KFW, issued by the KfW bond sponsor and tokenized by CASHLINK Technologies GmbH, is a tokenized crypto security representing a digital security recorded under Germany's Electronic Securities Act (eWpG) [S1][S2].

The token represents economic exposure to a KfW corporate bond, with the holder's claim recorded as a crypto security legally equivalent to a traditional security [S1][S3]. Smart contracts automate lifecycle events including coupon and redemption payments, with cash legs settleable in FIAT, stablecoins, or central bank money [S4]. Investors with active holdings are granted interest payment rights [S1]. Cashlink does not publish end-investor fees on its domain, framing value as settlement cost reduction of up to 85% [S2].

The tokenization provider is CASHLINK Technologies GmbH, a German limited company (GmbH) formed in Frankfurt am Main and supervised by the German Federal Financial Supervisory Authority (BaFin) [S5][S2]. Cashlink holds a license under Section 32 (1) KWG to maintain a crypto securities register under Section 16 eWpG, plus a crypto custody license [S1][S5]. The holder's claim is a crypto security (Kryptowertpapier) under Section 4 (3) eWpG [S1]. KYC and AML verification is mandatory before investing, and PEP investments may be rejected [S6]. Holdings may be safekept via a qualified custodian bank supervised by BaFin or via self-custody [S6][S3]. Register entries record holder rights and impediments to disposal [S3].

The token follows the ERC-20 standard and is issued on EVM-compatible public-permissioned networks, currently Ethereum, Polygon, and Stellar [S7]. The issuer submits holder data and a wallet address via API; once validated, the recipient is added to a whitelist and the token is minted [S1]. Transfers are restricted to whitelisted wallets, and settlement can occur within T+1 or in real time at T+0 [S1][S4].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://cashlink.de/en/ewpg-crypto-securities/" },
    { id: "S2", url: "https://cashlink.de/en/" },
    { id: "S3", url: "https://cashlink.de/en/custodian-banks/" },
    { id: "S4", url: "https://cashlink.de/en/token-based-bond/" },
    { id: "S5", url: "https://cashlink.de/en/imprint/" },
    { id: "S6", url: "https://cashlink.de/en/compliance/" },
    { id: "S7", url: "https://cashlink.de/en/core/" },
  ]}
/>


# 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 funds

website

Real-world asset (RWA) issuers

Cashlink

KFW DLT I (KFW) is a tokenized fund share issued by Cashlink.

Its transfer agent is Cashlink Technologies GmbH.

KFW has been issued on Polygon as an ERC-20 token since July 2024.

KFW DLT IKFW