X2Y2

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

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

TVL for X2Y2 consists of deposited NFTs

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

X2Y2's governance or utility token carries a market capitalisation of 400,3 mil US$ based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token (400,3 mil US$) above the protocol's on-chain TVL (113,5 mil US$) — a mcap/TVL multiple of 3.53× implies investors are paying for expected future fee flows rather than current deposits alone. A further 391,1 mil US$ sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

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.

Eventos importantes señalados por la comunidad de DeFiLlama — lanzamientos del protocolo, exploits, cambios de gobernanza y programas de incentivos.

1. Feb 17, 2022
   Listado en DeFiLlama

X2Y2 is a NFT Lending protocol that lets users supply assets as collateral, borrow against them, and earn interest from borrowers paying variable or stable rates. It is deployed on Ethereum. The codebase has partial audit coverage; review the linked reports before trusting it with large positions.

X2Y2 is a single-chain protocol, deployed exclusively on Ethereum — this concentrates execution risk but simplifies the trust model. Roughly 100% of its on-chain value sits on just three networks (Ethereum-staking, staking, Ethereum), so a fault on any one of them would affect a large slice of users. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap (400,3 mil US$) currently exceeds total value locked (113,5 mil US$) — a mcap/TVL ratio of 3.53 suggests the market is pricing in more growth than current deposits support.

Verified external resources for X2Y2 — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

X2Y2 is one of 7 NFT Lending protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Blur Lending, Bitty, Gondi V3, and 3 more. These peer protocols collectively secure 3,4 M US$ in deposits, giving you a frame of reference for whether X2Y2's own TVL is at the top, middle, or tail of the category.

Blur Lending

TVL 1,3 M US$ · 24h +0.62%

Bitty

TVL 546,5 mil US$ · 24h +0.56%

Gondi V3

TVL 526,9 mil US$ · 24h +0.73%

JPEG'd

TVL 499,7 mil US$ · 24h +0.67%

Arcade.xyz

TVL 334,9 mil US$

Sharky

TVL 178,2 mil US$ · 24h +6.22%