Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - Injective 协议将提供 SBET，一种包含质押 ETH 和国债的资产 [1] - 该协议还将提供外汇交易等服务 [1]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - 计划推出 SBET，一种包含质押 ETH 和国债的资产 [1] - 计划提供外汇交易等服务 [1]

Product Development - Pendle shipped 20+ on-chain agents, point-to-point swaps, and cross-chain expansion [1] Market Perception - The market keeps focusing on Pendle's APY [1] Industry Perspective - The real yield game is about programmatic access, not just rates [1]

Tokenized Assets & TradFi Bridges - Tokenized assets on Solana reached $418 million, a 140% year-to-date increase [1] - TradFi bridges are multiplying, indicating growing institutional interest [1] Institutional Capital & Real Yield - Serious capital is gravitating towards real yield opportunities on Solana [1] - Corporate treasuries deployed over $700 million of fresh capital within 48 hours [1] Infrastructure & TVL - Four new infrastructure projects received funding, strengthening the Solana ecosystem [1] - Total Value Locked (TVL) on Solana surpassed $9.4 billion [1] Integrations & Ramps - Proshares ETF, Kamino stocks integration, and fiat ramps are all live, improving accessibility [1]

Market Position - Pendle is gaining significant market share [1] Financial Performance - 71% APY (Annual Percentage Yield) on sUSP demonstrates the potential of real yield [1] - Weekly revenue reaches $85,000, indicating strong performance [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific securities Core Insights - Breakeven rates have increased, with 5-year breakevens rising by 5.4 basis points, 10-year breakevens by 5.5 basis points, and 30-year breakevens by 5 basis points for the week [1] - Real yields have also increased, with 5-year real yields up by 14.9 basis points, 10-year real yields by 9.8 basis points, and 30-year real yields by 5.3 basis points [1] Summary by Sections Breakeven and Real Yield Changes - Breakeven rates for various maturities have shown upward movement, indicating market expectations of inflation are rising [1] - Real yields have also increased, suggesting a shift in investor sentiment regarding future interest rates and inflation [1] Open and Closed Trades - The report details several open trades, including a long position in 10-year TIPS and a short position in 3-month to 10-year receivers, which started on January 5, 2024, with a current level of 2.05% and a loss of $549,000 [4] - Closed trades include a profitable position in the 3-year to 10-year inflation spread, which yielded a profit of $1,040,000 [4] Inflation Calendar - Important upcoming inflation data releases include the US CPI on June 11, 2025, and PPI on May 15, 2025, which are critical for assessing inflation trends [6] TIPS Relative Value - The report provides a detailed analysis of TIPS relative value, showing various maturities and their respective real yields, with some bonds identified as rich or cheap based on market adjustments [8][9] Current Market Levels - The report includes current market levels for TIPS, indicating real yields across different maturities, with the 10-year real yield at 2.00% [11]