VOO, issued by Dinari, Inc., is a tokenized stock (a dShare) that tracks the economic performance of Vanguard S&P 500 ETF, a U.S.-listed equity acquired and held to back the token 1:1 [S1][S2].

VOO gives the tokenholder economic exposure to Vanguard S&P 500 ETF (VOO), 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 holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

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 Vanguard S&P 500 ETF (VOO) 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.

VOO has been issued on public blockchains since October 2025 and is native to Arbitrum One, Base, Ethereum, and Avalanche.

Dinari Vanguard S&P 500 ETFVOO