Solana's Decentralized Exchange for Amplified Crypto Yields, RateX, Sets New Milestone with $42 Million in Total value Locked (TVL)
RateX, a Solana-based Decentralized Exchange (DEX) focused on leveraged yield trading, has seen a significant surge in growth over the past month. The platform, which allows users to trade synthetic Yield Tokens of various yield-bearing assets using leverage, has tripled its deposits and reached a record total value locked (TVL) of $42 million.
The yield-bearing SonicSOL token, backed by SONIC, is one of the key drivers behind this growth. SonicSOL offers an attractive Annual Percentage Yield (APY) of approximately 24%, making it a popular choice for traders on RateX. In the past month, SonicSOL deposits on RateX have tripled, and as of the current date, it holds a TVL of $29 million on the platform, accounting for over two-thirds of RateX's TVL.
On January 14, a significant deposit of $10 million worth of tokens, primarily SonicSOL, was made on RateX, marking a new milestone for the platform. This deposit contributed to the 105% increase in RateX's TVL in the past week, pushing it past the $40 million mark and reaching a record $42 million.
RateX stands out as one of the first protocols to introduce leverage for yield trading, offering features such as real-time leverage adjustment, liquidity mining, and integration with Solana's DeFi ecosystem. To further boost returns, RateX provides two additional features, Earn Fixed Yield and Yield Liquidity Farming.
It is important to note that Sonic SVM, the chain running the Solana Virtual Machine (SVM) and positioned as the industry's first TikTok App Layer, is different from Sonic, the blockchain network released by the Fantom team last December.
The popularity of yield tokenization and trading in the DeFi space is evident, with Ethereum-based Pendle attracting over $5 billion in TVL. As RateX continues to grow and attract more deposits, it is well-positioned to capitalize on this trend and solidify its place in the Solana DeFi ecosystem.
For authoritative details on RateX's unique features, users are encouraged to consult RateX's official website or their technical documentation directly.
The SonicSOL token, with its high Annual Percentage Yield (APY) of approximately 24%, has been a significant driver behind RateX's recent growth, as deposits of this token on RateX have tripled and now hold a total value locked (TVL) of $29 million on the platform. With SonicSOL accounting for over two-thirds of RateX's TVL, the DeFi platform stands out in the Solana industry for its focus on leveraged yield trading, featuring real-time leverage adjustment, liquidity mining, and integration with Solana's DeFi ecosystem.
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