RateX

RateX describes itself as the world's first leveraged yield exchange. The app lets users connect a wallet to trade yield positions, earn fixed yield, provide liquidity and take leveraged exposure, and it is operated by Rate Labs Ltd.

The interface is organized around a Market overview, a Leverage section, an Earn section built around fixed yield, a Liquidity section, a Points page, a personal Dashboard and a Referral program. Positions are expressed through yield tokens (YT) and principal tokens (PT), the two components into which a yield-bearing asset is split on the platform.

• Leverage: leveraged trading of yield markets
• Earn: fixed-yield returns through holding PT
• Liquidity: liquidity provision into yield markets
• Holding YT: exposure to the variable yield component
• Referral: referrers earn a share of referee points

RateX runs a points program for early users, with a campaign stated to run until the end of 2025 and points redeemable for future RateX tokens. Points are earned through leverage trading, holding YT, liquidity provision, holding PT and referrals, and they update every 24 hours. A weekly role boost of 1.5x to 3x depends on percentile rank, and referrers receive 10% of their referees' points plus 1% of second-level referees' points. The same points system also covers Mooncake, a sister app linked from the RateX header, which has its own leverage, liquidity and earn activities using an FT token. RateX maintains community channels on Twitter, Telegram and Discord.