SPCX, issued by Backpack Securities Global Limited, is a tokenized security providing onchain economic exposure to the private-market value of Space Exploration Technologies Corp. (SpaceX), redeemable one-to-one for the underlying holding [S1][S2].

The token tracks the price of SpaceX through a mint-and-redemption mechanism that anchors one-to-one price exposure to the underlying security [S2]. Each position is backed dollar-for-dollar by securities held in the underlying regulated brokerage chain [S3]. If the underlying issues a distribution and eligibility requirements are met, holders receive a corresponding amount, though cash dividends and corporate actions remain inactive during public beta [S3][S4]. No separate commission or platform trading fee applies; quotes carry spreads that widen outside regular market hours [S5].

Backpack Securities Global Limited (New Zealand) acts as introducing broker, with Atomic Vault Securities, LLC as SEC-registered intermediary broker and RQD Clearing, LLC as SEC-registered clearing broker, both FINRA and SIPC members [S3]. The tokenized form represents a claim on a special-purpose vehicle holding the underlying assets, established under New York law, Uniform Commercial Code Article 8 [S3][S2]. Holdings are legally segregated from Backpack's corporate assets under UCC Section 8-503, isolating them from creditor claims [S3]. Access is limited to eligible non-U.S. users and is unavailable in the United States, United Kingdom, United Arab Emirates, and Japan [S1][S6]. Tokens are redeemable one-to-one for the real underlying security [S2].

SPCX is natively issued on Solana, enabling wallet-to-wallet transfers and DeFi compatibility [S4][S2]. Users convert traditional security entitlements into tokenized securities and back through Backpack deposits and withdrawals, with a mint-and-redemption mechanism anchoring one-to-one price exposure [S2]. Trading is instant and quote-based with no order book, and trades settle in U.S. dollars (USD) [S1][S5]. Prices derive from the SpaceX reference feed [S2].

<Sources
  retrievedAt="2026-07-02"
  items={[
    { id: "S1", url: "https://support.backpack.exchange/exchange/backpack-securities" },
    { id: "S2", url: "https://support.backpack.exchange/exchange/backpack-securities/tokenized-securities" },
    { id: "S3", url: "https://support.backpack.exchange/exchange/backpack-securities/real-ownership-and-legal-framework" },
    { id: "S4", url: "https://learn.backpack.exchange/blog/introducing-backpack-securities" },
    { id: "S5", url: "https://support.backpack.exchange/exchange/backpack-securities/trading-hours-and-fees" },
    { id: "S6", url: "https://support.backpack.exchange/exchange/backpack-securities/eligibility-and-access" },
  ]}
/>


# 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

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

SpaceX (Backpack Securities) (SPCX) is a token tracking SPCX 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.

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.

SPCX has been issued on Solana as a SPL Token-2022 token since May 2026.

SpaceX (Backpack Securities)SPCX