ASULF, issued by Archax Ltd, is a tokenized money market fund interest representing beneficial ownership in the State Street USD Liquidity LVNAV Fund, with each token tracking the underlying fund's net asset value (NAV) [S1][S2].

Holders gain economic exposure to the State Street USD Liquidity LVNAV Fund, a low-volatility net asset value money market fund whose portfolio comprises short-term debt investments including U.S. Treasury bills and related securities [S1][S2]. The token provides the stability and yield characteristics typically associated with money market funds, derived from these underlying short-term instruments [S1][S2]. A money market fund is not a guaranteed investment; principal can fluctuate and any loss is borne by the investor [S1].

The issuing entity is Archax Ltd, registered in England and Wales under company number 11302455, authorised and regulated by the UK Financial Conduct Authority (FCA), Firm Reference Number 838656 [S3][S4][S5]. The token is a beneficial ownership token issued by Archax that represents the investor's holding in the underlying fund [S1][S2]. It is offered to professional and institutional clients only, in the jurisdictions in which the fund is registered [S1][S6]. Archax acts as regulated custodian, holding client assets under FCA custody permissions with CASS client asset segregation compliance [S2][S7].

Beneficial ownership tokens are issued onchain, with the State Street offering made available initially on Hedera Hashgraph, XRPL and Arbitrum [S6]. Archax's chain-agnostic tokenisation engine mints, burns and manages tokens via smart contracts, enabling near-instantaneous intraday transfer of fund shares alongside traditional subscription and redemption [S8][S1].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://archax.com/insights/archax-increases-tokenised-money-market-fund-offerings" },
    { id: "S2", url: "https://archax.com/insights/federated-hermes-partners-with-archax-to-offer-tokenised-ucits-money-market-funds" },
    { id: "S3", url: "https://archax.com/about-us" },
    { id: "S4", url: "https://archax.com/regulatory-permissions" },
    { id: "S5", url: "https://archax.com/businesses/regulated_exchange" },
    { id: "S6", url: "https://archax.com/insights/archax-adds-state-street-fidelity-international-lgim-offerings-to-regulated-digital-platform" },
    { id: "S7", url: "https://archax.com/businesses/regulated_exchange" },
    { id: "S8", url: "https://archax.com/businesses/tokenisation" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Tokenized funds

Archax is an FCA-regulated digital asset exchange, custodian, and broker that tokenizes traditional financial instruments. The platform enables institutional access to tokenized money market funds from BlackRock, Fidelity, and State Street on multiple blockchains.

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Real-world asset (RWA) issuers

Archax

State Street USD Liquidity LVNAV Fund (ASULF) is a tokenized fund share issued by Archax through Archax Ltd.

Each token is a direct claim on the issuer.

The fund invests in money market instruments.

Professional investors and institutions can subscribe and redeem.

Archax Ltd is incorporated in the United Kingdom.

ASULF has been issued on public blockchains since February 2025 and is native to XDC Network and Hedera.

State Street USD Liquidity LVNAV FundASULF