documentation, the ability to obfuscate trades and conceal quoting capabilities can provide a confidentiality barrier for institutional strategies, eliminating concerns about the premature exposure of sensitive positions.

Currently, the complete architecture and audit report of CypherOS have not been publicly announced; this upgrade is part of the preparation for the underlying environment. Injective activated the Meridian upgrade on September 24, and if IIP-717 is implemented, the two upgrades will be just two months apart, forming a tight iteration cycle for the protocol.

Software Version Locked at v1.21.0, Legal Voting Threshold to Be Surpassed

According to the Injective core release notes published in the official code repository, the Veyra upgrade is defined as a state machine destructive change, and node validators must complete a binary program replacement during the network downtime to maintain consensus coherence across the network.

According to the governance rules based on staked weights on the Injective chain, only INJ holders currently in a staked state can participate in the voting. Real-time on-chain data shows that the approval rate reaches 62.0%, with approximately 13.97 million INJ votes cast, and no opposing votes have been registered.

The current overall participation rate is approximately 24.9%, below the legal threshold of 33.4%. If the proposal successfully crosses the legal voting threshold before the deadline on November 16, the mainnet will temporarily stop block production at block height 193,145,000 and switch to version v1.21.0 on November 24.