1 00:00:14,230 --> 00:00:20,303 [HOST] Welcome to X1 Report, your source for the latest in blockchain news. Today, we're covering 2 00:00:20,303 --> 00:00:26,377 an exciting development from the X1 Labs platform: the launch of tokenized stocks on their 3 00:00:26,377 --> 00:00:27,187 Warp bridge. 4 00:00:27,437 --> 00:00:32,571 [ANALYST] Jack Levin's announcement today was straightforward. He showed a screenshot of the token 5 00:00:32,571 --> 00:00:37,472 list on X1's Warp bridge, which now includes a section for stocks, and used the term 6 00:00:37,472 --> 00:00:37,997 'stonks.' 7 00:00:38,247 --> 00:00:44,513 [HOST] This is not just a one-off addition. As of this afternoon, all nine prepared tokenized 8 00:00:44,513 --> 00:00:50,997 stocks are live on the bridge: Tesla, NVIDIA, the S&P 500, Meta, Alphabet, AMD, Coinbase, 9 00:00:50,997 --> 00:00:52,527 Palantir, and SpaceX. 10 00:00:52,777 --> 00:00:59,758 [ANALYST] The process was swift. Between 18:42:05 and 18:44:03 UTC on September 15th, X1's Warp 11 00:00:59,758 --> 00:01:06,986 bridge program executed seven RegisterToken instructions, one for each ticker, through a 12 00:01:06,986 --> 00:01:09,204 multisig vault transaction. 13 00:01:09,454 --> 00:01:15,435 [HOST] The bridge's public config now lists all nine stocks on both the Solana and X1 sides, and 14 00:01:15,435 --> 00:01:21,349 none of them are paused. This marks three deliveries in a week: Tesla on September 11th, 15 00:01:21,349 --> 00:01:24,709 NVIDIA on the 14th, and the remaining seven today. 16 00:01:24,959 --> 00:01:31,612 [ANALYST] Each stock has a daily cap set at about $10,000, which is the same limit the bridge sets 17 00:01:31,612 --> 00:01:38,341 for USDC. A single transfer can be at most half the daily cap, about $5,000, and at least 18 00:01:38,341 --> 00:01:45,145 about $10. Stock transfers pay a 0.25% fee taken in the token itself, while USDC transfers 19 00:01:45,145 --> 00:01:46,506 pay a flat 1 USDC. 20 00:01:46,756 --> 00:01:53,305 [HOST] Currently, only two of the nine stocks have any supply on X1: Tesla with 1.49 tokens and 21 00:01:53,305 --> 00:01:59,780 NVIDIA with 0.55. The other seven routes have been open for a few hours and have minted 22 00:01:59,780 --> 00:02:00,897 nothing so far. 23 00:02:01,147 --> 00:02:08,176 [ANALYST] Trading is still thin. XDEX lists one stock pool, the TSLA.X/XNT pair, with about $200 of 24 00:02:08,176 --> 00:02:15,047 liquidity. None of the other eight has a pool on XDEX yet, and that includes NVIDIA and 25 00:02:15,047 --> 00:02:15,995 the S&P 500. 26 00:02:16,245 --> 00:02:21,620 [HOST] Anyone can watch the bridge. X1 Prism's bridge dashboard tracks every Warp transfer and 27 00:02:21,620 --> 00:02:27,181 has a Stocks filter covering all nine tickers, showing how much of each daily cap has been 28 00:02:27,181 --> 00:02:30,455 used and listing inflows and outflows as they happen. 29 00:02:30,705 --> 00:02:36,279 [ANALYST] Stock markets close, but X1 doesn't. The tokens can move at any hour, but the issuer mints 30 00:02:36,279 --> 00:02:41,543 and redeems them only on weekdays, in step with US market hours. A stock pool on XDEX 31 00:02:41,543 --> 00:02:45,383 would keep trading through the weekend, when Nasdaq is closed. 32 00:02:45,633 --> 00:02:51,522 [HOST] The S&P 500 fund SPY.X puts an S&P 500 index in one token. Together with the eight 33 00:02:51,522 --> 00:02:57,841 individual stocks, a builder has the pieces for simple portfolios or trades that pit one 34 00:02:57,841 --> 00:02:59,565 stock against the index. 35 00:02:59,815 --> 00:03:05,424 [ANALYST] SPY.X is also the only one of the nine that pays a regular quarterly dividend. xStocks 36 00:03:05,424 --> 00:03:11,228 don't pay dividends in cash but adjust a multiplier that raises what each token is worth. 37 00:03:11,478 --> 00:03:17,816 [HOST] Collateral is another area of interest. On Solana, lending markets already accept xStocks 38 00:03:17,816 --> 00:03:24,083 as collateral. A lending market on X1 that accepted NVDA.X or SPY.X against USDC.X would 39 00:03:24,083 --> 00:03:27,430 let holders borrow without selling their stock. 40 00:03:27,680 --> 00:03:32,846 [ANALYST] Building such a market would take a price feed that understands market hours and far more 41 00:03:32,846 --> 00:03:38,070 liquidity than X1 has today. The assets are now in place; nobody has built the market yet. 42 00:03:38,320 --> 00:03:44,559 [HOST] The underlying products have not changed. xStocks are certificates issued by Backed Assets 43 00:03:44,559 --> 00:03:50,175 and backed 1:1 by shares held with a regulated custodian. They are not the shares 44 00:03:50,175 --> 00:03:53,087 themselves and come with no voting rights. 45 00:03:53,337 --> 00:03:58,849 [ANALYST] The X1 tokens are lock-and-mint wrappers: the original token is locked on Solana, and X1 46 00:03:58,849 --> 00:04:04,423 mints a matching token against it. According to the bridge config, seven guardians secure 47 00:04:04,423 --> 00:04:07,993 the bridge, and any five of them must sign each transfer.