Injective has scaled its RWA perpetuals market to $6 billion in cumulative volume as of November 2, 2025, demonstrating that fully onchain infrastructure can support substantial derivatives activity across traditional asset classes. The protocol's iAssets framework has enabled perpetual futures markets for equities, forex, commodities, indexes, pre-IPO contracts, and digital asset treasuries. By relying on professional market makers for liquidity and separating collateral requirements from asset issuance, Injective has achieved a capital-efficient model that distinguishes it from overcollateralized synthetic protocols. Equities dominate activity, with the Magnificent 7 stocks accounting for 42.6% of total volume ($2.4 billion), led by Microsoft at $510.8 million. Crypto-exposed companies have generated $666.7 million, with Coinbase contributing $413.1 million. Digital asset treasury perpetuals, introduced in July 2025, have reached $363 million in volume, primarily driven by MicroStrategy at $313.3 million. The October 2025 launch of pre-IPO perpetuals brought exposure to private companies like OpenAI, SpaceX, and Anthropic onchain, addressing a gap in market access without the minimum investment thresholds or lockup periods typical of traditional pre-IPO markets. On November 11, 2025, Injective launched its native EVM mainnet, introducing a MultiVM environment where developers can build using both EVM and WebAssembly while accessing Injective's native financial modules. Whether this momentum translates into sustained adoption depends on continued liquidity growth, oracle reliability, and the ability to attract traders and developers to an ecosystem that increasingly blurs the line between traditional and decentralized markets.