Xena Finance

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

Xena Finance's governance or utility token carries a market capitalisation of $10.5K based on circulating supply at the latest DeFiLlama snapshot. Token market cap ($10.5K) and TVL ($19.2K) trade close together, giving a mcap/TVL multiple of 0.55× — broadly the range market participants treat as "fair" for an established DeFi protocol.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

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

1. Oct 12, 2023
   Listed on DeFiLlama

Xena Finance 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 on Base. The codebase has been independently audited (1 report on file).

Xena Finance is a single-chain protocol, deployed exclusively on Base — this concentrates execution risk but simplifies the trust model. Roughly 100% of its on-chain value sits on just three networks (Base, Base-pool2, pool2), so a fault on any one of them would affect a large slice of users. Price feeds come from a single oracle provider (Chainlink); 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. Token market cap ($10.5K) and TVL ($19.2K) trade at a ratio of 0.55, in the range generally considered normal for an established DeFi protocol.

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

Xena Finance 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 Xena Finance'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%