MACROX, issued by Conduit Asset Management Pte. Ltd., is a tokenized institutional fund that gives onboarded investors onchain exposure to Brevan Howard PT Fund Limited, a regulated alternative-investment strategy offered as a tokenized feeder vehicle on the KAIO protocol [S1][S2].

The token tracks the net asset value of Brevan Howard PT Fund Limited (MACROX); subscribers receive tokenized shares in a feeder vehicle that invests into the underlying fund, with shares calculated at the fund's then-current NAV at the next dealing date [S3][S4]. Returns accrue through movements in that NAV [S3]. Holders bear fees configured per instrument and paid in settlement tokens, including cumulative redemption fees, initial restricted-period fees, and redemption volume fees [S2].

The investment manager is Conduit Asset Management Pte. Ltd., incorporated in Singapore and licensed by the Monetary Authority of Singapore under a Capital Markets Services License [S1][S5]. The protocol is operated by the KAIO Foundation under English-law terms [S6]. Offerings run under Singapore's Securities and Futures Act 2001 or equivalent standards, solely for onboarded Accredited and Institutional Investors who clear KYC, AML, sanctions, and allowed-jurisdiction gates [S7][S5]. Each token is a permissioned security token representing a beneficial interest in the feeder fund [S3][S8]. Redemption runs through the Redemption Book, burning tokens and transferring a U.S. dollar-pegged stablecoin [S4].

Fund tokens are permissioned ERC-20 security tokens, with a separate U.S. dollar-backed Settlement Token used as the cash leg [S8][S9]. Smart contracts are deployed on Ethereum as the primary base layer, with cross-network availability via the KAIO Gateway bridge across Avalanche, Solana, XDC, Aptos, Hedera, Polygon, SEI EVM, Ethereum, and NEAR [S2][S10][S5]. Subscriptions and redemptions settle in admin-controlled batches against NAV maintained by the fund administrator [S4].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://www.kaio.xyz/" },
    { id: "S2", url: "https://docs.kaio.xyz/how-kaio-works/architecture.md" },
    { id: "S3", url: "https://docs.kaio.xyz/overview/products.md?ask=feeder-funds-domicile-backing-yield-minimum" },
    { id: "S4", url: "https://docs.kaio.xyz/how-kaio-works/smart-contracts/order-books/redemption-book.md" },
    { id: "S5", url: "https://docs.kaio.xyz/overview/faqs.md?ask=legal-entity-regulator-jurisdictions-minimum-fees-custody-networks-nav" },
    { id: "S6", url: "https://www.kaio.xyz/terms-of-use" },
    { id: "S7", url: "https://docs.kaio.xyz/overview/products.md" },
    { id: "S8", url: "https://docs.kaio.xyz/how-kaio-works/smart-contracts/tokens/security-token.md" },
    { id: "S9", url: "https://docs.kaio.xyz/how-kaio-works/smart-contracts/tokens/settlement-token.md" },
    { id: "S10", url: "https://docs.kaio.xyz/overview/faqs.md" },
  ]}
/>


# 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

KAIO operates through a decentralized network architecture that facilitates cross-chain communication and data transfer between various blockchain protocols. The project likely employs smart contract technology and consensus mechanisms to ensure secure and reliable operations across multiple networks. Their business model appears to center on providing infrastructure services and development tools to the broader blockchain community.

KAIO builds decentralized applications and infrastructure tools designed to enhance blockchain interoperability and user experience. The project focuses on creating seamless bridges between different blockchain networks while providing developers with robust tooling for cross-chain functionality. Their solutions aim to simplify complex blockchain operations and improve accessibility for both developers and end users.

KAIO is a blockchain-based project focused on developing decentralized infrastructure and tooling solutions for the crypto ecosystem.

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Real-world asset (RWA) issuers

KAIO

KAIO Brevan Howard PT Fund Limited (MACROX) is a tokenized fund share issued by KAIO and managed by Conduit Asset Management Pte. Ltd.

The fund invests in multi-asset in global markets.

Accredited investors and institutions can subscribe and redeem.

MACROX has been issued on public blockchains since September 2024 and is native to Polygon, Ethereum, and Sei EVM.

KAIO Brevan Howard PT Fund LimitedMACROX