xToken

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 includes deposits made to xToken Terminal and xToken Market.

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

xToken's governance or utility token carries a market capitalisation of 11,7 mil US$ based on circulating supply at the latest DeFiLlama snapshot. The token's market cap (11,7 mil US$) is small relative to deposits secured by the protocol (912,3 mil US$); a mcap/TVL multiple of 0.01× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.

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.

xToken operates in the Liquidity Manager category of DeFi. It is deployed across 4 chains, including Ethereum, Optimism, Arbitrum, Polygon. The codebase has been independently audited (1 report on file).

xToken operates on 4 networks (Ethereum, Optimism, Arbitrum, Polygon), keeping its surface area narrower than chain-agnostic peers. Roughly 100% of its on-chain value sits on just three networks (Ethereum, Optimism, Arbitrum), 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 (11,7 mil US$) is small relative to TVL (912,3 mil US$) — a mcap/TVL ratio of 0.01 is often read as the token being structurally undervalued versus the activity it secures.

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

xToken is one of 7 Liquidity Manager protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Kamino Liquidity, Arrakis Modular, Kodiak Islands, and 3 more. These peer protocols collectively secure 411,3 M US$ in deposits, giving you a frame of reference for whether xToken's own TVL is at the top, middle, or tail of the category.

Kamino Liquidity

TVL 214,4 M US$ · 24h +0.21%

Arrakis Modular

TVL 75,3 M US$ · 24h -0.15%

Kodiak Islands

TVL 64,2 M US$ · 24h +18.50%

Steer Protocol

TVL 30,3 M US$ · 24h -0.45%

ICHI

TVL 16,6 M US$ · 24h +0.50%

ACryptoS

TVL 10,6 M US$ · 24h +0.01%