Consensys-backed DEX Etherex debuts native token on Linea, touting ‘smarter DeFi stack’

Etherex, a newly launched DEX built on Linea, launched its token REX on Wednesday, aiming to "set the foundation for a smarter DeFi stack."

Etherex announced Wednesday in a post on X that REX is now live on Linea, the Ethereum Layer 2 network founded by Consensys, with a decaying fee mechanism. "To prevent botting, REX buys will start with a 50% fee that exponentially decays to 2% over 30 minutes," said Etherex.

Launched on July 28, 2025, Etherex is a new decentralized exchange developed in collaboration with Linea, Consensys and Nile. The platform uses tokenomics similar to Ramses v3, with all fees going to token holders and no team token allocations, according to its July post. The new exchange fits into Linea's broader strategy to create a hub for ETH and stablecoin trading. The platform uses REX as its native token, with additional variants including xREX and REX33.

"With fully liquid x(3,3) tokenomics and auto-compounding yield options baked in, $REX sets the foundation for a smarter DeFi stack," Etherex said Wednesday. 

The DEX also noted that emissions are liquid from day one. "No more need to lock your tokens for four years, you can now buy and sell a voting position instantly using the REX33 model."

As of 3:00 a.m. Wednesday ET, REX was trading at around $0.604, reaching a market capitalization of $213.5 million, according to Dexscreener data.

"Etherex is a vibrant MetaDEX that reflects the best of Ethereum principles: credible neutrality, deep composability, and aligned incentives," Ethereum co-founder and Consensys CEO Joseph Lubin said on X.

"REX unlocks a new layer of liquidity coordination for Linea and the broader Consensys ecosystem," Lubin added. "This is an important step forward — toward a modular, programmable DeFi stack where liquidity, governance, and utility converge in ways that better serve users and builders."