Is Injective, which has been dormant for a long time, experiencing a return of the king or a brief resurgence? In the past 30 days, the veteran public chain Injective has achieved a net inflow of $142 million, second only to Ethereum, and has re entered the market's vision. With a surge in active users on the chain, increased trading volume, and a rebound in token prices, Injective seems to be using RWA narrative and high-yield DeFi projects to restart ecological vitality. The core driver comes from the newly launched institutional level platform Upshift, which has an annualized revenue of up to 30% in the Injective Treasury. Although the hard top of the vault is only $5 million, it has attracted a large amount of funds to be transferred to Injective through the Peggy Bridge, accounting for as much as 98.5%. But whether the funds can be retained remains to be seen. Ecologically, Injective is also accelerating its layout: launching Lyra mainnet upgrade in April to optimize performance structure; In May, the RWA oracle framework iAssets will be released, supporting on chain euro and pound forex trading; Simultaneously attracting validators such as Republic, Google Cloud, and Deutsche Telekom to join. Its strategic direction is gradually shifting from derivatives trading to the integration of RWA and AI. However, the reality remains severe. The daily trading volume of Injective derivatives is only $90 million, which is less than 1.4% of Hyperliquid's; TVL remains at $26 million with weak growth. Although the daily active users have increased from 6300 in February to nearly 48000, the overall gap is still significant compared to first tier public chains. The INR token has rebounded by over 140% since April, but there is still four times room to reach its historical high. Is this round of recovery a new starting point or a short-term rebound?