To be honest, after being in the crypto market for a while, you'll notice a golden rule: in the early bull market, it's all about the narrative; in the mid-bull, it's about traffic; but when it gets to the end of the bull and into the bear, the only projects that can really survive are those quietly building core infrastructure.

Take a look at the current public chain space—it looks just like a chaotic construction site. Layer2s are caught in a price war, modular chains are showing off their puzzle game via PowerPoints, and everyone's fighting over the same limited user base. But if you pay attention to on-chain capital flows, you'll notice something interesting: the sharpest money is pulling out of the meme-hype chains and reallocating to projects with solid technical foundations.

Injective ($INJ) is my top pick among these.

Many people still only know it as "high TPS" or "backed by a top-tier exchange," but after the Volan mainnet upgrade earlier this year, this chain is no longer just a speedster—it's becoming a standardized global financial operating system.

Not just a public chain, but a system. There's a big difference there.

I'm going to break it down from the code level up, using the simplest language to explain where Injective's moat really lies. After reading, you might understand why, in this cycle, INJ is the kind of "foundation asset" you need to allocate at least some position to.

# Modular RWA: The Ticket for Traditional Finance to Enter

What's the strongest narrative this cycle? RWA (Real World Assets)