Injective activates first meme perp treasury for RUNNER token

Most meme coin treasuries do one thing: sit there. RunUp’s RUNNER token has decided its treasury should trade instead.

The project announced that the first perpetual treasury on Injective is now live. It opened with a $9,086 INJ position at 2x leverage, and all profits are slated to go toward buying back and burning RUNNER.

How the RUNNER treasury works

The setup is simple to describe. RUNNER’s treasury holds a fixed 2x long position in INJ, the native token of the Injective blockchain.

A 2x long means the treasury gains or loses roughly twice what INJ moves. If INJ rises, the position profits faster than simply holding it would. If INJ falls, losses arrive faster too.

The trades run through Injective’s Request for Quote, or RFQ, system. In an RFQ model, a trader asks for a price and market makers respond with quotes, rather than the order hitting a public order book directly.

The treasury uses profits to purchase RUNNER on the open market and permanently destroy those tokens, reducing how many exist.

The launch numbers

RunUp launched on October 1, 2026, with public trading of RUNNER starting that same day. Before going public, the project ran a whitelist phase with 333 spots.

Interest appears to have outrun those spots by a wide margin. The research points to more than 10,000 to 15,000 sign-ups.

RUNNER has a total supply capped at 1 billion tokens. The allocation breaks down like this:

• 27.5% to whitelist participants
• 41.5% to the public bonding curve
• 26% to the liquidity pool
• 5% to an airdrop

The treasury itself gets funded at a specific milestone. When RUNNER hits its target breakout point, set at around $81K fully diluted valuation, launch capital is divided 85% to liquidity and 15% to the perpetual treasury.

Governance sign-off from Injective

RunUp went through Injective’s governance process and received approval via Proposal #704. That vote covered RunUp’s Native Factory and Native Treasury contracts. The factory handles token creation, while the treasury contract manages the on-chain futures positions.

What this means for RUNNER holders and Injective

For RUNNER holders, the treasury creates a direct link between INJ price action and RUNNER’s supply. A rising INJ could fund buybacks, while a falling INJ could leave the treasury with nothing to burn.

Leverage adds a sharper edge to that relationship. A 2x position can be squeezed hard in a fast drawdown, and a treasury of this size has limited room to absorb losses. Holders should treat the buy and burn as conditional on profits, because that is exactly how it was described.