Tesla stock can now be bridged to X1

Tesla stock is the first share that can be bridged to X1. TSLAx on Solana arrives on X1 as TSLA.X and can be traded on XDEX.

What it is

TSLAx is an xStock: a token issued by Backed that is backed by real Tesla shares. The Warp bridge holds the TSLAx on Solana and mints the same amount of TSLA.X on X1, so every TSLA.X can be bridged back and redeemed as TSLAx.

Why it's good for X1

Tokenized stocks bring a kind of asset X1 did not have: something whose value has nothing to do with crypto markets. A trader can move between XNT and Tesla in one X1 wallet without leaving the chain, and a pool against TSLA.X gives X1 DeFi a real-world price to build on. For X1 it means more reasons to hold XNT for fees and more trading on its DEXs.

Limits

Up to 12.5 shares per transfer and 25 shares a day in each direction, with a 0.25% fee taken in the token.

What to watch

• TSLA.X is a token claim on a token claim. You rely on Backed holding the shares and on the bridge holding the xStocks.
• Corporate actions such as a split are applied by Backed and carried over to X1.
• Markets on X1 are thin. On 21 October about 0.9 TSLA.X existed on chain.
• xStocks are not offered to US persons.

Sources

• Warp bridge Info page, read 21 October: https://bridge.x1.xyz/info
• TSLA.X supply read from X1 mainnet on 21 October
• X1 Labs announcement of the TSLA route