Pineapple would take 25 more years to put its whole mortgage book on Injective at this pace

Between the December 2025 launch and the current count of 2,079, 820 records went onto the chain, which across roughly nine months is about 91 a month ^[3][1]. The portfolio Pineapple says it eventually wants on-chain runs to more than 29,000 funded mortgages ^[11], leaving 26,921 files to go, and at 91 a month that is about 296 months ^[2]. Twenty-five years. Loading database records does not have to be linear, and one batch could move thousands in a week.

What has moved is worth being precise about. Each entry is a digital representation of the original loan file carrying more than 500 data points for verification and risk analysis ^[6], and the legal and servicing arrangements behind each mortgage are unchanged, with no new security created ^[7]. The $1.1 billion is the face value of the mortgages whose files now sit on-chain ^[5]. Injective registered with the SEC as a transfer agent in August 2026, which lets it maintain records of security ownership and process transfers under SEC oversight ^[13].

Cryptobriefing writes that PAPL0's "market cap appreciation of roughly 48% over the past nine months also tells a story about market confidence" ^[14]. Set that against the record count, up 65% over the same period ^[4]. If the dollar total rose 48% while the file count rose 65%, then average value per file went from about $590,000 to about $529,000, down roughly 10% ^[5]. The total climbed because Pineapple added loans.

Which loans, though. Spread $10 billion across 29,000 mortgages and the book averages about $345,000 a file, while the 2,079 on-chain average about $529,000, some 53% higher ^[5][7]. The first 7.2% of the book by count carries 11% of the dollars ^[6]. Either the migration started with the largest loans, or the "upwards of $10 billion" figure understates the book ^[11].

Concentration is the risk cryptobriefing itself names ^[15], and it is measurable. Of the roughly $1.34 billion of tokenized real estate across all chains, Pineapple's $1.1 billion is about 82% ^[9][3], and the whole real estate category is about 3.5% of the $38.8 billion tokenized real-world asset market, which is dominated by treasuries and credit ^[10][4]. Pineapple also holds around $100 million of INJ in treasury ^[12].

The argument for calling this working infrastructure is that verification data has value even when nothing trades: 500 checkable data points a loan is what a whole-loan buyer or a warehouse lender pays to sample. If Pineapple discloses a funding spread or a diligence cost that changed because the file is on-chain, the argument is settled in its favour. The report does not include such a figure. On what is disclosed, this is a records migration, and Pineapple has not created a security for Injective's transfer agent registration to cover ^[7][13].