Nansen launches tokenized index tracking L1 blockchains

Nansen introduced the NX8 product, a tokenized L1 index based on major chains. The index product is issued by Open Delta, in strategic partnership with Nansen. 

The NX8 index by Nansen will track eight major L1 networks, selected based on their relevance and active applications. The chains were central for stablecoin payments, derivative trading, decentralized finance, internet capital markets, RWA tokenization, and store-of-value use cases. 

The index includes BTC, ETH, SOL, BNB, TRON, HYPE, AVAX, and SUI. Some of the chains have proven themselves as activity hubs over multiple market cycles, surviving downturns and slow periods. 

Nansen searches for a wider index as a benchmark for crypto

Nansen believes Bitcoin is not the full benchmark for the crypto market, as other networks are growing their own economies. The NX8 index aims to capture the shift in value, by delivering a more balanced and diversified market exposure. 

The index is not a replacement for BTC exposure, but aims to become a portfolio building block based on activity data and long-term fundamentals. Nansen noted that over a long-term horizon, diversified index exposure diminishes portfolio risk based on emotional decisions. The NX8 index targets retail investors, as well as professional traders and institutions. 

While the past year went without an altcoin season, the leading chains emerged as real activity hubs, increasing their fee generation. This has given value to L1 tokens beyond future speculation, singling out the most successful assets with real use cases.

NX8 index to launch on Solana

The index will be immediately tokenized on Solana, allowing immediate trading on exposure. NX8 data will be provided by GMCI, and the product will use the OpenDelta index infrastructure. NX8 will launch as a Layer Zero Omnichain Fungible Token, meaning immediate multi-chain trading. 

“NX8 gives investors a simple way to gain diversified exposure to the blockchains shaping the future of finance,” said Alex Svanevik, CEO and co-founder of Nansen. “By combining professional index methodology, onchain composability, and zero AUM fees, NX8 is designed to be a foundational asset for long-term crypto portfolios,” he said.

The index will be available across all Solana-based aggregators immediately, including Jupiter, KaminoSwap, and DFlow. 

Holding the index will allow users to earn additional yield across DeFi applications that integrate the token. NX8 holders will also stack Nansen Points as part of the Nansen Season 3 Points program. 

The index is part of Nansen’s expansion beyond analytics, growing participation in the real on-chain economy. According to Nick Schteringard, clear winners have emerged among L1 networks. There is no more proliferation of L1 chains, and the winners have successfully captured users and developers. The existing chains already produce strong network effects and have become indispensable for crypto activity.

Nansen’s tokenized index competes with Market Vector, and is close to its blue chip and crypto basket indexes. However, the integration with DeFi and the Solana ecosystem makes the index a crypto-native investment opportunity.

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