# Honeywell tokenized stock (xStock) (HONX): D-Score 48/100 — Moderately Decentralized

**BlockIndex D-Score: 48/100 (Moderately Decentralized).** Honeywell tokenized stock (xStock) (HONX) is a Layer 2 cryptocurrency using Other consensus. Honeywell xStock: Tokenized Honeywell equity exposure issued across SPL and ERC-20 blockchain rails for eligible investors.

_Source: https://blockindex.ai/coin/honx · 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: 222,730

## Market data (as of 2026-06-19)
- Price: $234.98
- Market cap: $52.34M
- 24h volume: $618,680.28
- 24h change: +0.76% · 7d change: +3.90%

## About
Honeywell tokenized stock (xStock), traded under HONX or HONx, is a tokenized tracker certificate linked to Honeywell International Inc. shares rather than an independent cryptocurrency network. The product is part of the Backed and xStocks ecosystem and is designed to provide blockchain-based exposure to the price performance of Honeywell stock for eligible market participants. Source data identifies HONX as a tokenized financial asset issued through regulated infrastructure, with Backed legal materials emphasizing that these assets are offered through licensed entities and are subject to jurisdictional restrictions, including restrictions for U.S. persons and UK clients.

Technically, HONX does not operate its own blockchain, validator set, mining network, or consensus mechanism. It exists as a token deployment on existing chains, with source data confirming Solana SPL and ERC-20 forms and explorer coverage across Solana, Ethereum, BNB Smart Chain, and Arbitrum. Its principal technical function is therefore not protocol-level consensus innovation, but tokenized certificate representation and transferability across supported blockchain rails. Because HONX inherits the security and finality properties of its parent chains, native-chain metrics such as node count, block timing, staking rewards, block reward, and mining algorithm do not apply directly to the asset.

The core use case is real-world asset exposure: HONX gives eligible crypto users access to a blockchain-native instrument tracking Honeywell International Inc. stock. This places it within tokenized assets, tokenized equities, and RWA categories rather than conventional payment coin, smart-contract platform, or DeFi protocol categories. Ecosystem support documented in the source includes market tracking on CoinMarketCap, CoinGecko, CryptoCompare, and TradingView, explorer visibility through Solscan, Etherscan, BscScan, Arbiscan, Ethplorer, Binplorer, and Arkham, and exchange access through centralized and decentralized venues.

HONX tokenomics differ from mined or preallocated cryptocurrency systems. There is no documented premine, block reward, staking issuance, or fair-launch mining process because the asset is a tokenized stock tracker certificate. Supply data is inconsistent across source snapshots: one CoinMarketCap snapshot listed 222.73K circulating and total HONX, while CoinGecko validation showed much smaller circulating supply and 341,105 total supply. Monetary policy is best described as issuance and redemption mechanics tied to the tokenized certificate structure, though detailed operational rules were not provided in the master summary.

Governance appears centralized and issuer-driven rather than DAO-based. No HONX-specific CEO, DAO, token voting system, public governance treasury, GitHub repository, or open-source software process was documented. Development and compliance direction appear to sit with Backed/xStocks and associated licensed entities, with future relevance depending on the broader adoption of tokenized equities, compliant distribution channels, exchange support, wallet support, and continued market demand for blockchain-based exposure to traditional equities.

## Links
- Website: https://assets.backed.fi/products/honeywell-xstock
- Whitepaper: https://docs.backed.fi/
- 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