Stock tokens
xStocks by Backed, Token-2022, issuer powers and 24/7 Pyth prices.
Pre-launch, and clear about it.
The deployed configuration splits the 4% protocol fee 1% holders, 1% liquidity, 1% staking and 1% operations, fixed in the treasury program with no setter. Staking itself is planned, phase 2: the allocation is set aside, but no staking program is deployed and nothing accepts a deposit. Values that have not been read from the chain render as a dash with the reason beside them.
What an xStock is
The stocks the protocol pays are xStocks, issued by Backed Finance on Solana: SPYx, NVDAx, TSLAx, GOOGLx. Each tracks a listed share or ETF one-to-one and is backed by the underlying held by a custodian. It is a tokenized exposure under the issuer's terms, not a share in a brokerage account; it carries no vote and dividends are handled as the issuer specifies.
Token-2022 and what that means for you
- xStocks are Token-2022 mints. Your token account for each stock is 179 bytes; the program creates it on your first claim and you pay its rent once.
- Every xStock carries a permanent delegate held by the issuer and a transfer hook that is currently disabled. The distributor accepts the disabled hook and refuses any mint with an active hook or a transfer fee.
- The permanent delegate means the issuer can move or freeze balances under its terms. That is an accepted issuer risk and it is observable: every sweep reports the vault balance it found.
- Divvy Reservoir is independent of Backed and claims no partnership or endorsement.
Prices, around the clock
Every buy is guarded by two Pyth feeds: SOL/USD and the xStock’s own feed (for example Crypto.SPYX/USD), which prices the token itself around the clock rather than the underlying during market hours. The guard requires fully verified updates no older than 300 seconds with a confidence interval under 2% of the price, and refuses a route that delivers less than the oracle implies, minus a per-stock slippage cap.
Prices on this site come from the same feeds, read once for the whole basket so it is valued at a single instant. The site is displaying rather than trading, so it accepts an update up to 15 minutes old against the program’s 300 seconds, with the same 2% confidence limit. A price past either bound is dropped, and the value that depends on it shows as unavailable.
The allowlist
A stock can be paid out only if the treasury authority has allowlisted it with a feed and a slippage cap, and the distributor authority has added it as a reward mint after inspecting its extensions. Adding a stock is gated on verified two-way depth at size, because every stock in a basket is a stock the keeper must be able to buy and, in a pool, sell.
Primary sources
Provider and issuer documentation. Addresses are verified on chain again before activation.