Backed, Chainlink Unveil xBridge to Move Tokenized Stocks Between Solana and Ethereum
TL;DR
Backed Finance has launched xBridge, a cross-chain bridge using Chainlink's CCIP to enable tokenized stocks (xStocks) to move between Ethereum and Solana while tracking corporate actions like stock splits and dividends. The bridge is currently in pilot mode with plans to expand to other blockchains and is integrated with major exchanges including Kraken.
Key Takeaways
- •xBridge enables seamless transfer of tokenized stocks between Ethereum and Solana while maintaining tracking of corporate actions like stock splits and dividends.
- •The bridge utilizes Chainlink's Cross-Chain Interoperability Protocol (CCIP) to ensure consistent behavior of tokenized assets across different blockchains.
- •xStocks are 1:1 backed by real-world stocks or ETFs and mimic their on-chain behavior, including responses to corporate events.
- •The bridge is currently live in pilot mode with plans to add support for additional blockchains like Mantle and TRON in the coming weeks.
- •Backed's xStocks are already integrated with major cryptocurrency trading platforms, including Kraken which recently acquired Backed Finance.
What to know:
- Backed Finance has introduced xBridge, a cross-chain bridge that enables tokenized stocks to move between Ethereum and Solana while tracking stock splits, dividends, and other corporate actions.
- The bridge uses Chainlink's Cross-Chain Interoperability Protocol (CCIP) to ensure consistent behavior across chains, mirroring the behavior of underlying real-world assets.
- XBridge is live in pilot mode, with plans to add support for additional blockchains like Mantle and TRON, and is already integrated with major cryptocurrency trading platforms, including Kraken.
- Backed Finance has introduced xBridge, a cross-chain bridge that enables tokenized stocks to move between Ethereum and Solana while tracking stock splits, dividends, and other corporate actions.
- The bridge uses Chainlink's Cross-Chain Interoperability Protocol (CCIP) to ensure consistent behavior across chains, mirroring the behavior of underlying real-world assets.
- XBridge is live in pilot mode, with plans to add support for additional blockchains like Mantle and TRON, and is already integrated with major cryptocurrency trading platforms, including Kraken.
Backed Finance is introducing xBridge, a new cross-chain bridge designed to move tokenized stocks across blockchains without losing track of stock splits, dividends or other corporate actions.
Unveiled at Solana Breakpoint and built in partnership with Chainlink, xBridge enables users to transfer tokenized equities, called xStocks, between Ethereum and Solana, according to an emailed announcement on Friday.l
These tokens are 1:1 backed by real-world stocks or ETFs and mimic their behavior onchain, including how they respond to events like a stock split or dividend payout.
xBridge uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to ensure that when a token moves from one chain to another, its link to the underlying asset and its behavior remains intact.
“For years, crypto had either permissionless native digital assets or RWAs closed behind walled gardens. said Yotam Katznelson, CTO and COO of Backed. “With xStocks, we brought tokenized equities into DeFi permissionlessly, and now with xBridge, we are completing the loop: tokenized stocks can finally flow as freely as any other crypto asset:”
On Ethereum, balances are scaled with an updatable multiplier. On Solana, they rely on Token2022 and automatic rebasing. But the outcome is the same: token balances update to reflect splits or dividend events, even after crossing chains.
Backed’s xStocks are already live across a number of cryptocurrency trading platforms, including major centralized exchanges. One of those exchanges, Kraken, acquired Backed Finance earlier this month.
With the bridge live in pilot mode, Backed plans to add support for Mantle, TRON and other blockchains in the coming weeks.
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