Project Research Dossier: xStocks (xPoints) - is the pre-TGE thesis real?

Question: Does xStocks' xPoints program point to a credible future token, and what risks does a points farmer take on? Bottom line: strong, verifiable product, but the pre-TGE premise is unconfirmed. We treat xPoints as a free option on positions held for their own sake.

Product: 1:1-backed tracker certificates issued by Backed Assets (JE) Ltd. Price exposure only; no voting or dividend rights. Live since Jun 30, 2025; Kraken completed its acquisition of Backed in Jan 2026. Traction: AUM $900.4M and 424,676 holders (Sep 26, 2026); $40B cumulative volume (Aug 31, 2026). Tokenomics: no token, TGE, raise or tokenomics announced. xPoints T&C (updated May 5, 2026): not a token, no monetary value, no right to tokens or airdrops; balances can be reset per season. Dilution: tracked xPoints went 21.1B -> 28.6B in 30 days (+35%). Stop earning and your share drops ~26% a month. Illustrative only: 10% of a $300M FDV = ~$1,048 per 1M points today, ~$524 if the total doubles. Team & code: public co-founders; github.com/backed-fi (last commit Sep 24, 2026); 8 Team Omega audits (2022-2026), none found for the Solana deployments. Solana mints are Token-2022 with a freeze authority and permanent delegate. Risks: no entitlement; open-ended points; custodian/issuer risk (redemption can fall to $0.01/unit in extraordinary events); admin powers; eligibility (US/UK/CA/AU excluded).

Primary sources

• T&C: https://defi.xstocks.fi/points/terms-and-conditions
• Prospectus: https://assets.backed.fi/legal-documentation
• AUM/holders feed: https://defi.xstocks.fi/api/dune
• Audits: https://github.com/backed-fi/audits
• Acquisition: https://blog.kraken.com/news/backed-acquisition All 19 sources: attached PDF.

Disclosure: I hold xPoints and run an unofficial xPoints simulator with a referral link; our squad is in The Republic's rewarded campaign. NFA.