{
 "symbol": "INJ", "name": "Injective", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "audit": true,
 "one_sentence_zh": "Injective 是面向金融的 Layer-1，交易者在链上订单簿 dApp 支付 maker/taker 费，其中 60% 进入每周拍卖换 INJ 销毁，并有每 28 天一次的社区回购把生态收入按比例分给承诺 INJ 的人、承诺的 INJ 全部销毁。",
 "one_sentence_en": "Injective is a finance-focused Layer-1 where traders pay maker/taker fees on on-chain orderbook dApps; 60% of exchange fees are auctioned for INJ and burned, and a 28-day Community BuyBack distributes ecosystem revenue pro rata to committed INJ, which is then burned.",
 "red_lines": {
   "R1": {"hit": false, "note": "收入可核实：DefiLlama 按 gas 费（100% 销毁）+ 拍卖费（100% 销毁）统计，30 日 $224,394、累计 $39.2M。但规模相对 $738M 市值极小。", "sources": ["https://api.llama.fi/summary/fees/injective?dataType=dailyHoldersRevenue", "https://api.coingecko.com/api/v3/coins/injective-protocol?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R2": {"hit": false, "note": "销毁来源为交易费拍卖与生态收入；未发现用国库卖币/增发资金做回购的证据。", "sources": ["https://docs.injective.network/defi/tokens/inj-coin", "https://docs.injective.network/defi/community-buyback"]},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.0, "note": "流通 100M = 总量 100M，FDV/市值 1.0，无团队/投资人锁仓。", "sources": ["https://api.coingecko.com/api/v3/coins/injective-protocol?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R4": {"hit": false, "note": "INJ 用于质押安全、治理投票（1 INJ 1 票，需质押）、手续费与衍生品保证金。", "sources": ["https://docs.injective.network/defi/tokens/inj-coin"]},
   "R5": {"hit": false, "note": "一句话说得清。", "sources": ["https://docs.injective.network/defi/tokens/inj-coin"]},
   "R6": {"hit": false, "note": "未发现被盗/强制下架/跑路；2026-08 成为 SEC 注册过户代理（正面监管事件）。", "sources": ["https://injective.com/blog/"]}
 },
 "A_judge": {"mechanism_executing": true, "mechanism_desc": "两条机制：(1) 交易所费 60% 进入链上拍卖换 INJ 销毁（文档明示）；(2) 每 28 天的 Community BuyBack，参与者承诺 INJ、按比例领取生态收入，承诺的 INJ 永久销毁（文档明示，2026-09-23 启动新一轮并叠加 Stockdrop）。但本次未能打开 injhub 看板核对具体销毁数量（页面为 JS 渲染），仅以文档与博客为据。", "sources": ["https://docs.injective.network/defi/tokens/inj-coin", "https://docs.injective.network/defi/community-buyback", "https://injective.com/blog/introducing-injective-stockdrop-a-new-age-of-tokenized-stocks-onchain", "https://api.llama.fi/summary/fees/injective?dataType=dailyHoldersRevenue"]},
 "B": {
   "one_sentence": {"score": 2.0, "evidence": "是什么（金融 L1）、谁付钱（链上订单簿交易者的手续费）、为什么付（衍生品/RWA 交易）均清楚；扣分因费用规模小。", "sources": ["https://docs.injective.network/defi/tokens/inj-coin", "https://injective.com/"]},
   "moat": {"score": 1.0, "evidence": "链级订单簿与 RWA 工具（宣称 $6.8B RWA 交易量、Pineapple $1B 抵押贷款记录上链、SEC 过户代理）是差异化；但 DefiLlama 费用仅 $224K/30d、$8K/日，流动性深度护城河未体现。", "sources": ["https://injective.com/", "https://injective.com/blog/", "https://api.llama.fi/summary/fees/injective?dataType=dailyHoldersRevenue"]},
   "ten_years": {"score": 1.0, "evidence": "持续上新（INJ 上 Solana 2026-09、Stockdrop 代币化股票），有机构/合规方向；但若没有它行业不会倒退（Hyperliquid 等替代）。", "sources": ["https://injective.com/blog/"]},
   "people_governance": {"score": 1.5, "evidence": "全流通、仅质押者可投票、销毁机制长期执行（累计 $39.2M）；但 DefiLlama 累计 $39M 相比历史宣传的销毁规模偏小，且本次未核到最新回购轮次的具体数字。", "sources": ["https://api.llama.fi/summary/fees/injective?dataType=dailyHoldersRevenue", "https://docs.injective.network/defi/tokens/inj-coin"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.5, "evidence": "无活跃地址数据；费用近 90 天趋势（DefiLlama 日序列）读数不可靠（页面截断），30 日 $224K vs 7 日 $62K 显示近期略回升。", "sources": ["https://api.llama.fi/summary/fees/injective?dataType=dailyFees&offset=100000"]},
   "utility": {"score": 1.0, "evidence": "gas、质押、治理、保证金均需 INJ。", "sources": ["https://docs.injective.network/defi/tokens/inj-coin"]},
   "culture": {"score": 0.5, "evidence": "社区回购每月有参与活动，并以 Stockdrop 吸引散户；无社媒增速数据。", "sources": ["https://injective.com/blog/introducing-injective-stockdrop-a-new-age-of-tokenized-stocks-onchain"]},
   "web3_direction": {"score": 1.0, "evidence": "RWA/代币化股票 + 合规（SEC 过户代理）符合 web3 金融方向。", "sources": ["https://injective.com/blog/"]}
 },
 "confidence": "medium",
 "notes": "DefiLlama 持币人收入 $224K/30d 口径 = gas 销毁 + 拍卖销毁，与文档一致；按此口径年化约 $2.7M，对 $738M 市值回报率 <0.4%，'价值'成色主要靠全流通与销毁机制而非现金流。injhub 回购看板未能打开，销毁数量未核。"
}