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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Dinari

# Dinari Supply-side fees Methodology

## 1. Overview

Supply-side fees for Dinari is measured as the total yield distributed to holders of Dinari USD+. This metric represents the income generated by the underlying yield-bearing collateral that is passed through to users who supply capital by holding the asset. The value is determined by tracking the daily appreciation of the net asset value per share relative to the total circulating supply of the asset.

## 2. Data sources

- **Blockchain events**: `BalancePerShareSet` events from `Dinari USD+` contracts, covering Ethereum, Arbitrum, and Base
- **External data**: Circulating market capitalization data for Dinari USD+

## 3. Step-by-step calculation

### Component A: Yield per share tracking

- **Purpose**: To establish the daily net asset value for each share of the Dinari USD+ asset
- **Logic**: `BalancePerShareSet` events are parsed from `Dinari USD+` contracts across all supported chains. These events are captured for both V1 and V2 contract versions to ensure historical and current data continuity. The balance per share value is extracted from each event and normalized by decimal precision. To establish a daily series, the last recorded value for each UTC day is selected as the end-of-day balance per share.
- **Key fields**: `block_timestamp`, `balance_per_share`, `token_address`

### Component B: Yield change calculation

- **Purpose**: To identify the incremental yield accrued to holders over a 24-hour period
- **Logic**: The daily yield delta is determined by subtracting the previous day's closing balance per share from the current day's closing balance per share. This calculation captures the appreciation in the value of the collateral backing each share of the asset. If a previous day's value is not available, the change is recorded as zero.
- **Key fields**: `current_balance_per_share`, `prev_balance_per_share`

### Component C: USD yield aggregation

- **Purpose**: To calculate the total dollar value of fees distributed to supply-side participants
- **Logic**: The daily change in balance per share is multiplied by the circulating market capitalization of Dinari USD+ for the corresponding day and chain. This multiplication transforms the per-share yield into a total distributed yield value denominated in USD. The resulting values are aggregated across all relevant contracts and chains to produce the total supply-side fees metric.
- **Key fields**: `balance_per_share_change`, `asset_market_cap_circulating`

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

Portion of fees distributed to service providers or supply-side participants.

Dinari

Supply-side fees

Supply-side fees

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Chain breakdown