NVDAr, issued by Step Labs LLC, is a tokenized U.S. equity product providing onchain economic exposure to the performance of NVIDIA Corporation common stock that the issuer disclaims as not being the underlying security and as conveying no ownership rights [S1].

Each NVDAr token tracks the price and performance of NVIDIA Corporation common stock (NVDA), with Remora Markets stating each tokenized equity is backed 1:1 by the underlying stock held through a regulated custodian [S2][S3]. Holders interact with real-world stock performance onchain, and the issuer notes the onchain price may diverge from the traditional exchange price, with arbitrage helping realign prices [S2]. The issuer markets no commissions on trades [S3].

The issuer is Step Labs LLC, trading as Remora Markets, a company formed in the Cook Islands (Registration No. LLC15405/2024) whose Terms of Use are governed by the laws of the Cook Islands [S4][S5]. Step Labs LLC states it is in the process of seeking regulatory authorization and licensing [S1]. Tokens are not themselves stocks and do not grant ownership or rights to underlying assets [S1]. Offerings are not marketed, offered, or solicited in the USA or any other sanctioned or prohibited jurisdiction [S1]. The underlying is held through custodian and broker Alpaca Securities LLC, which acts as paying agent upon a Realization Event [S5].

Tokens are issued as SPL tokens on Solana, composable across Solana DeFi [S3]. Operating similarly to stablecoins, Remora Markets serves as the gateway for minting and burning, with Alpaca Crypto LLC handling conversion between USD Coin (USDC) and U.S. dollars (USD) [S3][S5]. The issuer markets instant settlement [S2].

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  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://remoramarkets.xyz/legal-documentation/disclaimer" },
    { id: "S2", url: "https://remoramarkets.xyz/legal-documentation/privacy-policy" },
    { id: "S3", url: "https://remoramarkets.xyz/" },
    { id: "S4", url: "https://remoramarkets.xyz/legal-documentation/terms-of-use" },
    { id: "S5", url: "https://remoramarkets.xyz/legal-documentation/service-providers" },
  ]}
/>


# Asset transfer volume methodology

## 1. Overview

Asset transfer volume is defined as the total value of assets transferred onchain. Since transaction fees are paid by users for each transfer, a correlation is typically observed between this metric and the customer demand that exists to use an asset for transacting purposes. Daily transfer volumes are aggregated across all supported blockchains, normalized by decimal precision, and converted into USD. To ensure an accurate representation of economic activity, transactions involving non-circulating treasury or premint addresses are subtracted where applicable.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, Tron, Starknet, zkSync Era, and others)
- **Solana instructions**: SPL token transfers, mints, and burns
- **Aptos events**: Token withdraw events
- **Near events**: Token transfer events
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet
- **Cardano UTXO transactions**: Token deposits, withdrawals, and mint/burn events
- **Stellar operations**: Classic token withdrawals and Soroban SEP-41 token transfers
- **Sui transactions**: Token withdrawals and `TreasuryCap` supply changes
- **Algorand transactions**: Asset transfer transactions
- **Injective events**: Token transfer, mint, and burn events
- **Stacks transactions**: Token transfer events
- **Asset metadata**: Token contract addresses and decimal precision
- **External data**: End-of-day price feeds and fiat exchange rates

## 3. Step-by-step calculation

### Component A: Raw transfer volume extraction

- **Purpose**: Extract raw token transfer quantities from onchain events and transactions
- **Logic**: On EVM-compatible chains, token transfer quantities are extracted from ERC-20 `Transfer` events. On Solana, quantities are extracted from SPL token transfers, mints, and burns. On Aptos, Near, Algorand, Injective, and Stacks, transfer volumes are parsed from native token transfer and withdrawal events. On Polkadot Asset Hub, volumes are extracted from `Transferred` events emitted by the `assets` pallet. On Cardano, UTXO withdrawals and mint events are aggregated to capture all token movements. On Stellar, classic token withdrawals and Soroban SEP-41 transfer, mint, and burn events are parsed. On Sui, token withdrawals are combined with mint events derived from `TreasuryCap` supply changes.
- **Key fields**: `timestamp` (the day of the transfer) `token_address` (the contract or asset identifier) `amount` (the raw transfer quantity)

### Component B: Premint and preburn correction

- **Purpose**: Exclude non-circulating token movements to isolate genuine economic transfer volume
- **Logic**: For supported chains, raw transfer volumes are corrected by subtracting premints and preburns. Premints are defined as tokens minted directly into designated project treasury or premint addresses, while preburns are represented by tokens burned directly from these non-circulating addresses. On EVM-compatible chains, Solana, Injective, Stacks, and Stellar Soroban, these flows are identified by filtering transfers where the sender or recipient matches a known treasury address. On Algorand, transfers between asset configuration addresses and treasury addresses are subtracted. On Cardano, deposits to and withdrawals from treasury addresses during mint or burn transactions are netted out.
- **Key fields**: `amount` (the corrected transfer quantity) `token_address` (the contract or asset identifier) `timestamp` (the day of the transfer)

### Component C: Decimal normalization and zero-filling

- **Purpose**: Normalize token quantities to human-readable units and ensure continuous daily time series
- **Logic**: Raw token quantities are normalized by the decimal precision retrieved from the asset metadata. For days with no recorded transfer activity, the time series is filled with zero values to maintain a continuous daily record for each asset.
- **Key fields**: `amount` (the normalized transfer quantity) `decimals` (the decimal precision of the token)

### Component D: USD conversion and final aggregation

- **Purpose**: Convert normalized transfer volumes to USD and aggregate across all chains
- **Logic**: Normalized daily transfer volumes are multiplied by the end-of-day price feeds sourced from market data providers. For assets pegged to fiat currencies other than USD, daily exchange rates are applied using Chainlink FX price feeds to determine the USD-equivalent value. The final daily asset transfer volume is calculated by summing the USD-denominated transfer volumes across all active chains for each asset.
- **Key fields**: `price_usd` (the end-of-day market price of the asset in USD) `amount_usd` (the final transfer volume in USD)

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

Asset transfer volume

Tokenized stocks

Remora Markets operates by tokenizing traditional stocks into blockchain-based assets that can be traded on Solana, providing continuous market access beyond traditional trading hours. The platform leverages smart contracts for instant settlement and integrates with existing DeFi protocols to enable seamless portfolio diversification and global accessibility without geographic restrictions.

The platform enables global investors to trade tokenized versions of major public companies like Tesla, Nvidia, and SPY through blockchain technology. It offers 24/7 trading capabilities, fractional ownership, instant settlement, and commission-free transactions for traditional equities in a decentralized environment integrated with Solana's DeFi ecosystem.

Remora Markets is a decentralized financial platform that provides tokenized stock trading infrastructure on the Solana blockchain.

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Real-world asset (RWA) issuers

Remora Markets

NVIDIA rStock (NVDAr) is a tokenized exposure to NVDA and distributed through Remora Markets with Alpaca Securities LLC as broker.

The underlying security is listed in the information technology sector in North America.

The underlying shares are held by Alpaca Securities LLC.

NVDAr has been issued on Solana as a SPL Token-2022 token since August 2025.

NVIDIA rStockNVDAr