Key facts
- Injective confirmed CypherOS, a native on-chain privacy layer, is coming to the network.
- The Meridian mainnet upgrade, which included regulated token standards and updated risk engines, went live on September 24, 2026.
- Injective CypherOS is designed to support shielded transactions, confidential trading, and private RFQ execution flows.
- Injective (INJ) was trading at $8.23 on September 25, 2026, up 4.30% in 24 hours.
- The token has a market capitalization of approximately $822.61 million with about 100 million INJ in circulation.
Injective has announced that CypherOS, a native on-chain privacy layer, will be integrated into its network, following the successful Meridian mainnet upgrade that went live on September 24, 2026. This move aims to establish Injective as one of the first financial-layer blockchains to incorporate privacy directly into its core infrastructure, catering to institutional audiences who require robust privacy protections for on-chain activities.
The Meridian upgrade (IIP-701, chain v1.20.4), which received approximately 99% staker support, activated on September 24, 2026. It introduced regulated token standards for the Injective EVM, compliance-ready transfer rules, MultiVM unified perp markets, and updated risk engines. The groundwork for this privacy focus was laid earlier, with Injective's SEC transfer-agent registration in August 2026 reportedly triggering a 9% price spike in its native token, INJ, signaling a move towards institutional adoption.
Injective's official account confirmed the upcoming launch of CypherOS on September 25, 2026, following months of anticipation. The protocol has been building towards this through its Volan upgrade and RWA integration. Injective CypherOS is designed to provide shielded transactions, confidential trading, and private request-for-quote (RFQ) execution flows. The initial live test will be for private RFQ flows, addressing the current exposure of institutional order flow on public chains.
Injective (INJ) has seen a rally, trading at $8.23 on September 25, 2026, with a 4.30% gain in the preceding 24 hours and a 25.80% increase over the last seven days. The token's market capitalization stands at approximately $822.61 million, supported by the recent CypherOS confirmation and the Meridian upgrade. The weekly price movement largely preceded the CypherOS teaser, with Meridian's governance passage driving earlier price action. The narrative for investors now includes Canary Capital's staked INJ ETF filing, Meridian's compliance-ready tokenization, and CypherOS's confidentiality layer.