Stax 🥞

"To put it simply: a @Backpack tokenized stock is the only tokenized stock in the market right now that is directly redeemable 1:1 into a real share held at a brokerage account in seconds and at no fee. Most alternatives, including xStocks, Ondo and Robinhood's tokens, are structured as debt or derivative instruments that track a stock's price and give the holder a contractual claim against the issuer rather than the share. The distinction sounds technical but its consequences are real: because our token converts directly 1:1 into stock and back, market makers can arbitrage and merge liquidity between traditional venues and Solana with no basis risk, and they do: when the onchain price drifts from the NBBO, someone buys the cheaper side, converts, and sells the dearer side. That is what keeps our prices pinned to the underlying, keeps volume flowing through the token even in quiet markets, and is the mechanical reason our spreads are significantly tighter than competitors in the Blockworks data. A debt token cannot support that trade in the same way, because there is nothing to convert into, is contingent upon the NAV of the underlying pool, and subject to timing delays and fees."