SPYx gains traction in DeFi with $18M in deposits across venues

Wall Street’s most famous index fund has found an unlikely second home: the blockchain. SPYx, a tokenized tracker certificate that mirrors the SPDR S&P 500 ETF Trust, has accumulated $18.3 million in deposits spread across multiple decentralized finance venues. What SPYx actually is Think of SPYx as a wrapper. Underneath the token is a real SPY ETF share, held by a custodian in a 1:1 ratio. The token itself is available in two flavors: an SPL token on Solana and an ERC-20 on Ethereum, meaning it can trade around the clock and in fractional amounts. The product launched on June 30, 2025, and quickly posted early assets under management of $6.9 million. Two key partnerships shaped the product’s early infrastructure: Chainlink handles the price feed and oracle layer, while FlowDesk provides liquidity support. Where the deposits are sitting The $18.3 million total is distributed across multiple venues, with Morpho emerging as a notable concentration point. SPYx collateral deposited on Morpho reached approximately $7.9 million, making the lending protocol one of the primary destinations for users who want to put their tokenized equity to work rather than simply hold it. On the Solan...