RateX’s Solana-Based Leveraged Yield DEX Hits Record $42M TVL

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RateX, a Solana-based leveraged yield buying and selling platform, noticed its complete worth locked (TVL) cross the $40 million mark on Friday, January 17. The protocol’s TVL hit a file $42 million following a 105% improve up to now week, in keeping with DefiLlama.

RateX is a Solana DEX that focuses on leveraged yield, enabling customers to commerce artificial Yield Tokens of assorted yield-bearing property through the use of leverage. This permits merchants to commit a fraction of the overall place to maximise potential returns, though the danger of losses additionally will increase.

Yield tokenization and buying and selling have change into more and more common in DeFi, with Ethereum-based Pendle attracting over $5 billion in TVL. RateX is among the first protocols to introduce leverage for yield buying and selling.

Apart from leveraged yield buying and selling, RateX supplies two different options, Earn Fastened Yield and Yield Liquidity Farming, permitting customers to spice up returns.

RateX has tripled its deposits up to now month, which coincides with the launch of SONIC, the native token of Sonic SVM, the primary chain that runs the Solana Digital Machine (SVM). It focuses on gaming and is positioned because the business’s first TikTok App Layer.

This should not be confused with Sonic, the brand new blockchain community launched by the Fantom group final December. Whereas protecting Wagmi DEX, we just lately reported that Sonic-based initiatives have been rising quick.

Sonic SVM just isn’t current on DefiLlama but, but it surely has a reported market cap of $250 million.

SonicSOL is at present the most important market on RateX, accounting for over two-thirds of the platform’s TVL with a file $29 million. The yield-bearing token is backed by SONIC and presents an APY of about 24%.

On January 14, a file $10 million value of tokens have been deposited on RateX, with the bulk consisting of SonicSOL.