TL;DR
- Nansen and OpenDelta launched NX8, a tokenized index of eight L1 networks issued natively on Solana under the Joint Venture Protocol.
- The initial composition includes Bitcoin, Ethereum, Solana, BNB Chain, TRON, Hyperliquid, Avalanche, and Sui, although this may change.
- NX8 is issued as an onchain token using LayerZero’s OFT standard.
Nansen and OpenDelta launched NX8, a tokenized index that tracks the performance of eight layer-1 blockchains and is issued natively on Solana. The product is operated by OpenDelta and represents the first launch under the Joint Venture Protocol, a framework designed to develop onchain financial infrastructure together with external partners.
The index’s initial composition includes Bitcoin, Ethereum, Solana, BNB Chain, TRON, Hyperliquid, Avalanche, and Sui. The index uses a methodology defined and maintained by GMCI, based on public rules and quantifiable criteria. Each asset is weighted by market capitalization, with a maximum cap of 20% per network. Rebalancing takes place on a quarterly basis, while the composition is reviewed every six months, with the ability to adjust weights or modify constituents according to the established parameters.
NX8 is issued as an onchain token using LayerZero’s Omnichain Fungible Token standard, which provides multichain compatibility. The initial launch takes place within the Solana ecosystem, where the token can be traded on Orca and through aggregators such as Jupiter, Kamino, and Dflow. The product’s structure allows it to be integrated into DeFi applications that support the standard, subject to each protocol’s rules.
OpenDelta Provides Infrastructure to Create Tokenized Indexes
OpenDelta provides the infrastructure required for the creation and operation of tokenized indexes and other structured financial products on the blockchain. Nansen participates through the use of its onchain database, which exceeds 500 million labeled addresses, and through the operation of validators involved in managing the underlying assets. GMCI retains exclusive responsibility for the index methodology.
Nansen Handles Staking and the Data Layer
A portion of the assets represented in NX8 is allocated to native staking when the network allows it. These delegations are executed through validator infrastructure operated by Nansen. Rewards are generated through protocol-level consensus mechanisms. The Bitcoin position is managed through differentiated yield-generation strategies, separate from proof-of-stake schemes. Yields accrue net of fees and remain available for use in compatible DeFi ecosystems.
Institutional custody of the underlying assets is delegated to regulated providers such as Anchorage, Hex Trust, and ForDeFi. Real-time verification of TVL, NAV, index composition, and token supply is performed onchain through Accountable.
