xSOLY, issued by Open Trade Technology Ltd, is a tokenized-fund vault that gives professional lenders onchain exposure to the strategy tracking SOL Staking Yield Vault [S1][S2].

The vault references SOL Staking Yield Vault (xSOLY) as eligible loan collateral funding a fully collateralised secured loan to the borrower [S3][S4]. Return accrues through an appreciation model rather than rebasing, so the token's exchange rate against the stablecoin rises daily as interest accrues [S5][S4]. Fees are borne by the borrower and netted from the benchmark, producing a Loan Fee Rate after advisor, platform, liquidity, and spread components [S5].

Open Trade Technology Ltd, registered in England and Wales, operates the platform as a technology provider and is not a party to the loans [S6][S7]. The borrower is OpenTrade SPC, a bankruptcy-remote Cayman Islands segregated portfolio company whose portfolio is managed by Five Sigma Finance Ltd., an FCA-regulated firm [S8][S9]. The tokenholder is a lender under a Master Lending Agreement, Loan Confirmations, and a Security Trust Deed, holding a secured claim [S10][S2]. Access is restricted to professional, institutional, and high-net-worth clients after KYC and AML screening, with sanctioned jurisdictions excluded [S11][S7]. Mulvaney Trustees (UK) Ltd holds a perfected security interest in collateral at regulated UK and Swiss custodians [S12][S3].

Vault tokens follow the ERC-20 standard within ERC-4626 vaults issued natively on Avalanche and Ethereum [S2][S13][S14]. Tokens are minted when a stablecoin deposit funds the loan and burned on withdrawal, with redemptions settling in the same stablecoin deposited [S2][S15]. Most withdrawals settle same-day, up to two business days, against a 6pm GMT cut-off, with value set by the daily exchange rate rather than an external oracle [S4][S15].

<Sources
  retrievedAt="2026-09-09"
  items={[
    { id: "S1", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vaults.md" },
    { id: "S2", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/vault-tokens.md" },
    { id: "S3", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/loan-collateral.md" },
    { id: "S4", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/exchange-rates.md" },
    { id: "S5", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/interest-rate-and-fees.md" },
    { id: "S6", url: "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md" },
    { id: "S7", url: "https://docs.opentrade.io/terms-and-conditions/platform-terms-of-service.md" },
    { id: "S8", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/bankruptcy-remote-structure.md" },
    { id: "S9", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/key-parties.md" },
    { id: "S10", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal.md" },
    { id: "S11", url: "https://docs.opentrade.io/getting-started/onboarding/eligibility-requirements.md" },
    { id: "S12", url: "https://docs.opentrade.io/stablecoin-yield-vaults/product-overview/legal/security-trust-deed.md" },
    { id: "S13", url: "https://docs.opentrade.io/developers/blockchain-protocol.md" },
    { id: "S14", url: "https://docs.opentrade.io/welcome-to-opentrade/supported-blockchain-networks.md" },
    { id: "S15", url: "https://docs.opentrade.io/getting-started/how-to-make-a-withdrawal.md" },
  ]}
/>


# 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

The platform operates through smart contracts that facilitate automated market making and order matching, while implementing a hybrid model that combines centralized performance with decentralized custody and governance. Revenue is generated through trading fees, with a portion distributed to token holders who participate in platform governance and liquidity provision.

The platform offers a comprehensive suite of trading tools including spot trading, derivatives, and advanced order types, built on blockchain technology to ensure transparency and decentralized governance. OpenTrade focuses on providing deep liquidity and professional-grade trading features while maintaining the benefits of decentralized finance protocols.

OpenTrade is a decentralized trading platform that provides institutional-grade infrastructure for cryptocurrency and digital asset trading.

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Real-world asset (RWA) issuers

OpenTrade

SOL Staking Yield Vault (xSOLY) is a token providing exposure to a tokenized fund issued by OpenTrade through OpenTrade SPC and managed by Five Sigma Finance Ltd. with AWR Capital as sub-advisor.

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

The fund is open-ended, invests in crypto assets, keeps its assets in accounts segregated within a bankruptcy-remote structure, locks up subscriptions for 0 months, and charges a 0.6% annual management fee.

Its assets sit with Crypto.com Custody, OKX, Crypto.com, Circle, Fireblocks, and Coinbase Prime, with Five Sigma Finance Ltd. as auditor.

Professional investors, accredited investors, and institutions can subscribe and redeem in USDC, with a USDC 1,000 minimum and instant subscription settlement after completing KYC, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

OpenTrade SPC is incorporated in the Cayman Islands.

Holder terms are governed by the law of the United Kingdom.

xSOLY has been issued on public blockchains since November 2025 and is native to Ethereum and Avalanche.

SOL Staking Yield VaultxSOLY