Nasdex

Nasdex is a synthetic asset exchange deployed on Polygon, where users deposit USDC into a collateralised debt position to mint nAsset tokens tracking real equity prices and trade them long or short. It targets the geographic and account-opening barriers of traditional brokerage, giving retail users on-chain price exposure to mainly Asian equities without holding the shares. The mechanism is over-collateralisation with a 150% minimum and a recommended 200% ratio, with contract-level liquidation once the threshold is breached; prices arrive through two oracles, Chainlink and Band Protocol, and liquidity providers supply equal amounts of nAssets and USDC to pools. The protocol defines roles for minters, long farmers, short farmers, traders and stakers.

Its product set covers minting, trading, liquidity farming and staking, with protocol revenue taken from secondary resales while primary sales go entirely to the minter. In practice, execution volume is thin: the token trades more than 99% below its 10 October 2021 listing price, holds roughly 6,154 holder addresses, and most turnover happens on the NSDX/USDT pair at centralised exchanges rather than in the platform's own pools, whose depth cannot absorb large swaps.