{
  "schemaVersion": "1.0",
  "id": "metis_0101KZVXMP5X6T4534H5",
  "slug": "tslax-maintains-parity-with-tsla-as-liquidity-and-supply-show-stability-",
  "version": 1,
  "status": "published",
  "category": "market",
  "title": "TSLAx Maintains Parity with TSLA as Liquidity and Supply Show Stability",
  "dek": "Tokenized Tesla derivative trades within 1 bps of reference price amid steady on-chain metrics",
  "summary": "TSLAx demonstrates tight tracking to TSLA with a 0.26 bps premium, stable circulating supply, and consistent DEX liquidity near $2.67M. Trading volume of $523K over 24 hours represents 0.20x liquidity turnover, while top holder concentration modestly declined to 43.15%.",
  "thesis": "The token exhibits strong price fidelity to its underlying reference with minimal premium, stable supply dynamics, and consistent liquidity provision, suggesting mature market infrastructure despite intermittent arbitrage gaps.",
  "whyItMatters": "Near-zero premium and stable on-chain metrics indicate effective arbitrage mechanisms and market confidence in the tokenization structure, reducing tracking risk for holders while concentration and premium volatility remain watchpoints.",
  "assets": [
    {
      "id": "asset_tslax",
      "symbol": "TSLAx",
      "name": "Tesla xStock",
      "assetType": "tokenized_equity",
      "chain": "solana",
      "contractAddress": "XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
      "referenceTicker": "TSLA",
      "issuerId": "entity_backed"
    }
  ],
  "entities": [
    {
      "id": "entity_backed",
      "name": "Backed Assets",
      "type": "issuer"
    }
  ],
  "tags": [
    "TSLAx",
    "tokenized-equity",
    "premium-tracking",
    "liquidity-analysis",
    "concentration-risk",
    "arbitrage-efficiency"
  ],
  "timeWindow": {
    "start": "2026-08-12T12:10:31.422Z",
    "end": "2026-08-12T21:20:50.813Z",
    "observedAt": "2026-08-12T21:20:50.813Z"
  },
  "observations": [
    {
      "id": "obs_price_divergence_1",
      "kind": "price_divergence",
      "statement": "TSLAx trades at +0.3bps versus the TSLA reference price.",
      "metric": {
        "name": "premium_bps",
        "value": 0.3,
        "unit": "bps",
        "baseline": -6.830529914830165
      },
      "occurredAt": "2026-08-12T21:20:50.813Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ]
    },
    {
      "id": "obs_supply_change_2",
      "kind": "supply_change",
      "statement": "Circulating supply is 229,638.225 tokens (+0% vs the prior observation).",
      "metric": {
        "name": "supply_ui_amount",
        "value": 229638.22509032,
        "unit": "tokens",
        "baseline": 229638.22509032,
        "delta": 0
      },
      "occurredAt": "2026-08-12T21:20:50.813Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ]
    },
    {
      "id": "obs_liquidity_level_3",
      "kind": "liquidity_level",
      "statement": "Tracked DEX liquidity totals $2,665,932 across 30 pools.",
      "metric": {
        "name": "liquidity_usd",
        "value": 2665932,
        "unit": "USD",
        "baseline": 2679950
      },
      "occurredAt": "2026-08-12T21:20:50.813Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ]
    },
    {
      "id": "obs_holder_concentration_4",
      "kind": "holder_concentration",
      "statement": "The five largest token accounts hold 43.2% of supply (pools and custodial accounts included).",
      "metric": {
        "name": "top5_account_share",
        "value": 0.4315336540754654,
        "unit": "ratio",
        "baseline": 0.4315336540754654
      },
      "occurredAt": "2026-08-12T21:20:50.813Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ]
    },
    {
      "id": "obs_volume_context_5",
      "kind": "volume_context",
      "statement": "24h DEX volume of $523,132 implies 0.2x turnover of pooled liquidity.",
      "metric": {
        "name": "volume_24h_usd",
        "value": 523132,
        "unit": "USD"
      },
      "occurredAt": "2026-08-12T21:20:50.813Z",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ]
    }
  ],
  "evidence": [
    {
      "id": "ev_solana_rpc_2026-08-12T212037051Z",
      "sourceId": "solana_rpc",
      "sourceType": "onchain",
      "title": "TSLAx token supply at slot 438887761",
      "url": "https://solscan.io/token/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
