SPYr, issued by Step Labs LLC, is a tokenized equity instrument providing onchain economic exposure to the performance of the SPDR S&P 500 ETF Trust (SPY), marketed as backed 1:1 by the underlying held through a regulated custodian [S1][S2].

SPYr tracks the price and performance of shares in the SPDR S&P 500 ETF Trust (SPY), with holders interacting with real-world stock performance directly onchain [S1]. The onchain price may diverge from the traditional exchange price, and arbitrage helps realign the two [S1]. Each token is backed 1:1 by the underlying stock held through Alpaca Securities LLC [S1][S3]. The issuer markets no commissions on trades [S2].

Step Labs LLC, trading as Remora Markets, is registered in the Cook Islands (Company Number LLC15405/2024), and its Terms of Use are governed by the laws of the Cook Islands [S2][S4][S3]. The issuer states it is in the process of seeking regulatory authorization and licensing [S5]. Tokens are not themselves stocks and they do not grant ownership or rights to underlying assets [S5]. Remora does not market, offer, or solicit in the USA or any other sanctioned or prohibited jurisdiction, with identity verification conducted via iDenfy UAB [S5][S3]. Alpaca Securities LLC acts as Paying Agent Upon Realization Event [S3].

SPYr is issued as an SPL token on Solana, fully composable across Solana DeFi [S2]. Step Labs LLC is the tokenizer, operating similarly to stablecoins as a source for minting and burning [S2][S3]. Alpaca Crypto LLC handles USDC to USD conversion [S3], and Alpaca Securities LLC serves as paying agent on a Realization Event [S3]. The issuer markets instant settlement [S1].

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


# 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 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

SP500 rStock (SPYr) is a tokenized exposure to the underlying security and distributed through Remora Markets with Alpaca Securities LLC as broker.

The underlying shares are held by Alpaca Securities LLC.

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

SP500 rStockSPYr