Exponent Finance
Fixed and floating rate swap protocol on Solana
Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$46.38KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $46.38K | -- | -- | -- |
| Sep 2026 | $473.71K | -- | -- | -- |
| Aug 2026 | $108.57K | -- | -- | -- |
| Jul 2026 | $35.54K | -- | -- | -- |
| Jun 2026 | $43.88K | -- | -- | -- |
| May 2026 | $82.86K | -- | -- | -- |
Comparison
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About Exponent Finance
Exponent Finance is an interest-rate protocol on Solana that transforms floating yields into tradable fixed-income markets. Its core business revolves around yield stripping: users deposit yield-bearing assets like JitoSOL, and the protocol mints Principal Tokens (PT) and Yield Tokens (YT). PT offers a fixed, predictable return at maturity, while YT provides leveraged exposure to variable yield. Trading occurs via an order book and a CLMM (concentrated liquidity market maker), enabling efficient price discovery and deep liquidity.
The protocol addresses a key pain point in DeFi: unpredictable and volatile yields. Lenders and stakers face uncertainty, while borrowers and protocols seek stable rates. Exponent solves this by allowing users to lock in fixed rates, hedge against yield drops, or speculate on rate movements. Its dual-liquidity architecture (order book + CLMM) ensures low slippage and capital efficiency, making it a robust infrastructure for fixed-income trading on Solana.
Over the past six months (March to September 2026), Exponent has seen significant growth. Cumulative trading volume reached $1.8 billion, with over $250 million in settled volume. Total value locked surged past $100 million, climbing 54% in a single month to exceed $90 million. The protocol expanded its asset offerings beyond JitoSOL to include other staking and credit positions, and introduced V2 features such as strategy vaults and risk-tiered products. These vaults automate yield management, while risk tranches allow users to choose between senior (lower risk, lower yield) and junior (higher risk, higher yield) positions.
One notable negative development: the earlier V1 product suffered from capital inefficiency due to fragmented liquidity across separate markets, which limited its appeal. This was addressed in V2 by unifying liquidity through the CLMM and order book. No major security incidents have been reported, and the protocol continues to operate without breaches.
Exponent Finance, Solana's yield exchange, has progressed through several key milestones. It launched on Solana mainnet in 2024, establishing a fixed-rate market. In November 2024, the protocol open-sourced its code and launched a $250,000 bug bounty program, enhancing transparency and security. Later, Exponent completed a $5 million seed round led by Multicoin Capital, bringing total funding to $7 million. The release of V2 introduced a fully onchain order book and strategy vaults, expanding beyond simple swaps into active yield management. These developments mark significant steps in its evolution from a niche exchange to a broader DeFi infrastructure.
Exponent Finance, Solana's yield exchange, has seen significant progress in the past six months. In March 2026, it secured a $5M seed round led by Multicoin Capital, with participation from RockawayX, L1D, and others. The protocol's cumulative traded volume surpassed $2B, with over 35K users and $120M TVL by July. The major milestone was the v2 upgrade in July, introducing automated strategy vaults and enhanced liquidity primitives, alongside a full smart contract overhaul. This enabled institutional-grade fixed-rate trading and seamless migration from v1. Additionally, Exponent launched yield trading for srONyc (OnRe's reinsurance tranche) on July 24, expanding into RWA-backed markets. Future focus includes scaling the onchain order book for deeper liquidity, expanding RWA partnerships, and enhancing vault infrastructure for asset managers. The team also plans to allocate $1M of the seed funding toward security audits and a bug bounty program, ensuring robust risk management as the platform grows.
Co-founders:
Valentin Madrid: Co-founder, previously worked at Solana and Squads.
Thomas Lefort: Co-founder & CEO, previously worked at Squads, Hubble Protocol, and Kamino Finance.
Current core executives:
- Timur Samoylov: Head of BD, previously CEO & Co-founder at FRAKT and Banx.gg, and Lead Software Developer at Qolio.