SLV, issued by Dinari, Inc., is a tokenized commodity-exposure product that tracks iShares Silver Trust, a U.S.-listed exchange-traded product, through an onchain token backed one-to-one by the underlying security held in a custodial brokerage account [S1][S2][S3].

SLV gives the tokenholder economic exposure to iShares Silver Trust (SLV), with each token kept fully backed one-to-one because a mint or burn occurs only when a corresponding order completes at the brokerage partner [S1][S3]. Buy and sell orders carry a fee of one U.S. dollar plus 0.25% when paid in USD+ on Ethereum, or one U.S. dollar plus 0.50% in USDC or USDT, with reduced flat fees on Layer 2 networks, plus network costs [S4].

Dinari, Inc. is a U.S. company registered with the U.S. Securities and Exchange Commission as a transfer agent under Section 17A(c) [S5][S6]. Each token is a dShare representing the underlying security rather than a derivative, conferring economic shareholder rights but not voting rights [S1][S2]. Tokens are offered under Regulation S and are not available in the United States or to U.S. persons, only to KYC-verified wallets across 85-plus jurisdictions, subject to AML screening [S7][S2]. Tokenholders may exit at the underlying market price; redemption is initiated by escrowing tokens, routing the order to the broker-dealer Alpaca for execution, and burning the tokens [S2][S1][S3].

Tokens are issued as ERC-20 tokens with compliance and transfer-restriction features for OFAC, AML, and securities requirements, natively on Base, an Ethereum Layer 2, Arbitrum, an Ethereum Layer 2, and Ethereum [S8]. Issuance escrows funds onchain, forwards the order to Alpaca for execution, and mints tokens upon a confirmed fill; mint and burn occur only when the brokerage order completes, preserving the one-to-one ratio [S1][S3].

<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://dinari.com/api-terms" },
    { 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://docs.dinari.com/docs/restrictions" },
    { id: "S8", url: "https://docs.dinari.com/docs/blockchain" },
  ]}
/>


# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

Tokenized commodities

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 Silver Trust (SLV) is a silver-backed token issued by Dinari through Dinari, Inc.

Each token represents one troy ounce of silver and is a direct claim on the issuer.

The backing metal is held in vaults operated by Alpaca Securities LLC on a segregated basis.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Dinari after completing KYC, and holders have a contractual right to redeem.

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.

SLV has been issued on public blockchains since September 2025 and is native to Base, Arbitrum One, Ethereum, Avalanche, and HyperEVM.

Dinari iShares Silver TrustSLV