wtSKHY, issued by S1 Issuer GmbH, is a tokenized equity that gives onchain exposure to Wrapped SK Hynix Inc. ADR, a depositary receipt over shares of the South Korean semiconductor manufacturer SK Hynix, traded on the st0x decentralized exchange for tokenized real-world equities and ETFs [S1][S2].

wtSKHY tracks the price of Wrapped SK Hynix Inc. ADR (SKHY) through real-time supply bridging from stock markets and arbitrage, and each token is an unsecured contractual claim on the issuer, which states it holds a corresponding position with a regulated broker such as Charles Schwab for its own account as a hedge, not on trust for holders and not pledged or segregated for them [S1][S2]. The tokenholder bears trading fees, gas costs, and potential withdrawal fees, structured transparently by the issuer [S2].

S1 Issuer GmbH issues the tokenized equities, while SARK X (BVI) Ltd, a British Virgin Islands business company with registered office in Road Town, Tortola, operates the website and manages the decentralized matching and execution engine and states it does not own, operate or control the DEX [S2][S3]. Holders are unsecured contractual creditors of the issuer, and the tokens carry a contractual right of exchange [S1][S2]. Use is limited to persons 18 years or older, access may not be legal in certain countries, and regional restrictions apply at token issuance [S2][S3]. Underlying equity custody is managed separately by S1 via a regulated broker, with the service operating non-custodially [S2].

The tokens are issued on Base, an Ethereum Layer 2, with USDC trading pairs, and tokenholders connect a DeFi wallet such as MetaMask or WalletConnect [S1][S2]. Users submit intent-based orders onchain that are executed by solvers when matched with liquidity, while arbitrageurs create or redeem tokens via the Core Bridge to align offchain and onchain prices [S2].

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  items={[
    { id: "S1", url: "https://www.st0x.io/" },
    { id: "S2", url: "https://www.st0x.io/faqs" },
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# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized stocks

Users connect a wallet and trade tokenized equities directly on-chain on Base. Each token is described as 1:1 collateralised by the underlying stock with a legal right of exchange; liquidity is bridged real-time from public stock markets, enabling 24/7 trading.

st0x is a tokenized equities platform that issues on-chain tokens representing 1:1 claims on listed stocks (e.g., wtNVDA). It operates on Base and positions its tokens as DeFi-composable representations of underlying public equities.

Operated by SARK X (BVI) Ltd, a company registered in the British Virgin Islands. The site states the platform was built by people with prior experience at firms including Holo, Microsoft, Nasdaq, NYSE, and ICE.

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Real-world asset (RWA) issuers

st0x

St0x Wrapped SK Hynix Inc. ADR (wtSKHY) is a tokenized exposure to SKHY issued by st0x through S01 Issuer GmbH and distributed through S01 Issuer GmbH.

The underlying security is listed in the information technology sector.

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

Holders rank as unsecured creditors of the issuer in insolvency.

Holders in the European Economic Area can mint and redeem directly with st0x in underlying shares after completing KYC, and holders have a right to redeem at net asset value with monthly settlement.

Residents of jurisdictions under applicable sanctions cannot mint or redeem with st0x.

S01 Issuer GmbH is incorporated in Germany, is offered under an EU-approved prospectus, and is supervised by the Financial Market Authority Liechtenstein.

Holder terms are governed by the law of Germany.

wtSKHY has been issued on public blockchains since July 2026 and is native to Base, Ethereum, HyperEVM, and Robinhood Chain.

st0x Wrapped SK Hynix Inc. ADRwtSKHY