FWDI, issued by Forward Industries Inc. and tokenized by Superstate Inc., is a tokenized public equity that delivers real legal shares of Forward Industries Inc. (FWDI) onchain through Superstate's Opening Bell program, carrying the same economic and governance rights as traditional shares [S1].

Each FWDI token represents one legal share of Forward Industries Inc. (FWDI) and provides direct equity price exposure to that underlying security, with the token tracking the share's market price [S1]. The tokens carry the same economic and governance rights as conventional shares and have no separate yield mechanism beyond equity price movement [S1]. Holders bear gas and wire fees associated with onchain transactions [S1].

Forward Industries Inc. is the legal issuer of the shares; Superstate Inc. acts as the SEC-registered digital transfer agent maintaining the shareholder registry across book-entry, tokenized, and DeFi holdings, not as the securities issuer [S1]. The holder's claim is a real legal share of the public company, maintained under an SEC-compliant registry overseen by the U.S. Securities and Exchange Commission (SEC) [S1]. Tokens are available to eligible retail and institutional investors in supported jurisdictions with no accredited or qualified purchaser requirement [S1]. They are backed 1:1 by legal shares held in book-entry, and holders convert them to book-entry shares by burning at a designated redemption address [S1].

FWDI uses the ERC-20 standard on EVM networks and the SPL Token 2022 program on Solana, with supported networks varying by equity [S1]. Shares are tokenized from existing book-entry shares or newly issued via the Direct Issuance Program at or below the listing-exchange price with immediate settlement, and the tokens trade on supported decentralized exchanges rather than directly on Superstate [S1].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://docs.superstate.co/ustb/legal-structure" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

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

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Tokenized stocks

Forward Industries earns revenue from product distribution and design services. Its common stock is tokenized onchain and distributed through Superstate Opening Bell.

Forward Industries designs and distributes carry and protective solutions and provides design engineering services, and holds a digital asset treasury. Note that the data shown here covers only the tokenized form of its own common stock.

Forward Industries, Inc. is a publicly listed company (NASDAQ: FWDI) held by public shareholders.

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Real-world asset (RWA) issuers

Forward Industries

Superstate Forward Industries Inc. (FWDI) is a tokenized share of FWDI issued by Superstate through Forward Industries, Inc. and distributed through Superstate.

The underlying security is listed in the financials sector in North America.

Each token represents one underlying share.

The underlying shares have Equity Stock Transfer as transfer agent and are audited by CBIZ CPAs P.C.

Holders can convert between tokenized and book-entry form via the transfer agent.

Forward Industries, Inc. is incorporated in the United States, is offered under an SEC-registered offering, and is supervised by the U.S. Securities and Exchange Commission.

Holder terms are governed by the law of New York in the United States.

FWDI has been issued on Solana as a SPL Token-2022 token since September 2025.

Superstate Forward Industries Inc.FWDI