sGYD, issued by the Gyroscope Protocol smart contracts under the governance of the Gyro DAO and its GYFI tokenholders, is a tokenized yield-bearing vault share representing a proportional, yield-accruing claim on staked GYD reserve assets. [S1][S2]

sGYD wraps GYD, Gyroscope's fully reserve-backed stablecoin, into a staked vault that distributes yield generated by deploying GYD reserve assets into Gyroscope's own concentrated liquidity pools. [S3][S2] Yield sources include trading fees from reserve assets deployed to AMM and concentrated liquidity pools, optional protocol fees, and new-issuance proceeds flowing to the reserve. [S3] Value accrues through the ERC-4626 share-price mechanism rather than rebasing. [S2] FTL Labs charges no fees for use of the services, and tokenholders bear only transaction costs. [S4]

The protocol software is provided by FTL Labs, an exempted company incorporated in the Cayman Islands, which the Terms of Service describe as a non-custodial provider of software services operating a non-exclusive and optional access point to the Gyroscope Protocol. [S4] GYD and sGYD are issued by smart contracts under Gyro DAO governance rather than by a single corporate issuing entity. [S5][S1] The services are for business use only; excluded jurisdictions include the USA, and users must not appear on OFAC, UK, or EU sanctions lists. [S4] Underlying GYD is redeemable onchain for one U.S. dollar (USD) of reserve assets when reserves are healthy. [S5]

sGYD is an ERC-4626 tokenized vault and GYD is an ERC-20 stablecoin, with native issuance on Ethereum and bridged availability on Arbitrum via Chainlink CCIP and Polygon zkEVM via its native bridge. [S1][S2] GYD mints and redeems on-demand against the onchain reserve using an autonomous price-bounding bonding curve, settling onchain effectively immediately per transaction. [S5]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.gyro.finance/tldr.html" },
    { id: "S2", url: "https://docs.gyro.finance/gyroscope-protocol/sgyd-and-reserve-yield-emission/code-repositories" },
    { id: "S3", url: "https://docs.gyro.finance/gyd/how-it-works/reserve.html" },
    { id: "S4", url: "https://www.gyro.finance/terms-of-service/" },
    { id: "S5", url: "https://docs.gyro.finance/gyd/" },
  ]}
/>


# 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 funds

website

twitter

discord

github

Stablecoin issuers

Gyroscope (Gyro Finance)

Gyroscope sGYD (sGYD) is a tokenized fund share issued by Gyroscope (Gyro Finance).

The fund is open-ended, invests in crypto assets, and locks up subscriptions for 0 months.

Investors can subscribe and redeem in GYD, and holders have a right to redeem at net asset value.

sGYD has been issued on public blockchains since July 2024 and is native to Ethereum, Arbitrum One, Polygon, Avalanche, and OP Mainnet.

Gyroscope sGYDsGYD