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 Revenue Methodology

## 1. Overview

Revenue is measured as the portion of yield generated by Dinari USD+ that is retained by the protocol. It represents a 10% take rate applied to the gross interest earned on underlying collateral before the remaining 90% is distributed to holders as supply-side yield. This metric provides insight into the protocol's earnings relative to the total value of interest income managed for Dinari USD+ holders.

## 2. Data sources

- **Blockchain events**: `BalancePerShareSet` events from `Dinari USD+` contracts (V1 and V2), covering Ethereum, Arbitrum, and Base
- **External data**: Circulating market capitalization for Dinari USD+ and asset metadata

## 3. Step-by-step calculation

### Component A: Dinari USD+ yield tracking

- **Purpose**: To track the daily yield rate changes for the yield-bearing Dinari USD+ asset.
- **Logic**: `BalancePerShareSet` events are parsed from `Dinari USD+` contracts across all supported chains. For each UTC day, the last recorded balance per share value is identified. The daily change in yield is calculated by subtracting the previous day's final balance per share from the current day's final balance per share.
- **Key fields**: `block_timestamp`, `token_address`, `balance_per_share`

### Component B: Supply-side fee calculation

- **Purpose**: To determine the total value distributed to asset holders.
- **Logic**: The daily change in balance per share is multiplied by the circulating market capitalization of Dinari USD+. This product represents the total USD value of yield distributed to supply-side participants for that day. Calculations are performed independently for both V1 and V2 contracts to ensure all circulating supply is captured during contract migrations.
- **Key fields**: `balance_per_share_change`, `asset_market_cap_circulating`

### Component C: Revenue derivation and aggregation

- **Purpose**: To calculate the protocol's retained earnings based on a fixed take rate.
- **Logic**: Total fees are derived by applying a gross-up factor of 10/9 to the supply-side yield, reflecting the protocol's 10% share of gross earnings. Revenue is then calculated as 10% of these total fees. All values are aggregated by chain and product, with daily granularity maintained through UTC day boundaries.
- **Key fields**: `fees_supply_side`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Dinari

Revenue

Revenue

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Chain breakdown