# S&P Small Cap xStock (IJRX): D-Score 47/100 — Moderately Decentralized

**BlockIndex D-Score: 47/100 (Moderately Decentralized).** S&P Small Cap xStock (IJRX) is a Layer 2 cryptocurrency using Other consensus. S&P Small Cap xStock: Tokenized small-cap ETF tracker certificate providing regulated multi-chain RWA market exposure.

_Source: https://blockindex.ai/coin/ijrx · Data by BlockIndex.AI · Updated 2026-06-04_

## D-Score breakdown (0-100, higher means more decentralized)
| Component | Score |
| --- | --- |
| Overall D-Score | 47 |
| Node distribution | 0 |
| Initial distribution | 25 |
| Governance | 17 |
| Age and history | 5 |
| Autonomy | 0 |

## Key facts
- Layer: Layer 2
- Consensus: Other (N/A)
- Launch: Other (2026)
- Founder: N/A
- VC funded: No
- Max supply: N/A
- Circulating: 449,150 (100.0%)

## Market data (as of 2026-06-04)
- Price: $139.5
- Market cap: $62.66M
- 24h volume: $6
- 24h change: N/A · 7d change: N/A

## About
S&P Small Cap xStock, traded under IJRX or IJRx, is a tokenized equity product issued within Backed's xStocks framework. It is designed to track the price exposure of the iShares S&P Small-Cap ETF through a blockchain-transferable tracker certificate. The product is issued by Backed Assets (JE) Limited, a Jersey-registered entity, with Backed Finance AG identified as tokenizer. IJRX is not a native cryptocurrency network and does not operate its own blockchain, validator set, miner network, or independent consensus process. Its purpose is to package regulated real-world asset exposure into token form for eligible investors, subject to jurisdictional restrictions and the issuer's legal documentation.

Technically, IJRX is a token deployed on existing blockchain infrastructure rather than an autonomous layer-1 chain. Source data identifies ERC-20 issuance and Solana/SPL availability, while market infrastructure references additional chain availability across Ethereum, BSC, Arbitrum, Mantle, Solana, Ink, and TON. Because the asset inherits settlement and security properties from its parent chains, IJRX has no project-specific block time, transaction throughput, blockchain size, mining algorithm, staking reward, or full-node count. Its relevant architecture is therefore tokenization, custody, issuance/redemption control, and market-data infrastructure rather than protocol-level block production. DefiLlama and related references also indicate Chainlink Proof of Reserve and attestation-style infrastructure in the broader xStocks framework, reinforcing the importance of off-chain backing and verification rather than native cryptoeconomic consensus.

The core use case is compliant, transferable exposure to a small-cap equity ETF through crypto-market rails. Eligible users can hold and transfer a tracker certificate token that is intended to represent exposure backed 1:1 by underlying shares held through traditional custody arrangements. The product's ecosystem is visible through analytics and market-data platforms such as CoinMarketCap, Coinbase, and CoinGecko, and it has wallet accessibility across hardware, desktop, mobile, and browser-extension categories. Exchange coverage in the supplied data includes Coinbase, Kraken, KuCoin, Binance, Uniswap, Curve, Orca, and Jupiter, although verified trading pairs and liquidity-depth data were not provided.

IJRX's economic design is materially different from mined or staked cryptocurrencies. There is no mining emission curve, no block subsidy, no protocol staking yield, and no native monetary policy enforced by an independent blockchain. Supply is tied to issuance and redemption of the backed tracker certificate. CoinMarketCap-sourced data in the summary reports total and circulating supply of 449,150 IJRX, implying 100% circulation from that snapshot, with a price near $139.50 and market capitalization around $62.66 million. The official Backed product page lists no current management fee while noting that a fee of up to 0.25% per annum may be introduced later, and issuance/redemption fees may be up to 0.50%.

Governance is issuer-managed and off-chain. No DAO, token-holder voting mechanism, community-governed treasury, or decentralized project governance is documented for IJRX. Regulatory constraints are central: Backed states the securities are not registered under the U.S. Securities Act of 1933 or U.S. state securities authorities and are not offered or sold to U.S. Persons. The main risks are issuer dependency, custody and backing risk, securities-law restrictions, underlying ETF tracking risk, limited visible liquidity, and lack of shareholder voting rights in the underlying asset. Future development appears focused on multi-chain distribution, compliant access for eligible investors, and continued proof-of-reserve or attestation support rather than protocol decentralization.

## Links
- Website: https://assets.backed.fi/products/s-p-small-cap-xstock
- Whitepaper: N/A
- GitHub: https://github.com/

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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