Jack Levin announced on Telegram today that X1 is "turning up BTC and ETH", following it with a screenshot of the Warp Bridge and the words "New assets are up."
They are. We pulled the bridge's live configuration and health endpoints to confirm it, and both routes are open, unpaused, and already carrying value in one case. cbBTC and ETH are now the fifth and sixth assets on Warp, joining USDC, xencat, DGN and the wSOL route that opened yesterday.
This is a bigger deal than the wSOL launch, and for a reason worth stating precisely: Bitcoin and Ether are the two deepest liquidity pools in crypto, and X1's own books are among the thinnest. But the two new routes are not the same kind of asset, and the difference matters more than the ticker suggests.
What is actually on-chain
On the Solana side the bridge locks two existing SPL tokens. On the X1 side it mints new representations, both 8-decimal, both flagged non-native — X1 holds the claim, Solana holds the collateral.
| Asset | Solana mint (locked) | X1 mint (issued) |
|---|---|---|
| cbBTC | cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMij | s47zmcZNFkZkdJqgZxZSBvXb8wRx89HgVGXt5Pf791K (cbBTC.X) |
| ETH | 7vfCXTUXx5WJV5JADk17DUJ4ksgau7utNKj4b963voxs | 4wxJFFnRSCgFgS8GvWH9iHgSjFsKbQpXkBG5Y826cbvw (ETH.X) |
Two very different trust stacks
cbBTC is Coinbase Wrapped BTC. Coinbase issues it directly as an SPL token on Solana and backs it 1:1 with Bitcoin in its own custody. Withdraw BTC from Coinbase to a Solana address and cbBTC is minted; send it back and it is burned and the BTC released. There is exactly one custodian and one redemption path, and it is a regulated US exchange. Jack's point that Coinbase "have deep liquidity on Solana for Bitcoin" checks out — 3,359.20 cbBTC are issued on Solana right now, about $258.7M at $77,019 a coin.
The ETH route is a different animal. The mint Warp locks is not native Ether and not a Coinbase product — it is Wrapped Ether (Wormhole), the Portal-bridged WETH that has been Solana's main ETH representation for years, backed 1:1 by ETH locked in Wormhole's contracts on Ethereum. 44,056.03 of it exists on Solana, roughly $105.7M.
That means ETH.X on X1 is a wrapper of a wrapper: ETH on Ethereum → Wormhole Portal → WETH on Solana → Warp → ETH.X on X1. Two independent bridges sit between an X1 holder and the underlying Ether, and a failure at either level breaks the peg. cbBTC.X has one custodian and one bridge between it and Bitcoin. Neither is disqualifying, but they are not the same risk, and anyone sizing a position should price them differently.
The flow and the settings
The mechanism is unchanged from the other routes. The same program, 6JbPTuxVuoTgyQeXFb9MH8C8nUY8NBbLP1Lu4B13JfMD, is deployed on both chains. Tokens lock on the source chain, a guardian set attests to the transfer, and the destination program mints. Each side runs seven guardians with a 5-of-7 threshold at guardian set index 3, and the bridge health endpoint currently reports 7 of 7 watchers healthy on both the Solana and X1 sides, with neither chain paused.
| Parameter | cbBTC | ETH |
|---|---|---|
| Minimum per transfer | 0.000125 BTC (≈ $9.63) | 0.004 ETH (≈ $9.60) |
| Maximum per transfer | 0.0625 BTC (≈ $4,814) | 2 ETH (≈ $4,798) |
| Daily cap | 0.125 BTC (≈ $9,627) | 4 ETH (≈ $9,595) |
| Flat fee | None | None |
| Percentage fee | 25 bps (0.25%) | 25 bps (0.25%) |
| Decimals | 8 | 8 |
| Status | Active, unpaused | Active, unpaused |
Both follow wSOL's pricing model rather than USDC's: a pure percentage, no flat component. A maximum-size transfer costs about $12 either way.
The caps are denominated in dollars, not tokens
Line the four non-meme routes up and a pattern falls out immediately. Every one of them is throttled at roughly $10,000 a day, with a per-transfer maximum at half that and a minimum near $10.
| Route | Daily cap | In USD | Implied price used |
|---|---|---|---|
| USDC | 10,000 USDC | $10,000 | $1 |
| wSOL | 100 SOL | $9,923 | $100 |
| cbBTC | 0.125 BTC | $9,627 | $80,000 |
| ETH | 4 ETH | $9,595 | $2,500 |
Those implied prices — $80,000, $2,500, $100, $1 — are round numbers, which tells you the caps were set by picking a $10,000 risk budget per asset and dividing by an approximate spot price. It is a coherent policy rather than four arbitrary limits, and it is the clearest read available on how much exposure the operators are willing to carry per corridor while the routes are young.
Day one is genuinely day one
The volume numbers are very small and it is worth being plain about that. In the current daily window 0.00025217 cbBTC — about $19 — has crossed from Solana, and 0.00025155 cbBTC.X exists on X1. The ETH route has moved nothing at all: daily volume is zero and ETH.X total supply is zero.
What the cbBTC figure demonstrates is that the plumbing works — value has actually locked on Solana and minted on X1 on this asset. Neither cbBTC.X nor ETH.X has a trading pair on XDEX yet, so for the moment these are bridged balances with nowhere on-chain to trade against.
The bridge as a whole is busier than its newest lanes suggest: the Solana program has processed 3,955 outbound and 6,266 inbound sequences, the X1 side 6,271 outbound and 3,982 inbound — roughly 10,200 crossings. Meanwhile wSOL.X has grown from 0.0898 to 0.328 SOL in a day, which is movement, but movement measured in tens of dollars.
Why this matters more than wSOL
The argument is about depth. X1's entire XNT/USDC.X pool on XDEX currently holds $6,351 of liquidity and turned over $4,462 in the last 24 hours, with XNT at $0.3856 — a $5.39M market cap against a $412.8M fully diluted valuation. That is a genuinely thin book.
Against that, cbBTC on Solana alone has $15.67M of DEX liquidity across 30 pairs and $36.0M of 24-hour volume. Wormhole's WETH adds $6.98M of liquidity and $8.79M of daily volume. Combined, that is roughly $22.6M sitting in Solana pools — about 3,560 times the size of X1's flagship pair, one hop away and now formally connected.
The step-change case is straightforward. BTC and ETH are the only two assets in crypto that every lending market, perp venue and treasury already understands how to price and margin. A chain that can hold them natively on its own books can build collateralised lending, BTC- and ETH-denominated pairs, and perps against a reference price it does not have to manufacture. wSOL brought one adjacent ecosystem's asset. cbBTC and ETH bring the two benchmarks — and X1's forthcoming perps and prediction markets need exactly that kind of externally-priced collateral to function.
The honest caveat is the one the config makes unavoidable: at $9,627 a day, the cbBTC route cannot deliver a step-change in TVL yet. To put that in proportion, a single day of maximum cbBTC throughput is about 1.5 times the entire XNT/USDC.X pool — meaningful relative to X1's current size, and a rounding error relative to Bitcoin's. The caps are a launch throttle, not a capacity target, and the question that matters over the coming weeks is how fast they rise.
One asymmetry persists from yesterday and is now sharper. X1's own XNT route remains paused on both chains. Bitcoin, Ether, Solana and dollars can all travel a corridor that X1's native token cannot. Bringing outside liquidity in is a different risk problem from letting the native asset out — but as of today, four of the largest assets in crypto have a door into X1 that XNT still does not have out.