IBIT, issued by Dinari, Inc., is a tokenized stock (a dShare) that tracks the economic performance of iShares Bitcoin Trust ETF, a U.S.-listed equity acquired and held to back the token 1:1 [S1][S2].

IBIT gives the tokenholder economic exposure to iShares Bitcoin Trust ETF (IBIT), mirroring its market price with stock splits reflected automatically on the token balance [S2]. If the underlying issues a dividend and eligibility requirements are met, distributions are paid in USD+ or other stablecoins to verified wallets, net of a 5% standard dividend fee [S2][S3][S4]. Issuance orders bear a fee of $1 plus 0.25% to 0.50% on Ethereum, or $0.20 plus 0.25% to 0.50% on Layer 2 networks, plus network fees [S4].

Dinari, Inc. is a U.S. company registered with the SEC as a transfer agent under Section 17A(c) [S5][S6]. Each dShare is a token backed 1:1 by the underlying security, conferring economic shareholder rights including dividends but not voting rights [S1][S2]. Backing securities are acquired and held in a third-party custodial brokerage account at Dinari's broker partner Alpaca, separate from the token layer [S1][S2][S7]. dShares are offered under Regulation S, are not available to U.S. persons, and may only be issued or redeemed from KYC-verified wallets across 85+ jurisdictions, subject to AML screening and an excluded-countries list [S2][S8]. Holders may exit at the underlying's market price [S2].

dShares are issued as ERC-20 tokens with compliance and transfer-restriction features [S9]. Supported networks include Ethereum, Arbitrum, Base, Avalanche, Hyperliquid, and Plume [S9]. Issuance escrows funds onchain and routes the order to Alpaca; on a confirmed fill the tokens are minted, and redemption escrows tokens, fills the order, and burns them, keeping the 1:1 ratio synchronized to completed brokerage orders [S1][S7].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.dinari.com/docs/what-is-dshare" },
    { id: "S2", url: "https://dinari.com/dshares" },
    { id: "S3", url: "https://docs.dinari.com/docs/dividends" },
    { id: "S4", url: "https://docs.dinari.com/docs/fees" },
    { id: "S5", url: "https://dinari.com/privacy" },
    { id: "S6", url: "https://dinari.com/business" },
    { id: "S7", url: "https://dinari.com/api-terms" },
    { id: "S8", url: "https://docs.dinari.com/docs/restrictions" },
    { id: "S9", url: "https://docs.dinari.com/docs/blockchain" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

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

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized stocks

Dinari earns revenue from transaction fees on dShare issuance and redemption, platform fees charged to partner integrators that consume its tokenization API, and the yield spread on the Treasury reserves backing USD+. Its go-to-market is B2B — third-party wallets, brokerages, and fintechs integrate Dinari as an infrastructure layer rather than end users interacting with Dinari directly.

Dinari issues dShares — ERC-20 tokens backed 1:1 by the underlying equity or ETF, held with licensed custodians. Each share is purchased on traditional markets before the corresponding token is minted, so token prices track real market pricing. The catalog covers 150+ tokenized stocks and ETFs (e.g. AAPL, NVDA, TSLA, SPY). Dinari also issues USD+, a Treasury-backed yield-bearing stablecoin. Products are available on Arbitrum, Base, Blast, Ethereum, Avalanche, and Plume.

Dinari is a US-based fintech that operates as an SEC-registered transfer agent, providing infrastructure for tokenizing publicly traded US equities and ETFs as onchain assets called dShares. Rather than serving end users directly, Dinari positions itself as a B2B infrastructure layer used by partner platforms (e.g. Gemini, Cadana, Fasset) to offer tokenized US securities across 80+ countries.

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Real-world asset (RWA) issuers

Dinari

Dinari iShares Bitcoin Trust ETF (IBIT) is a token tracking the underlying shares, backed by dedicated collateral and issued by Dinari through Dinari, Inc. and distributed through Dinari, Inc. with Dinari Securities, LLC as broker.

Each token tracks one underlying share, entitles holders to dividends, which are distributed in cash, and carries no voting rights.

The collateral assets are held by Alpaca Securities LLC in accounts segregated from the issuer's own funds.

Residents of the United States, Canada, jurisdictions under applicable sanctions and other jurisdictions the issuer restricts cannot mint or redeem with Dinari.

Dinari, Inc. is incorporated in the United States and is offered under an SEC Regulation S exemption.

Holder terms are governed by the law of Delaware in the United States.

IBIT has been issued on public blockchains since March 2024 and is native to Arbitrum One, Base, Avalanche, Blast, and Ethereum.

Dinari iShares Bitcoin Trust ETFIBIT