YANG, issued by Dinari, Inc., is a tokenized equity instrument that represents one share of the Direxion Daily FTSE China Bear 3X Shares ETF (YANG), backed 1:1 by the underlying security held in a custodial brokerage account [S1][S2].

Each YANG token captures the economic performance of the Direxion Daily FTSE China Bear 3X Shares ETF (YANG), with stock splits mirrored automatically on the token balance [S1][S2]. If the underlying issues a dividend or distribution and eligibility requirements are met, holders receive a corresponding amount in USD+ or other stablecoins, net of a 5% standard dividend fee [S2][S3]. Issuance orders bear $1 plus 0.25% to 0.50% on Ethereum and $0.20 plus 0.25% to 0.50% on Layer 2 networks, plus network fees [S4].

Dinari, Inc. is a U.S. company registered as a Transfer Agent with the U.S. Securities and Exchange Commission (SEC) under Section 17A(c) [S5][S6]. A dShare is a token 1:1 backed by the underlying security, conferring economic shareholder rights including dividends and corporate actions but not voting rights [S1][S2]. Tokens are offered under Regulation S, are not available to U.S. persons, and trade across 85+ jurisdictions excluding screened countries; issuance and redemption are restricted to KYC-verified wallets [S7][S2]. Backing assets are held in a third-party custodial brokerage account at Alpaca, separate from the token layer [S2][S8].

dShares are issued as ERC-20 tokens with compliance and transfer-restriction features, supported on Ethereum Mainnet, Arbitrum, Base, Avalanche, Hyperliquid, and Plume [S9]. Issuance escrows funds and routes an order to Alpaca, which executes the trade; tokens mint only on confirmed fill and burn on redemption when the corresponding brokerage order completes, preserving the 1:1 ratio [S1][S8].

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  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://docs.dinari.com/docs/restrictions" },
    { id: "S8", url: "https://dinari.com/api-terms" },
    { id: "S9", url: "https://docs.dinari.com/docs/blockchain" },
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# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

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 Direxion Daily FTSE China Bear 3X ETF (YANG) 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.

YANG has been issued on public blockchains since June 2025 and is native to Base, Arbitrum One, Avalanche, Blast, and Ethereum.

Dinari Direxion Daily FTSE China Bear 3X ETFYANG