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VNX’s Progress on Solana: A Look Back at Our Growth and Integration
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In December 2023, VNX launched its core digital assets — VNX Euro (VEUR) and VNX Swiss Franc (VCHF) — on the Solana blockchain. This marked the beginning of a focused effort to build and expand our presence within the Solana ecosystem. Over the course of 2024, VNX has made steady progress across product development, liquidity deployment, and ecosystem integrations.
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Building a Strong Foundation
Starting with near-zero market capitalization and just two stablecoins, VNX scaled its existing products while introducing two new assets: VNXAU (a gold-pegged token) and VNX British Pound (VGBP). This was accompanied by a 34x increase in market capitalization, driven by rising demand and increasing adoption.
Our user base expanded accordingly — with a 12-fold increase in stablecoin holders. This reflects broader utility across the Solana ecosystem, where VNX assets are being adopted in a range of DeFi applications.
Deepening DeFi Integration
Throughout the year, VNX stablecoins were listed on major Solana DEXs including Meteora, Raydium, and Orca. These listings were complemented by the formation of active liquidity pools — including stable and volatile pairings such as bSOL — offering competitive APRs.
Our assets have been integrated into vaults on Kamino and such platforms as Jupiter and Cube Exchange. These steps were key to making VNX assets more accessible and functional for everyday DeFi users.
As a result, 81% of total VNX stablecoin liquidity is now allocated on Solana, reflecting both the depth of integrations and the ecosystem’s growing demand for efficient, low-cost transactions.
VNX’s collaboration with SwissBorg was another milestone. VCHF emerged as a core currency within their ecosystem, and VNXAU became the only MiCA-compliant gold token with daily exchange volumes against PAXG. The launch of VGBP responded to direct community demand and demonstrated the agility of our product development process.
As we look to the months ahead, efforts are underway to expand the reach and utility of VNX assets within the Wirex platform. By leveraging direct integrations and community feedback, we aim to deliver seamless access to VNX stablecoins, enhance user experience, and support practical use cases across payment and DeFi applications.
Looking Ahead: Governance and Incentives
A community-led initiative — the VNX Community Hub — has announced plans to launch its own governance VNX token on Solana in partnership with BorgPad. We welcome this initiative and see it as a meaningful development that can further support the adoption of VNX stablecoins. VNX token is designed to incentivize DeFi participation, increase liquidity, and strengthen utility of VNX stablecoins:
Stake VNX to earn veVNX and gain governance rights
Boost DeFi yields and vote on reward allocations
Fuel liquidity pools and protocol integrations across the ecosystem
By introducing new incentives and enabling broader community participation, the Community Hub has the potential to open additional pathways for ecosystem engagement and utility.
