Nansen launches NX8 tokenized index for BTC, ETH, SOL and six other L1s
Nansen has launched NX8, a tokenized index giving diversified exposure to eight leading Layer-1 blockchains: BTC, ETH, SOL, BNB, TRON, HYPE, AVAX and SUI. Built with OpenDelta and following GMCI methodology, NX8 uses Nansen’s analytics (from over 500 million labeled addresses) for index construction and periodic rebalancing. Custody is provided by regulated custodians including Anchorage and Hex Trust, with real-time verification via Accountable. The index is issued on Solana and uses LayerZero’s Omnichain Fungible Token standard for multichain compatibility. NX8 is tradable on Orca and accessible through aggregators such as Jupiter, Kamino Swap and Dflow. Nansen positions NX8 as a zero-AUM-fee, onchain-native product aimed at long-term crypto portfolios and the first offering under its Joint Venture Protocol, marking the company’s expansion from analytics into tradable tokenized financial infrastructure.
Bullish
The NX8 launch is likely bullish for the crypto market for several reasons. First, it packages diversified, multichain exposure to dominant Layer-1s into a single tradable token, lowering entry friction for investors and potentially increasing capital flows into the underlying networks (BTC, ETH, SOL, BNB, TRON, HYPE, AVAX, SUI). Zero AUM fees and onchain composability make the product attractive to both retail and DeFi native investors. Custody by regulated providers and real-time verification reduce custody and transparency frictions, which can improve institutional interest. The use of LayerZero for omnichain compatibility and Solana for issuance supports fast, low-cost execution and wider accessibility via DEX aggregators, which can increase trading volume and liquidity. Historically, tokenized index launches (and exchange-traded products) have drawn new capital and reduced individual-asset volatility through diversification effects — a supportive force for prices of constituent tokens over the medium term. Short-term effects could include increased trading activity and momentum in the component tokens as index demand and arbitrage flows establish. Risks that temper the bullish view include smart-contract or interoperability bugs, liquidity fragmentation across chains, or limited initial uptake; any of these could mute impact. Overall, NX8 is expected to be net positive for demand and market structure, especially for the included Layer-1 tokens.