Injective has highlighted that revenue is increasingly used to measure blockchain value, ranking fourth among Layer-1 networks by price-to-sales (P/S) ratio. Token Terminal defines P/S as fully diluted valuation divided by annualized revenue. Data shows Injective generated $3.41 million in trailing-12-month revenue as of June, ranking 10th among L1s. Over 7.1 million INJ tokens have been burned since 2021 through the network’s buyback mechanism, linking activity to token supply. The network’s order-book infrastructure and growing trading volume provide context for these metrics.
Injective argues that revenue is becoming a more important measure of blockchain value. Its comparison uses the P/S ratio, which Token Terminal defines as fully diluted market capitalization divided by annualized revenue.
The key point is not simply that INJ ranks fourth. A lower P/S ratio means investors are paying less valuation for each unit of revenue generated, although it does not prove a token is undervalued.
Injective is a Layer-1 network focused on financial applications, including decentralized trading and tokenized assets. CoinGecko reported in June that INJ had generated $3.41 million in trailing-12-month revenue, ranking 10th among Layer-1 networks.
The network operates order-book infrastructure rather than relying entirely on automated market makers. CoinGecko reported roughly $34.4 billion in INJ derivatives volume since January 2025, alongside $888 million in spot volume.
INJ has used buybacks to connect ecosystem revenue with its token. CoinGecko reported over 7.1 million INJ had been burned through the mechanism since 2021.
Crypto revenues can change quickly with trading volumes, incentives and market conditions. If activity weakens, a low multiple becomes less meaningful because the underlying revenue denominator may fall.
CoinGecko noted that its MultiVM environment combines EVM and WASM, while native USDC and Circle’s CCTP support settlement infrastructure. For INJ holders, sustained usage is more important than the ranking itself.
