NEX

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Aug 18, 2022
   Listed on DeFiLlama

NEX is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 2 chains, including Optimism, Aurora. The codebase has been independently audited (1 report on file).

NEX operates on 2 networks (Optimism, Aurora), keeping its surface area narrower than chain-agnostic peers. Its TVL is heavily concentrated on Optimism, which holds 94% of all assets — other deployments are comparatively small. Price feeds come from a single oracle provider (Flux); an outage or manipulation of that feed would propagate into every market the protocol prices. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts.

Verified external resources for NEX — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

NEX is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure $2.3B in deposits, giving you a frame of reference for whether NEX's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL $910.6M · 24h -0.27%

Hyperliquid HLP

TVL $431.7M · 24h +0.11%

Drift Trade

TVL $334.4M · 24h +0.22%

GMX V2 Perps

TVL $267.5M · 24h -0.08%

Extended

TVL $196.4M · 24h +0.06%

dYdX V4

TVL $125.3M · 24h +0.58%