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

PHO gives the tokenholder economic exposure to Invesco Water Resources ETF (PHO), 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 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

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 Invesco Water Resources ETF (PHO) 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.

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

Dinari Invesco Water Resources ETFPHO