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[HOST] Welcome to X1 Report, your source for the latest in blockchain news. Today, we're diving

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into an exciting development on the X1 network: the listing of tokenized Tesla shares.

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[ANALYST] Jack Levin, a key figure at X1 Labs, announced that tokenized Tesla shares are now live on

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the X1 mainnet, marking a significant step for the network.

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[HOST] This development comes just four days after Levin hinted that stocks would trade on X1.

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The token is called TSLA.X, and it's part of the xStocks product from Backed Assets.

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[ANALYST] The first transaction for TSLA.X took place at 20:25 UTC on September 11th, with a

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liquidity pool opening up two hours later. The pool currently holds about $244 of

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liquidity.

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[HOST] Levin himself confirmed the transfer of tokenized shares, stating that they are fully

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redeemable on Solana and that corporate actions like dividends and stock splits are

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mirrored on X1.

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[ANALYST] The mechanism works through a bridge, which is a lock-and-mint wrapper. The real xStock

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stays in custody on Solana, while X1 mints a representation of it.

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[HOST] This approach differs from the usual issuance agreements that other blockchain networks

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have with major issuers. For X1, this was a faster path to market.

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[ANALYST] The current liquidity is still quite thin, with only 50 transactions and a total supply of

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just over $545 worth of Tesla shares. The price discovery process will need more depth

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before it stabilizes.

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[HOST] Levin also mentioned that the xStocks product includes 715 stocks and ETFs, with a

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substantial transaction volume, each collateralized by the underlying share held with a

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regulated custodian.

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[ANALYST] X1's TSLA.X wrapper currently lacks a multiplier entry in its metadata, which is

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consistent with Tesla not having paid dividends or split since xStocks existed.

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[HOST] The bridge on X1 uses a guardian multisig model, similar to other assets managed by Warp.

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This means the usual trust assumptions apply.

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[ANALYST] X1 has also listed metadata for three more xStocks: NVIDIA (NVDA.X), S&P 500 (SPY.X), and

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SpaceX (SPCX.X). These are expected to follow in due course.

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[HOST] It's important to note that while the tokens can be held 24/7, issuance and redemption

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still run 24/5, aligned to US market hours.

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[ANALYST] For now, X1 is focusing on bringing tokenized equity liquidity to its network. The rapid

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progress in just a few days underscores the network's commitment to delivering on its

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promises.

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[HOST] That's all for today's report. Stay tuned for more updates from the world of blockchain

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and cryptocurrency. This is X1 Report, signing off.