Backed Finance has officially launched xStocks, ushering in a new era for investors seeking to bridge traditional finance with the decentralized world. These tokenized stocks power the Solana ecosystem’s might. Their cost-effective and agile nature make them an attractive alternative for accessing and trading equities. More than 60 tokenized stocks have you heard about how tokenized stocks are taking off? xStocks are poised to disrupt the decentralized finance (DeFi) space.
Today, xStocks is fully implemented into all top-tier centralized cryptocurrency exchanges and the Solana-based decentralized finance ecosystem. This latest news further illustrates the growing intersection between traditional and decentralized finance. This innovative approach allows users to manage a diverse portfolio of assets, combining traditional stocks with cryptocurrencies and stablecoins within a single, unified platform.
Expanding Access Through Key Integrations
Kraken and Bybit, two of the largest crypto exchanges in the world, have listed over 60 tokenized stocks already, including Backed Finance’s xStocks. This integration serves to broaden access to tokenized assets to a more diverse audience. Now, users can trade and manage their xStocks like any other cryptocurrency.
The Solana-based DeFi ecosystem has already embraced xStocks. This provides users with an exciting opportunity to have these tokenized assets be a core part of their DeFi strategies. With this move, DeFi protocols become even more composable and collaborative, creating space for new financial products and services.
Solana's Role as an Innovation Hub
Notably, Solana has risen to become a leader of innovation in decentralized finance. With its recent release of xStocks, it further cements its primary role. The Solana infrastructure is extremely secure, lightning fast, and highly interoperable. This configuration supercharges xStocks, providing such an incredible ease and ability to trade and manage these xStocks as tokenized assets.
Solana’s total value locked (TVL) is $8.56 billion, per DefiLlama data. This astounding number is a testament to Solana’s thriving and bustling DeFi environment. Their compatibility with all major DeFi protocols on Solana opens up exciting new opportunities for lending, borrowing, and yield generation. The Phantom wallet has emerged as a community favorite among Solana users. Now, it has added support for xStocks which makes the user experience even silkier.
Leveraging DeFi Composability
The Solana ecosystem definitely takes advantage of DeFi composability to the fullest extent thanks to xStocks. It provides users the seamless ability to combine tokenized stocks with other DeFi tools. This composability gives users the ability to design complex financial flows. For one, they can leverage their xStocks as collateral for loans or participate in liquidity pools.
Key nodes of the Solana ecosystem such as Kamino, Raydium, and Jupiter are critical cogs that help get these activities done at big scale. Kamino supports lending and borrowing, Raydium enables liquidity provision, and Jupiter facilitates decentralized trading, all contributing to a vibrant and interconnected DeFi environment. Solana’s unique architecture allows it to take advantage of a growing transaction footprint. It is equally inviting to incumbent financial players that want to explore options in the decentralized ecosystem.
