PDBCon, issued by Ondo Global Markets (BVI) Limited, is a tokenized-commodities product that provides onchain economic exposure to Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF, a U.S.-listed ETF, with tokenization and administrative services provided by Ondo Finance Inc. [S1][S2].

Each token tracks the economic value of Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (ticker PDBCon) and is redeemable for cash or stablecoins at the then-value of the underlying [S1][S3]. The amount payable to the tokenholder changes with the value of the corresponding underlying asset, giving economic exposure only [S1]. Holdings are maintained at 1:1 backing and overcollateralized at all times, held with U.S.-registered custodial broker-dealers [S4][S1].

The Issuer, Ondo Global Markets (BVI) Limited, is a bankruptcy-remote special purpose vehicle organized in the British Virgin Islands and structurally separate from Ondo Finance Inc. [S1][S2]. Ondo discloses it is not registered or licensed by any financial regulatory authority and acts as a software and infrastructure provider only [S2]. Tokens are structured notes, debt instruments offered under the Regulation S exemption and governed by Swiss law, conferring no shareholder voting rights [S1][S3]. They are offered only to non-U.S. persons who complete KYC and AML onboarding [S1][S3]. Ankura Trust Company acts as security agent, holding a first-priority perfected security interest in the collateral for tokenholders [S4].

Tokens are minted on deposit and burned on redemption in a single atomic transaction, with fractional tokens supported, and are issued on Ethereum, BNB Chain, and Solana [S3]. Daily holdings and NAV updates are independently reviewed by Ankura Trust, with monthly reconciliation reports and annual financial audits, and daily attestations viewable online [S4]. Redemptions settle for cash or stablecoins at the then-value of the underlying [S1][S3].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://docs.ondo.finance/ondo-global-markets/legal-and-regulatory" },
    { id: "S2", url: "https://docs.ondo.finance/legal/terms-of-service" },
    { id: "S3", url: "https://docs.ondo.finance/ondo-global-markets/overview" },
    { id: "S4", url: "https://docs.ondo.finance/ondo-global-markets/trust-and-transparency" },
  ]}
/>


# 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 commodities

github

twitter

website

Real-world asset (RWA) issuers

Ondo Finance

Ondo Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBCon) is a token tracking commodity basket, backed by dedicated collateral, issued by Ondo Finance through Ondo Global Markets (BVI) Limited.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The backing metal is held in vaults operated by Alpaca Securities LLC on a segregated, bankruptcy-remote basis and is attested by Ankura Trust Company.

Retail investors, professional investors, accredited investors, qualified investors, and institutions can mint and redeem directly with Ondo Finance after completing KYC, and holders have a contractual right to redeem, with instant settlement.

Ondo Global Markets (BVI) Limited is incorporated in the British Virgin Islands, is offered under an SEC Regulation S exemption, is offered under an EU-approved prospectus, and is supervised by the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Switzerland.

PDBCon has been issued on public blockchains since December 2025 and is native to Solana, BNB Chain, and Ethereum.

Ondo Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETFPDBCon