{
  "url": "https://blockindex.ai/coin/spyx",
  "name": "SP500 xStock",
  "links": {
    "github": null,
    "website": "https://xstocks.com/",
    "whitepaper": "https://docs.backed.fi/"
  },
  "dScore": 46,
  "market": {
    "priceUsd": 747.8196871621016,
    "marketCapUsd": 161984750.98719293,
    "volume24hUsd": 88997411.89508902,
    "priceChange7dPct": 0.96601935,
    "priceChange24hPct": -0.12470188
  },
  "source": "BlockIndex.AI",
  "supply": {
    "max": null,
    "circulating": 216609.36956863,
    "circulatingPct": null
  },
  "ticker": "SPYX",
  "founder": "N/A",
  "vcFunded": false,
  "updatedAt": "2026-06-19T06:00:24.123528+00:00",
  "fairLaunch": false,
  "launchYear": 2025,
  "description": "SP500 xStock (SPYX, also styled SPYx) is a tokenized ETF exposure product in the xStocks ecosystem issued by Backed Finance. It is designed to track the SPDR S&P 500 ETF Trust (SPY) through a tokenized asset structure rather than through an independent blockchain network. The product belongs to the broader tokenized real-world asset market, where traditional financial instruments are represented on public blockchains for transferability, exchange access, and integration with DeFi applications. Available source material identifies SPYX as part of Backed's xStocks product suite, with launch context pointing to late June 2025 and active market records appearing in early July 2025.\n\nTechnically, SPYX is a multi-chain token asset, not a Layer-1 blockchain. It has documented representations on Ethereum, BNB Smart Chain, Solana, and Arbitrum, including an EVM contract address of 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 and a Solana representation referenced in market data. The token uses ERC-20 style issuance on EVM chains and SPL representation on Solana. Consensus, block production, node infrastructure, transaction throughput, and chain security are inherited from the parent networks rather than from SPYX itself. This means SPYX has no native mining algorithm, staking mechanism, validator set, or full-node network of its own.\n\nThe primary use case for SPYX is tokenized exposure to the S&P 500 ETF market through crypto-native venues and DeFi infrastructure. CoinGecko categorizes it under tokenized assets, real-world assets, tokenized ETFs, the BackedFi xStocks ecosystem, and tokenized exchange-traded products. The master summary also notes collateral and yield-market context, including SPYx collateral usage through Kamino with Chainlink Data Streams and price-band risk controls, as well as exposure through lending markets such as Morpho V1 and Kamino Lend. Verified exchange coverage in the provided dataset includes Coinbase, while wallet support includes Ledger, Electrum, MetaMask, and Phantom.\n\nSPYX has an issuer-managed supply model rather than a mined or hard-capped cryptocurrency emission schedule. CoinGecko lists max supply as infinite, with 50,582 circulating supply and 251,507 total supply in the provided summary, implying roughly 20.1% circulating against total supply at that snapshot. The economic design is based on issuer minting and redemption tied to tokenized financial-product issuance rather than block rewards, halvings, validator rewards, or a fixed monetary policy. No premine or ICO allocation is documented, and premine is treated as not applicable or 0% for database purposes because SPYX is not a genesis-issued native chain.\n\nGovernance appears to be issuer-managed through Backed Finance rather than community-led or DAO-based. No SPYX-specific DAO, tokenholder voting mechanism, governance treasury, open-source repository, or executive team details were available in the supplied summaries. Backed is described as a Swiss-based issuer of tokenized financial products, and SPYX should therefore be evaluated primarily as a regulated-style tokenized financial instrument rather than a decentralized base-layer protocol. Future development focus, based on the available information, centers on multi-chain accessibility, exchange availability, DeFi collateral integrations, and broader adoption of tokenized ETF exposure.",
  "methodology": "https://blockindex.ai/dscore",
  "classification": {
    "layer": "Layer 2",
    "isToken": true,
    "consensus": "Other",
    "parentChain": "ETH"
  },
  "dScoreComponents": {
    "autonomy": 0,
    "ageHistory": 5,
    "governance": 16,
    "nodeDistribution": 0,
    "initialDistribution": 25
  },
  "decentralizationVerdict": "Moderately Decentralized"
}