RateX is a universal structured finance layer that enables leveraged yield farming, leverage trading, and fixed-yield investment through structured tokenization. Its sub-protocol, Mooncake, provides a fully permissionless leveraged-token trading marketplace.

RateX was founded in January 2024 by a Hong Kong–based team with backgrounds in traditional finance, including former portfolio managers and traders. The protocol launched on Solana in October 2024 as one of the earliest DeFi platforms offering margin-based yield trading and quickly became the largest yield-trading protocol on Solana. In April 2025, RateX expanded its infrastructure to the BNB ecosystem.

In October 2025, RateX introduced Mooncake, a permissionless market for leveraged tokens, marking its evolution from a yield-trading protocol into a broader, multi-product structured finance layer.