TSLAr, issued by Step Labs LLC, is a tokenized equity providing economic exposure to the price performance of Tesla, Inc. common stock (TSLA), marketed as 1:1 backed by the underlying share held through a regulated custodian [S1][S2][S3].

Each TSLAr token tracks the performance of Tesla, Inc. common stock (TSLA), allowing holders to interact with real-world stock performance onchain, with the issuer noting that the onchain price may diverge from the traditional exchange price and that arbitrage helps realign the two [S3]. The token can also be supplied to liquidity pools to earn trading fees, and is referenced within FLPr, a yield-bearing index representing tokenized stocks [S4]. The issuer markets no commissions on trades [S1].

Step Labs LLC, trading as Remora Markets, is registered in the Cook Islands (Registration Number LLC15405/2024), and its Terms of Use are governed by the laws of the Cook Islands [S5][S2]. The issuer states it is in the process of seeking regulatory authorization and licensing [S6]. Tokens are not themselves stocks and do not grant ownership or rights to underlying assets [S6]. The products are not offered or solicited in the USA or any other sanctioned or prohibited jurisdiction, and identity verification is conducted via iDenfy UAB [S6][S2]. Alpaca Securities LLC acts as custodian and broker for the underlying and as paying agent upon a Realization Event [S2].

TSLAr is issued as an SPL token on Solana, fully composable across Solana DeFi [S1]. Remora operates as the minting and burning gateway, functioning similarly to stablecoins, with USDC-to-USD conversion handled by Alpaca Crypto LLC, a FINCEN-registered MSB (NMLS # 2160858) [S1][S2]. The issuer markets instant settlement [S3].

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    { id: "S1", url: "https://remoramarkets.xyz/" },
    { id: "S2", url: "https://remoramarkets.xyz/legal-documentation/service-providers" },
    { id: "S3", url: "https://remoramarkets.xyz/legal-documentation/privacy-policy" },
    { id: "S4", url: "https://remoramarkets.xyz/products" },
    { id: "S5", url: "https://remoramarkets.xyz/legal-documentation/terms-of-use" },
    { id: "S6", url: "https://remoramarkets.xyz/legal-documentation/disclaimer" },
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# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

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

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

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

Tesla Inc. rStock (TSLAr) is a tokenized exposure to TSLA and distributed through Step Labs LLC with Alpaca Securities LLC as broker.

The underlying security is listed in the consumer discretionary sector in North America.

The underlying shares are held by Alpaca Securities LLC.

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

Tesla Inc. rStockTSLAr