MAGX, issued by Robinhood Europe, UAB, is a tokenized stock that gives one-to-one price exposure to the U.S.-listed shares of Roundhill Daily 2X Long Magnifi through a blockchain-recorded derivative contract [S1][S2].

The token tracks the live market price of Roundhill Daily 2X Long Magnifi (MAGX), and if the underlying issues a dividend or distribution and eligibility requirements are met, the cash-equivalent amount is passed through automatically in euros and shown as a cash distribution [S3][S4]. Stock splits adjust token quantity proportionally [S3]. The holder bears a 0.1% foreign exchange fee on each order, with no commissions and no other fees charged by Robinhood, and that FX fee does not apply to dividend payments [S5][S6][S3].

The issuer is Robinhood Europe, UAB, a Lithuanian firm authorized and regulated by the Bank of Lithuania, and each token is an over-the-counter MiFID II derivative contract between the tokenholder and Robinhood Europe rather than ownership of the underlying security, so no shareholder or voting rights attach [S1][S5]. Robinhood Europe holds matching shares at a U.S.-licensed institution as a hedge, leaving the tokenholder with a contractual claim exposed to the issuer's insolvency risk [S5]. Access requires tax identification, KYC and AML checks, and a passed appropriateness assessment, and holders exit only by selling in-app, with proceeds withdrawable at T+1 [S6].

Tokens are recorded onchain and issued natively on Arbitrum, an Ethereum Layer 2 [S2]. One token is minted per underlying share when the contract is entered, trading runs Monday to Saturday in-app, and pricing is shown in U.S. dollar with automatic euro settlement [S1][S6].

<Sources
  retrievedAt="2026-06-18"
  items={[
    { id: "S1", url: "https://robinhood.com/eu/en/support/articles/about-stock-tokens/" },
    { id: "S2", url: "https://robinhood.com/us/en/newsroom/robinhood-launches-stock-tokens-reveals-layer-2-blockchain-and-expands-crypto-suite-in-eu-and-us-with-perpetual-futures-and-staking/" },
    { id: "S3", url: "https://robinhood.com/eu/en/support/articles/corporate-actions-for-stock-tokens/" },
    { id: "S4", url: "https://robinhood.com/eu/en/invest/" },
    { id: "S5", url: "https://robinhood.com/eu/en/support/articles/stock-tokens-faq/" },
    { id: "S6", url: "https://robinhood.com/eu/en/support/articles/buy-and-sell-stock-tokens/" },
  ]}
/>


# 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

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Real-world asset (RWA) issuers

Robinhood

Roundhill Daily 2X Long Magnifi (Robinhood Classic Stock Token) (MAGX) is a tokenized exposure to the underlying security issued by Robinhood through Robinhood Europe, UAB and distributed through Robinhood Europe, UAB with Alpaca Securities LLC as broker.

Each token tracks one underlying share, entitles holders to dividends, which are distributed in cash, carries no voting rights, and carries an annual fee of 0%.

The token is a synthetic instrument that provides contractual exposure to the reference asset.

Retail investors and professional investors in the European Economic Area can mint and redeem directly with Robinhood in EUR after completing KYC, with a EUR 1 minimum and instant subscription settlement, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

Residents of jurisdictions under applicable sanctions cannot mint or redeem with Robinhood.

Robinhood Europe, UAB is incorporated in Lithuania, is a MiFID II financial instrument, and is supervised by the Bank of Lithuania.

Holder terms are governed by the law of Lithuania.

MAGX has been issued on Arbitrum One as an ERC-20 token since February 2026.

Roundhill Daily 2X Long Magnifi (Robinhood Classic Stock Token)MAGX