Coinbase tokenized stock (xStock) (COINX): D-Score 48/100 — Moderately Decentralized BlockIndex D-Score: 48/100 (Moderately Decentralized). Coinbase tokenized stock (xStock) (COINX) is a Layer 2 cryptocurrency using Other consensus. Coinbase tokenized stock (xStock): Regulated tokenized Coinbase equity exposure issued across Solana SPL and ERC-20 formats. Source: https://blockindex.ai/coin/coinx · Data by BlockIndex.AI · Updated 2026-06-19 D-Score breakdown (0-100, higher means more decentralized) Component: Score: Overall D-Score: 48: Node distribution: 0: Initial distribution: 25: Governance: 16: Age and history: 7: Autonomy: 0: Key facts - Layer: Layer 2 - Consensus: Other (N/A) - Launch: Other (2025) - Founder: N/A - VC funded: No - Max supply: N/A - Circulating: 455,881 Market data (as of 2026-06-19) - Price: $163.08 - Market cap: $74.35M - 24h volume: $8.85M - 24h change: -2.02% · 7d change: +2.13% About Coinbase tokenized stock (xStock), traded as COINX or COINx, is a tokenized tracker certificate designed to provide on-chain exposure to Coinbase Global, Inc. stock. It is not a native cryptocurrency network, mining system, or validator-based blockchain. Instead, it belongs to the xStocks product family, where traditional equity exposure is represented as blockchain tokens for eligible users. The available source data describes the product as issued by Backed Assets (JE) Limited, a Jersey-based issuer owned by Backed Finance AG, and framed as a regulated on-chain security product rather than an open crypto protocol. Technically, COINX is issued as a token on existing public blockchains. Source data identifies Solana SPL and ERC-20 formats, with CoinGecko-related context also referencing BNB Smart Chain and Arbitrum explorer visibility. Because COINX inherits settlement and transaction processing from parent chains, it has no COINX-native consensus mechanism, mining algorithm, block timing, staking reward schedule, or full-node network. Its core technical function is representation and transfer of a tokenized tracker certificate tied to Coinbase stock exposure, with public-chain registration and contract visibility through explorers such as Solscan, Etherscan, BscScan, Arbiscan, and related analytics platforms. The main use case is regulated tokenized access to Coinbase Global, Inc. equity price exposure for eligible crypto-market participants. xStocks documentation describes these products as fully collateralized 1:1 by corresponding underlying securities, with issuance and redemption available through eligible users or onboarded entities. This makes COINX part of the broader real-world asset and tokenized stock segment rather than a payment coin or smart-contract platform. Its adoption signals come from market-data venue coverage, exchange listings, wallet compatibility across Solana and Ethereum-style environments, and reported holders and markets in the provided source material. COINX tokenomics differ from conventional cryptocurrency issuance. There is no fixed proof-of-work emission schedule, no mining reward, no premine in the blockchain-launch sense, and no documented public initial percentage allocation. Supply appears tied to issuance and redemption mechanics for the underlying tokenized security. The provided market summary lists a price of $172.33, market cap of $78.56 million, 24-hour volume of $4.25 million, and total and circulating supply of 455,880 COINX, while separate CryptoCompare context lists a larger total supply and lower circulating supply. Because the product is a tracker certificate, monetary policy is best understood as collateralized issuance and redemption rather than algorithmic inflation. Governance is centralized around the issuer and product infrastructure rather than a DAO. No COINX-specific on-chain governance process, governance token voting, decentralized treasury, or community-led protocol upgrade process is documented. Regulatory posture is central to the product: source material states that xStocks are not marketed, offered, or solicited in the United States or prohibited jurisdictions, and that the product operates under legal documentation tied to the issuer and an EU-compliant prospectus framework. Future development for COINX is therefore likely to depend on the xStocks and Backed product ecosystem, supported chains, market venue access, and applicable regulatory eligibility rather than native protocol upgrades. Links - Website: https://xstocks.com/ - Whitepaper: https://docs.xstocks.com/ - GitHub: N/A --- About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore