BABA, issued by Backpack Securities Global Limited, is a tokenized security providing onchain economic exposure to a single U.S.-listed equity, issued 1:1 against a real underlying share held through the Backpack Securities brokerage chain [S1][S2].

Each token tracks Alibaba Group Holding Limited (BABA) through a 1:1 mint-and-redemption mechanism that anchors price exposure [S3][S2]. If the underlying issues a dividend, amounts are automatically reinvested into additional tokenized shares on a total-return basis, and corporate actions are reflected through proportional token balance adjustments maintaining economic equivalence with the underlying security [S3][S2]. Spot stock trading carries no separate commission or platform fee; pricing embeds a spread that varies by session, tightest during regular hours [S4].

Backpack Securities Global Limited is a New Zealand corporation acting as introducing broker; the affiliated venue, Trek Labs Ltd FZE, is regulated by the Dubai Virtual Assets Regulatory Authority (VARA) under license VL/23/07/001 [S5]. The token represents a tokenized claim on a special purpose vehicle holding the underlying assets, redeemable 1:1 into the real security entitlement [S3][S2]. Underlying shares are held through SEC-registered, FINRA and SIPC member brokers Atomic Vault Securities, LLC and RQD Clearing, LLC, with entitlements segregated under New York UCC Article 8 from intermediary creditors [S5][S6]. Access is limited to eligible verified users, excluding the United States, United Kingdom, United Arab Emirates, Japan, and Backpack EU [S7][S8].

Tokens are issued and traded on Solana, self-custodied in the holder's wallet and compatible with Solana decentralized exchanges, launched in partnership with Sunrise [S1][S3][S9]. Minting occurs by tokenizing brokerage holdings onto Solana, and redemption by depositing tokens back to convert into the real security entitlement, a bidirectional flow anchored at 1:1 [S3][S2].

<Sources
  retrievedAt="2026-09-14"
  items={[
    { id: "S1", url: "https://learn.backpack.exchange/articles/what-is-backpack-securities" },
    { id: "S2", url: "https://support.backpack.exchange/backpack-securities/tokenized-securities.md" },
    { id: "S3", url: "https://learn.backpack.exchange/articles/access-us-securities-onchain" },
    { id: "S4", url: "https://support.backpack.exchange/backpack-securities/stock-trading-hours-and-fees.md" },
    { id: "S5", url: "https://support.backpack.exchange/legal/general-legal/user-agreement.md" },
    { id: "S6", url: "https://support.backpack.exchange/backpack-securities/real-ownership-and-legal-framework.md" },
    { id: "S7", url: "https://support.backpack.exchange/backpack-securities" },
    { id: "S8", url: "https://support.backpack.exchange/backpack-securities/eligibility-and-access.md" },
    { id: "S9", url: "https://learn.backpack.exchange/blog/introducing-backpack-securities" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Tokenized stocks

Users can trade spot and perpetual futures markets on the exchange, and manage assets across multiple chains through the integrated wallet.

Backpack is a centralized cryptocurrency exchange and wallet platform supporting spot trading, perpetual futures, and multi-chain asset management across Solana, Ethereum, and Bitcoin.

Crypto traders and users seeking an integrated exchange and wallet platform.

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Real-world asset (RWA) issuers

Backpack

Alibaba Group Holding (Backpack Securities) (BABA) is a token tracking BABA shares, backed by dedicated collateral, issued by Backpack through Trek Nexus Markets Ltd, and distributed through Trek Nexus Markets Ltd with Atomic Vault Securities, LLC and RQD Clearing, LLC as broker.

The underlying security is listed in the industrials sector.

Each token tracks one underlying share, entitles holders to dividends, which are reinvested into the token, and carries no voting rights.

The collateral assets are held by Trek Nexus Markets Ltd in segregated accounts within a bankruptcy-remote structure.

Retail investors worldwide can mint and redeem directly with Backpack in underlying shares after completing KYC.

Residents of the United States, the United Kingdom, the United Arab Emirates and other jurisdictions the issuer restricts cannot mint or redeem with Backpack.

Trek Nexus Markets Ltd is incorporated in the British Virgin Islands and is offered under an SEC Regulation S exemption.

BABA has been issued on Solana as a SPL Token-2022 token since August 2026.

Alibaba Group Holding (Backpack Securities)BABA