Injective (INJ) announced on Wednesday that it has launched the first on-chain pre-IPO market on Helix, introducing a new way for traders to gain decentralized exposure to private companies, starting with OpenAI.

INJ's price was up more than 6% in the last 24 hours, but retail sentiment around the altcoin on Stocktwits continued to trend in 'bearish' territory. Meanwhile, retail sentiment around OpenAI was in 'neutral' territory. 

Helix, a decentralized exchange built on Injective, calls its new offering 'Pre-IPO Perpetual Markets,' allowing users to trade synthetic exposure to leading private companies. The platform offers up to 5x leverage and incentives such as maker fee rebates for active traders.

This launch marks the first time OpenAI shares are accessible in a fully on-chain format. Private company perpetuals represent Helix's newest class of on-chain real-world-asset (RWA) derivatives, designed to bring previously illiquid private markets into decentralized finance. The company said that each Pre-IPO perpetual contract would track the valuation of the underlying company via continuously updated on-chain oracle feeds. 

Helix plans to expand the range of available markets over time. It said community members can propose new assets through the governance portal on the Injective Hub. Since all INJ token holders collectively own Injective, the community has the power to guide which assets enter the Helix ecosystem. Injective's promo for the launch featured names such as Elon Musk's SpaceX, Perplexity, Anthropic, Monzo, xAI, Revolut, Airtable, and Notion.

Earlier this year, Injective partnered with Republic to explore blockchain-based equity instruments. The platform has processed $1 billion in real-world asset perpetual futures trading over the past 30 days, underscoring growing adoption of its DeFi infrastructure for private equity exposure.

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