sfrxUSD, issued by the Frax Protocol smart contracts under onchain frxGov governance with compliance and collateral management assigned to Financial Reserves and Asset Exploration Inc, is a tokenized yield vault accruing returns on staked frxUSD [S1].

sfrxUSD is the yield-bearing staked form of frxUSD, structured as an ERC-4626 vault whose exchange rate against frxUSD increases as yield accrues [S2]. Yield is generated from idle frxUSD earning the Federal Reserve Interest on Reserve Balances and U.S. Treasury bill yield, lending allocations across Fraxlend, Resupply, Aave and Morpho, and carry trades using Ethena USDe and Superstate USCC, with dynamic reallocation across these strategies [S2].

Frax operates two independent monetary systems with distinct portfolios and liabilities; sfrxUSD operates on a fully separate balance sheet isolated from both Legacy FRAX and frxUSD reserves [S2]. The underlying frxUSD is fiat-redeemable and backed 1:1 by cash-equivalent reserves, predominantly tokenized U.S. Treasury fund instruments held by governance-approved enshrined custodians [S3]. Under governance proposal FIP-432, Financial Reserves and Asset Exploration Inc, a public benefit corporation referred to as FRAX Inc, holds reserves in segregated brokerage accounts and does not rehypothecate, leverage, or pledge them [S1]. sfrxUSD is conditionally redeemable and not fully redeemable at all times [S2].

sfrxUSD follows the ERC-4626 vault standard [S2], while frxUSD is natively supported on Ethereum and Fraxtal and represented as a LayerZero Omnichain Fungible Token on chains including Solana, Linea and Sonic [S3]. frxUSD is minted when a custodian deposits provable cash-equivalent reserves into a frxUSDCustodian contract and burned on redemption, settling intra-business-day or next business day [S3].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://gov.frax.finance/t/fip-432-transfer-of-compliance-collateral-management-of-frxusd-to-frax-inc/3748" },
    { id: "S2", url: "https://gov.frax.finance/t/fip-430-preparation-for-frxusd-payment-stablecoin-charter-compliance/3698" },
    { id: "S3", url: "https://docs.frax.finance/?ask=What%20is%20frxUSD%20and%20enshrined%20custodians" },
  ]}
/>


# 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 funds

Users deposit funds into Frax Finance and receive frxUSD stablecoin (previously FRAX).

Frax Finance is the principal architect of frxUSD - a crypto collateralized stablecoin pegged to the US dollar. Frax Finance was founded by Sam Kazemian, Stephen Moore, Jason Huoan & Travis Moore and launched in 2019.

FRAX (previously FXS) tokenholders own and govern the Frax Finance protocol.

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Stablecoin issuers

Frax Stablecoin

Staked Frax USD (sfrxUSD) is a tokenized fund share issued by Frax Stablecoin.

The fund is open-ended and invests in multi-asset.

Retail investors can subscribe and redeem in frxUSD, and holders have a right to redeem at net asset value.

sfrxUSD has been issued on public blockchains since March 2024 and is native to Fraxtal and Ethereum, with bridged versions on four more.

Staked Frax USDsfrxUSD