2
Smelt — bar minted
program mints the share
Seven tokenized stocks, melted into one basket. The whole thing sits at one public address — open it and read the balances off the chain.
Balances are read straight off the chain and priced live. Open any line — the stocks are sitting there.
Full cycle already ran on mainnet: deposit went in, a bar came out, the bar went back in for the stocks. Step through it — every link is the actual transaction.
The wallet signs one transaction: seven xStocks transfer onto the vault's token accounts in basket proportion. The program checks the ratios and stages the mint.
Pour USDC — it becomes the seven stocks and a bar in your wallet. Redeem the bar — the stocks come back out, priced at the live weight.
Two different mints, on purpose. Confusing them is how people get hurt — so here it is in writing.
NAV is the basket's live token balances × live prices, summed. The vault never reads a price on its own — pour and redeem are pure proportions against real balances, so there is nothing to manipulate.
Rebalancing, multiple vaults with different baskets, and USDC redemption as an option alongside in-kind. The basket, the weights, and the address stay public the whole way.
xStocks are tokenized equities issued by Backed Finance. They track the stock and accumulate corporate actions; they are not brokerage shares and carry issuer risk. The vault holds them like any SPL token — in the open.