sBOLD, issued by K3 Capital, is a tokenized yield-bearing vault interest that wraps deposits of BOLD stablecoins into Liquity v2 Stability Pools and accrues value from Stability Pool interest and liquidation proceeds [S1][S2].

Each sBOLD represents a pro-rata claim on a basket of BOLD deposited across three Liquity v2 Stability Pools at administrator-set target weights of wstETH 70%, rETH 20%, and wETH 10% [S1]. Tokenholders earn a pro-rata share of borrower interest paid to the Stability Pools, and the vault auto-converts liquidated collateral into BOLD, so value accrues into the token on a total-return basis rather than by separate distribution [S1][S2].

K3 Capital acts as vault administrator, setting and executing pool allocation ratios, and describes sBOLD as a yield-bearing stablecoin derivative tokenizing the Stability Pools [S1][S2]. The holder receives an ERC-4626 vault token representing a pro-rata claim on the underlying Liquity v2 deposits [S1]. The issuer states no services are offered to U.S. residents through the site while a dedicated U.S. site is in preparation [S3]. Assets are held within Liquity smart contracts rather than an external custodian, and the contracts were reviewed by ChainSecurity [S1].

sBOLD uses the ERC-4626 vault token standard and is currently Ethereum-focused [S1][S2]. Users deposit BOLD and receive sBOLD tokens; the vault allocates across Stability Pools at administrator-set ratios, periodically rebalancing and converting liquidated collateral to BOLD, and depositors retain access to the funds for DeFi allocations [S1][S2]. Contracts are described as as immutable as possible [S1].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://blog.k3.capital/p/sbold-turning-a-decentralized-cdp" },
    { id: "S2", url: "https://blog.k3.capital/p/2025-first-half-recap" },
    { id: "S3", url: "https://www.k3.capital/us" },
  ]}
/>


# 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 funds

K3 Capital operates through conservative risk management strategies combined with active participation in DeFi protocols, employing interest rate arbitrage opportunities and non-directional leveraged positions across multiple blockchain networks. Their business model combines traditional asset management with hands-on DeFi product development, creating yield-bearing instruments like sBOLD stablecoin and liquid restaking tokens while partnering with protocols like Gearbox, Euler, and Liquity.

The organization manages a suite of non-directional, DeFi-focused investment funds including Absolute USD Return Fund, Enhanced ETH Fund, and BTC Yield Fund, while also developing innovative DeFi products through K3 Capital Labs. They specialize in generating yield through interest rate arbitrages, liquidity pool participation, and bootstrapping total value locked (TVL) for new blockchain primitives, with over $570M in assets under management.

K3 Capital is a decentralized finance (DeFi) asset management firm that has been deploying liquidity on-chain since 2021, serving crypto-native companies and high-net-worth investors.

twitter

website

Risk curators

K3 Capital

sBOLD by K3 Capital (sBOLD) is a tokenized fund share issued by K3 Capital and managed by K3 Capital Management Inc.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with K3 Capital in BOLD.

sBOLD has been issued on Ethereum as an ERC-4626 token since June 2025.

sBOLD by K3 CapitalsBOLD