Essential factors
- Backed and Chainlink launch xBridge to allow cross-chain transfers of tokenized shares between Ethereum and Solana.
- xBridge shops company actions corresponding to dividends and inventory splits, and enhances entry and interoperability of tokenized shares.
Backed, a number one supplier of compliant tokenized shares and ETFs, greatest recognized for its xStocks product line, has partnered with Chainlink to deploy xBridge, the primary bridge that permits tokenized shares to be moved between blockchains with out shedding constancy to company actions corresponding to dividends, inventory splits, and different occasions.
Powered by Chainlink CCIP, xBridge permits customers to switch tokenized shares between Ethereum and Solana, holding xStocks absolutely backed and precisely reflecting conventional inventory actions.
The bridge is at present present process trial operations, with full deployment anticipated within the coming weeks. The group plans to increase help to different blockchains quickly.
“We now have labored extremely onerous to convey tokenized equities to each Solana and Ethereum in probably the most safe approach, and now we’re lastly capable of join these ecosystems,” Yotam Katznelson, CTO and COO of Backed Finance, stated in an announcement.
The brand new bridge completes the loop by permitting tokenized shares to movement between networks whereas holding the traits of conventional shares intact, Katznelson stated.
“This integration will permit xStocks to maneuver seamlessly throughout a number of chains with the best ranges of safety, reliability and compliance, permitting entry to tokenized shares in a globally linked monetary system,” stated Johan Eid, Chief Enterprise Officer at Chainlink Labs.
In Solana, as Backed identified, xStocks leverages the Token2022 customary with a multiplier-based “fairness mannequin” and computerized rebase with predefined activation instances.
In Ethereum, a customized rebase structure internally tracks shares and scales seen balances by means of an updatable multiplier.
“This can be a main step in direction of an built-in cross-chain market the place real-world property will be traded at scale, backed by institutional-grade safety,” Eid stated.
