NX Finance, a yield aggregator, is the fastest-growing decentralized finance (DeFi) app on Solana. The protocol has increased from $300,000 at the beginning of July to the current level of $9.03 million, gaining more than 2,900% over the month.
NX Finance is a yield aggregator using point farming strategies, positioning itself as the first Solana-based composable leverage protocol that merges PointFi and yield aggregation. For the uninitiated, PointFi protocols use points to incentivize user engagement and participation in various activities on the platform.
Users can earn points through actions like liquidity provision and referrals, which can later be redeemed for rewards or the native token.
On July 1, NX Finance launched its ‘Point Nadventure’, which enables both lenders and borrowers to accumulate points engaging with the platform.
NX Finance enables users to deposit USDC, USDT, SOL, or JLP and target generous returns. The protocol implements various leveraged strategies on the Jupiter Perpetual Exchange, such as the Fulcrum Strategy, which implements up to 5x leverage.
USDC and USDT account for the largest share of NX’s deposited value, with a TVL of $3.7 million and $1.5 million, respectively.
The USD inflows keep accelerating. On July 31 alone, the protocol has added a record $1.1 million worth of tokens. USD inflows first broke above the $150,000 mark on July 2.
Speaking about Solana itself, the blockchain’s TVL broke above $5.6 billion on July 29 to set the highest level since January 2022. Solana’s TVL has more than tripled since the start of the year.
Most of the top dapps on Solana are currently thriving, including the Jupiter Perpetual Exchange (JUP), which is used by NX Finance to implement its leveraged strategies. JUP currently has a record TVL of $613 million, more than doubling since the beginning of May.
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The post Solana Yield Aggregator NX Finance Sees TVL Monthly Surge of 2,500% to $9M appeared first on NFTgators .