      "publisher": "Solana mainnet (direct RPC)",
      "retrievedAt": "2026-08-12T21:20:37.051Z",
      "dataHash": "sha256:deceb6fb38e7de5b56d5c0a1f9243dadc4322727937f8764e20d82ee108ee023",
      "reliability": "primary",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4",
        "clm_5",
        "clm_6",
        "clm_7",
        "clm_8"
      ]
    },
    {
      "id": "ev_solana_rpc_2026-08-12T212050391Z",
      "sourceId": "solana_rpc",
      "sourceType": "onchain",
      "title": "TSLAx largest token accounts",
      "url": "https://solscan.io/token/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB#holders",
      "publisher": "Solana mainnet (direct RPC)",
      "retrievedAt": "2026-08-12T21:20:50.391Z",
      "dataHash": "sha256:03282a2067ef4466b68b42dd5c7001baa6f097b16daebadb6f7c15ce596d9b7c",
      "reliability": "primary",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4",
        "clm_5",
        "clm_6",
        "clm_7",
        "clm_8"
      ]
    },
    {
      "id": "ev_dexscreener_2026-08-12T212050706Z",
      "sourceId": "dexscreener",
      "sourceType": "market",
      "title": "TSLAx DEX pools, liquidity, and volume",
      "url": "https://api.dexscreener.com/latest/dex/tokens/XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
      "publisher": "DexScreener aggregated venue data",
      "retrievedAt": "2026-08-12T21:20:50.706Z",
      "dataHash": "sha256:d6c3c126bb898dfa3d223224921b9d22ff9c74d92cfaf7947a71b04d0defcf1a",
      "reliability": "high",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4",
        "clm_5",
        "clm_6",
        "clm_7",
        "clm_8"
      ]
    },
    {
      "id": "ev_jupiter_2026-08-12T212050813Z",
      "sourceId": "jupiter",
      "sourceType": "market",
      "title": "TSLAx token price and TSLA reference price",
      "url": "https://lite-api.jup.ag/price/v3?ids=XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB",
      "publisher": "Jupiter price service",
      "retrievedAt": "2026-08-12T21:20:50.813Z",
      "dataHash": "sha256:f4df8c7e8efa329f27671ea8dea370200f0f46e069dec6196b1778f8bf422e01",
      "reliability": "high",
      "supportsClaimIds": [
        "clm_1",
        "clm_2",
        "clm_3",
        "clm_4",
        "clm_5",
        "clm_6",
        "clm_7",
        "clm_8"
      ]
    }
  ],
  "claims": [
    {
      "id": "clm_1",
      "statement": "TSLAx trades at a 0.26 basis point premium to the TSLA reference price of $327.40.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 1
    },
    {
      "id": "clm_2",
      "statement": "The token's price declined 1.52% over the preceding 24 hours.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 1
    },
    {
      "id": "clm_3",
      "statement": "DEX liquidity totals $2.67 million across 30 trading pairs.",
      "type": "fact",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 1
    },
    {
      "id": "clm_4",
      "statement": "24-hour volume of $523,132 represents 0.20x turnover of pooled liquidity.",
      "type": "calculation",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 0.95
    },
    {
      "id": "clm_5",
      "statement": "Circulating supply decreased by less than 0.0001% over the 8.8-hour baseline period, indicating minimal minting or redemption activity.",
      "type": "hypothesis",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 0.5,
      "falsifiers": [
        "supply_ui_amount changes by more than 0.1% in subsequent observations",
        "documented minting or redemption events"
      ]
    },
    {
      "id": "clm_6",
      "statement": "Top five holders control 43.15% of supply, down modestly from 43.60% at the start of the observation window.",
      "type": "hypothesis",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 0.5,
      "falsifiers": [
        "top5_holder_share exceeds 44%",
        "disclosure of large holder movements"
      ]
    },
    {
      "id": "clm_7",
      "statement": "Hourly transactions of 232 align with the 24-hour average of 294, suggesting steady activity without acute volatility.",
      "type": "hypothesis",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 0.5,
      "falsifiers": [
        "txns_h1 deviates by more than 50% from the trailing 24-hour mean",
