Gamestop xStock
GMEX
Evaluation Score
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Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
GMEX (Gamestop xStock) is an RWA tokenized tracker of GameStop Corp. equity issued across multiple blockchains (Ethereum, Arbitrum One, BNB Smart Chain, and Solana). While the underlying reference company possesses an established corporate governance structure and traditional reporting on the NYSE, the on-chain wrapper exhibits major risks. The token suffers from virtually non-existent community engagement (only 22 mainnet holders), micro-cap liquidity (<$1M circulating market cap), and severe centralization, with the issuer retaining full control over mint/redeem capabilities and fee mechanisms. Furthermore, there is a lack of verifiable reserve attestations, proof-of-reserve audits, or independent security audits of the GMEX contracts. While no exploits, depegs, or regulatory actions specifically targeting GMEX were identified, the unverified counterparty layer and poor on-chain liquidity present significant risks.
Development Activity
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Community Support
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Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
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Security & Audits
Security history and audit status
About Gamestop xStock (GMEX)
Gamestop xStock (GMEX) is a tokenized real-world asset (RWA) tracker designed to provide exposure to the equity of GameStop Corp. (NYSE: GME). Issued under the xStocks program by Backed, the token is deployed across multiple blockchain networks, including Ethereum, Arbitrum One, BNB Smart Chain, and Solana. The instrument is designed to track the underlying stock on a 1:1 basis, allowing market participants to hold and trade synthetic representations of the equity on-chain.
The token's structure operates under an elastic, issuer-controlled supply model where the issuer retains unilateral minting, burning, and contract-level fee-collection authority. Because GMEX functions as an on-chain tracker certificate rather than direct share ownership, token holders do not receive voting rights or direct access to off-chain corporate governance. The token exhibits micro-cap liquidity with a circulating market capitalization below $1 million and a concentrated holder base, including only 22 holders on Ethereum mainnet.
GMEX has experienced a significant price decline, falling 89.6% from its recorded all-time high of $175.86 down to $18.29. Additionally, the token presents counterparty and structural risks due to an absence of published smart contract security audits, third-party proof-of-reserve attestations, or verified redemption reports. While the GMEX token contracts have not suffered direct exploits or regulatory enforcement, reference corporate risks for GameStop Corp. include a historical 2017 customer data breach, an executive compensation legal challenge, and a contested takeover bid.