SLVon, issued by Ondo Global Markets (BVI) Limited, is a tokenized-commodities product that provides onchain economic exposure to iShares Silver Trust, a U.S.-listed ETF, with tokenization and administrative services provided by Ondo Finance Inc. [S1][S2].

Each token tracks the economic value of iShares Silver Trust (ticker SLVon) 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" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized commodities

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Real-world asset (RWA) issuers

Ondo Finance

Ondo iShares Silver Trust (SLVon) is a token tracking silver, backed by dedicated collateral, issued by Ondo Finance through Ondo Global Markets (BVI) Limited.

Each token tracks one troy ounce of silver and 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 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.

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

Ondo iShares Silver TrustSLVon