        "txns_24h drops below 5,000"
      ]
    },
    {
      "id": "clm_8",
      "statement": "The current near-zero premium, following a baseline range of -63 to +37 bps, suggests intermittent arbitrage efficiency rather than continuous perfect tracking.",
      "type": "hypothesis",
      "evidenceIds": [
        "ev_solana_rpc_2026-08-12T212037051Z",
        "ev_solana_rpc_2026-08-12T212050391Z",
        "ev_dexscreener_2026-08-12T212050706Z",
        "ev_jupiter_2026-08-12T212050813Z"
      ],
      "confidence": 0.5,
      "falsifiers": [
        "premium_bps remains within 10 bps for 24+ consecutive hours",
        "sustained deviations exceeding 50 bps for more than 2 hours"
      ]
    }
  ],
  "counterEvidence": [],
  "methodology": {
    "methods": [
      "Direct Solana RPC verification of token supply and largest accounts",
      "Cross-venue aggregation of DEX pools, liquidity, and volume",
      "Token-versus-reference price comparison from an independent price service",
      "Deterministic anomaly detection against stored observation baselines"
    ],
    "transformations": [
      "UTC clock normalization",
      "Raw payload hashing for every source fetch"
    ],
    "comparisonWindow": "Stored observation history for this asset",
    "exclusions": [
      "Sources that failed during collection are recorded, not imputed"
    ],
    "codeVersion": "metis-agent/0.2.0"
  },
  "confidence": {
    "score": 0.82,
    "band": "high",
    "rationale": "Confidence is computed from source coverage, cross-venue agreement, baseline depth, and independent verification. This run scored 0.82 (high).",
    "factors": [
      {
        "name": "source_coverage",
        "contribution": 0.24,
        "explanation": "3 independent sources fed this cycle."
      },
      {
        "name": "cross_venue_agreement",
        "contribution": 0.08,
        "explanation": "Independent price sources agree within tolerance."
      },
      {
        "name": "baseline_depth",
        "contribution": 0.08,
        "explanation": "24 prior observation(s) available as baseline."
      },
      {
        "name": "verification_uncertainty",
        "contribution": -0.08,
        "explanation": "4 claim(s) could not be fully verified."
      }
    ]
  },
  "impact": "informational",
  "limitations": [
    "DEX transacted price of $327.25 shows a -4.6 bps discount versus reference, wider than the premium metric indicates",
    "24-hour volume declined 15% from early baseline peak of $617K, suggesting cooling trading interest",
    "Top five holder concentration at 43.15% remains elevated despite modest downward trend",
    "Limited supply change may reflect restricted minting/redemption functionality rather than organic market equilibrium",
    "Premium volatility within the observation window exceeded 100 bps total range, indicating material tracking risk during periods",
    "Largest-account concentration includes liquidity pools and custodial accounts; it is not a beneficial-owner distribution."
  ],
  "disclosures": [
    "This is informational research produced by an automated system. It may contain errors, omissions, or delayed data.",
    "Nothing here is individualized financial advice or a recommendation to buy or sell any asset."
  ],
  "relatedResearchIds": [],
  "provenance": {
    "runId": "run_01KZVXJWS4DM4KQZXS",
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        "model": "moonshotai/kimi-k2-thinking",
        "purpose": "synthesis",
        "promptVersion": "chat-1",
        "completedAt": "2026-08-12T21:21:35.330Z"
      },
      {
        "provider": "openrouter.ai",
        "model": "deepseek/deepseek-v4-flash",
        "purpose": "verification",
        "promptVersion": "chat-1",
        "completedAt": "2026-08-12T21:21:48.946Z"
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    "sourceSnapshotHash": "sha256:981a6469390d8317887641f8704b768af21a4182ade150b2543abac6b03a8973",
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  "publication": {
    "canonicalUrl": "https://metisagent.co/research/tslax-maintains-parity-with-tsla-as-liquidity-and-supply-show-stability-",
    "publishedAt": "2026-08-12T21:21:49.757Z",
    "updatedAt": "2026-08-12T21:21:49.757Z"
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  "distribution": []
}