NVIDIA xStock
NVDAX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
NVDAX (NVIDIA xStock) is a real-world asset (RWA) tracker certificate issued by Backed Assets that provides 1:1 tokenized exposure to NVIDIA common stock backed by a regulated Swiss custodian. Active development (7.0/10) is solid, demonstrated by multi-chain deployments (Arbitrum, Ethereum, Solana, Mantle, TON) and key DeFi collateral integrations such as Bybit and Ondo/USDf. However, community infrastructure is minimal by design (2.5/10) with under 1,500 holders and no decentralized governance. Tokenomics (6.5/10) and Market & Use Case (6.5/10) reflect sound utility across lending and liquidity pools, constrained by unquantified fee structures, market cap size (~$21M-$35M), and geographic restrictions that exclude US persons. Governance (5.5/10) and Security (5.0/10) highlight significant structural centralization: while no hacks, depegs, or regulatory enforcement actions have occurred since its June 2025 launch, the contracts lack published third-party audits (CertiK 'Not Audited' status), lack timelocks, include transfer-freezing admin controls, and introduce institutional counterparty solvency dependencies. No qualifying red-flag events were established.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About NVIDIA xStock (NVDAX)
NVDAX (NVIDIA xStock) is a real-world asset (RWA) tracker certificate issued by Backed Assets (JE) Limited under the xStocks framework. The token is designed to provide 24/7 on-chain exposure and fractional trading for common stock of NVIDIA Corporation, backed 1:1 by physical shares held by a regulated Swiss custodian. NVDAX operates across multiple blockchain networks, including Ethereum, Solana, Arbitrum, BNB Smart Chain, Mantle, and TON.
The token utilizes an elastic mint-and-burn mechanism tied directly to custodied shares, functioning without a fixed maximum supply or traditional token emission schedules. Attestation for the underlying collateral is supported through Chainlink Proof of Reserve. NVDAX has been integrated into several decentralized finance and centralized applications, serving as collateral in platforms such as Kamino Lend, liquidity pools on Raydium, Bybit loan facilities, and minting arrangements with Ondo.
NVDAX is subject to significant structural and centralized counterparty risks. The token operates with no published third-party smart contract audits (noted as 'Not Audited' by CertiK), lacks timelocks on upgradeable contracts, and includes administrative whitelist mechanisms capable of freezing transfers. As an unregistered tokenized security, NVDAX enforces strict geographic restrictions that exclude US persons, and token holders possess no shareholder governance rights. While no smart contract exploits, protocol depegs, or regulatory enforcement actions have occurred since its June 2025 launch, holders remain exposed to the institutional solvency of the issuer and the custodial custodian.