bERNA, issued by Backed Assets (JE) Limited, is a tokenized tracker certificate that gives onchain exposure to the market value of ERNA $ Ultrashort Bond, a U.S.-listed exchange-traded fund [S1][S2].

The token tracks the price of ERNA $ Ultrashort Bond (bERNA) and is fully collateralized 1:1 by the underlying asset, which Backed purchases via a broker and holds with a licensed third-party custodian [S3][S1][S4]. If the underlying issues a dividend or distribution and eligibility requirements are met, the corresponding economic value accrues to the tokenholder; holding a token conveys economic exposure rather than shareholder or voting rights [S3][S1]. No management, minting, or redemption fee schedule is disclosed [S1].

The certificates are issued by Backed Assets (JE) Limited, incorporated in Jersey, while the tokenization platform is operated by Backed Finance AG of Zug, Switzerland, with Swiss law applying [S3][S1][S4]. They are bankruptcy-remote tracker certificates issued under a Base Prospectus approved in Liechtenstein by the Financial Market Authority [S1][S2]. They are offered only to Qualified Investors, not to U.S. persons or UK clients, subject to KYC and AML onboarding [S1][S5]. Eligible holders may redeem tokens for the cash value of the underlying, and assets are held segregated with regulated custodians [S3][S4].

The tokens are issued natively on Avalanche, Base, Arbitrum, Ethereum, Gnosis, Polygon and Sonic [S2]. When a user buys a token, Backed orders the underlying from its broker, holds it with the custodian, and issues the token, usually within minutes [S4][S6]. Proof of reserves is provided through Chainlink Proof of Reserve with independent auditor The Network Firm, and reserve data is published onchain [S6].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://assets.backed.fi/" },
    { id: "S2", url: "https://assets.backed.fi/legal-documentation" },
    { id: "S3", url: "https://backed.fi" },
    { id: "S4", url: "https://backed.fi/news-updates/introducing-backed-finance" },
    { id: "S5", url: "https://assets.backed.fi/products" },
    { id: "S6", url: "https://backed.fi/news-updates/chainlink-proof-of-reserve-is-now-active" },
  ]}
/>


# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

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

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Tokenized stocks

The platform operates through a comprehensive infrastructure that includes Chainlink oracles for verified price data, Chainlink Proof of Reserve for transparent collateral verification, and Chainlink CCIP for cross-chain bridging capabilities. Backed Finance provides both retail products through partnerships with major exchanges like Kraken and Bybit, and institutional tokenization services that allow funds and financial institutions to create custom tokenized investment products within weeks. The business model encompasses both direct token issuance and a turnkey tokenization platform for enterprise clients seeking to digitize their investment strategies and fund structures.

Backed Finance creates tokenized representations of real-world assets (RWAs) including stocks, ETFs, and bonds as ERC-20 tokens called bTokens and xStocks that are fully composable with DeFi protocols. Each token is backed 1:1 by the underlying asset held by licensed third-party custodians, allowing users to gain exposure to traditional financial markets within the decentralized finance ecosystem. The platform offers multichain support and enables users to bridge assets across different blockchains while maintaining full redeemability for the underlying asset's cash value.

Backed Finance is a Swiss-based fintech company that specializes in bringing traditional financial assets onto blockchain infrastructure through tokenization. The company operates under a compliant regulatory framework based on the Swiss DLT Act to provide institutional-grade tokenized securities.

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Real-world asset (RWA) issuers

Backed Finance

Backed ERNA $ Ultrashort Bond (bERNA) is a tokenized exposure to the underlying security issued by Backed Finance through Backed Assets (JE) Limited and distributed through Backed Finance AG with Maerki Baumann & Co. AG, InCore Bank AG, and Alpaca Securities LLC as broker.

Each token tracks one underlying share, carries no dividend entitlement, carries no voting rights, and carries an annual fee of 0.25%.

The underlying shares are held by Maerki Baumann & Co. AG, InCore Bank AG, and Alpaca Securities LLC in accounts segregated from the issuer's own funds.

Backed Assets (JE) Limited is incorporated in Jersey, is offered under an EU-approved prospectus, is issued under Jersey Financial Services Commission consent, and is supervised by the Jersey Financial Services Commission and the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Jersey.

bERNA has been issued on public blockchains since March 2025 and is native to Gnosis, Base, Arbitrum One, BNB Chain, and Ethereum.

Backed ERNA $ Ultrashort BondbERNA