xToken was a DeFi protocol launched with the mission to simplify participation in complex staking and liquidity provision ecosystems. Its core products were "xAssets," which were liquid ERC-20 staking wrappers for popular protocols like Synthetix (xSNX) and Aave (xAAVE). These wrappers allowed users to gain staking rewards without locking up their underlying assets, thereby improving capital efficiency. The project aimed to be a key primitive in DeFi, but after suffering a major exploit in May 2022, the team announced they would be sunsetting the protocol and winding down all operations.

Founded in

United States