Injective has launched the IIP-677 mainnet upgrade proposal. The proposal received 72% of the votes in favor during the four-day voting period, and upon approval, the network will be upgraded to v1.20.3. This update primarily focuses on cross-chain interoperability, network stability, and market infrastructure.
IIP-677 has been activated.
According to the proposal, the new version will improve network efficiency and enhance protocol reliability and security. The upgrade also plans to integrate asset transfer capabilities from more blockchains, allowing assets to enter the Injective ecosystem more smoothly.
This means that Injective will continue to focus on cross-chain connectivity and infrastructure improvement, rather than simply developing a narrative around token prices.
IIP-678 is still being voted on.
Another core proposal, IIP-678, is still under voting, with the deadline for voting being July 31. This proposal focuses on IBC light client fixes related to the QUAD Core chain, aiming to replace outdated versions with new active clients while preserving existing connections and channels.
Based on the current vote count, 52.81% of the votes were abstentions, while 47.18% were in favor. The results may still change before the voting closes.
More than 60 governance proposals have been submitted this year.
Although INJ remained in the $3 to $5 range for most of 2026, progress at the protocol level did not stall. The Injective governance page shows that the proposal number has progressed from approximately IIP-615 at the beginning of the year to IIP-678, meaning that more than 60 governance proposals have emerged this year.
Meanwhile, Token Terminal data shows that Injective's protocol revenue over the past 365 days was approximately $3 million. This revenue comes from its dual-chain architecture, including burn auctions on Injective Cosmos and base fee burns based on EIP-1559 on Injective EVM.
Earlier Vulcan updates also introduced native standard USDC settlement, lower transaction fees, more RWA markets, and a new generation of oracle engine, as well as tweaks to the trading, insurance, and oracle modules.
