VNXAU, issued by VNX Commodities AG, is a digital token representing allocated physical gold that confers co-ownership of LBMA-certified bullion held in segregated, bankruptcy-remote storage in Liechtenstein, with each token corresponding to one gram of metal [S1][S2].

Each VNXAU tracks the spot price of gold of minimum fineness 995/1000, with one VNXAU equal to one gram and 1/1000 co-ownership of a one kilogram bar [S1][S2]. The token confers no right to interest or payment, and its value simply follows the commodity price [S1]. Holders bear a tiered exchange fee on buy and sell transactions of 0.5% below EUR 100,000, 0.25% above EUR 100,000, and 0.1% above EUR 1,000,000; transfer and storage fees are currently 0% [S1].

VNX Commodities AG is incorporated in the Principality of Liechtenstein and registered as a TT Service Provider with the Financial Market Authority (FMA) under the Token and Trusted Technology Service Provider Act [S3][S4][S1]. The token is not classified as a security and qualifies as documentary evidence under the Persons and Companies Act [S1]. Each tokenholder is the lawful owner of allocated metal pooled in a segregated, bankruptcy-remote Collective Tokenholders Commodity Deposit held via a sub-custodian [S1]. Users must be at least 18, located in supported jurisdictions, and exclude sanctioned Restricted Persons [S1][S2]. Holders may sell tokens or request physical collection, minimum 1,000 VNXAU for a one kilogram bar [S1].

VNXAU is issued multichain on Ethereum and other VNX Supported Blockchains, with the platform listing Polygon PoS, Solana, Base, Avalanche, Arbitrum, Celo, the Q blockchain, and ICP [S5][S6][S1]. Tokens are generated upon allocation of purchased metal, typically within one business day, and burned on redemption [S1]. VNX publishes a periodic Gold Reserve Report and an onchain allocation lookup tool [S6][S3].

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    { id: "S1", url: "https://vnx.li/legal/" },
    { id: "S2", url: "https://vnx.li/legal/" },
    { id: "S3", url: "https://vnx.li/transparency/" },
    { id: "S4", url: "https://vnx.li/imprint/" },
    { id: "S5", url: "https://vnx.li/" },
    { id: "S6", url: "https://vnx.li/gold/" },
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# Asset senders (weekly) methodology

## 1. Overview

`Asset senders (weekly)` is defined as the number of unique addresses that initiate asset transfers over a rolling 7-day period. For each tracked asset, outgoing transactions are analyzed to identify the addresses responsible for moving tokens. This metric is utilized as a key indicator of weekly user activity and transactional engagement for tokenized assets across various blockchain networks. By aggregating unique sending addresses within a moving 7-day window, short-term fluctuations are smoothed out to provide a clearer view of active adoption.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Other blockchain data**: Token transfer and withdrawal events from Aptos, Near, Polkadot Asset Hub, Stellar, Sui, Ripple, and others
- **Asset metadata**: Token contract addresses and asset mapping datasets

## 3. Step-by-step calculation

### Component A: Extraction of daily sending addresses

- **Purpose**: Identify and extract unique addresses initiating token transfers on a daily basis for each asset.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from ERC-20 token transfers where the sender address is not the null address. On Solana, sending addresses are identified from token transfer instructions using the authority address. On Aptos, Sui, Cardano, and Stellar Classic, sending addresses are retrieved from token withdrawal events. On Stellar Soroban, transfers are parsed from Soroban token transfer events, excluding mint transactions where the sender address is null. On Polkadot Asset Hub, `Transferred` events from the `assets` pallet are parsed to identify the sender. On Ripple, outgoing transfers are identified where the transaction value is negative. On Near and Injective, sending addresses are extracted from token transfer events where the sender address is populated.
- **Key fields**: `timestamp` (block time truncated to the day), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Rolling 7-day window aggregation

- **Purpose**: Aggregate daily active senders into a rolling 7-day window to calculate weekly activity.
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a rolling 7-day window is constructed by looking back at the preceding six days. Daily unique sending addresses are mapped to each active window based on their transaction timestamps.
- **Key fields**: `timestamp` (the reference day for the rolling window), `token_address` (the asset identifier), `sender_address` (the address active within the window)

### Component C: Final deduplication and aggregation

- **Purpose**: Calculate the final weekly unique sender count per asset and chain.
- **Logic**: Within each rolling 7-day window, sending addresses are deduplicated to ensure each unique address is counted only once per asset, regardless of transaction frequency. The deduplicated counts are aggregated at both the individual chain level and the global asset level. Missing dates are filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (the reference day), `chain_id` (the blockchain identifier), `token_address` (the asset contract address), `asset_senders_weekly` (the count of unique weekly sending addresses)

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

Unique asset senders over a rolling 7-day window.

Asset senders (weekly)

Tokenized commodities

The platform operates across multiple blockchains including Ethereum, Polygon, Solana, Base, and others, allowing users to buy, sell, and transfer tokens 24/7. VNX maintains regulatory compliance through its TVTG registration as a Token Generator and Service Provider, ensures transparency through asset allocation lookups and regular reporting, and generates revenue through token issuance and platform services.

VNX creates blockchain-based tokens that represent physical assets, offering VEUR, VCHF, VGBP (fiat-referenced tokens) and VNXAU (gold-backed tokens). These multichain digital assets enable users to trade, transfer, and utilize real-world assets in DeFi protocols while maintaining regulatory compliance and full transparency through allocated physical backing.

VNX is a Liechtenstein-licensed blockchain company regulated by the Financial Market Authority (FMA) that specializes in tokenizing real-world assets including fiat currencies and precious metals.

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Stablecoin issuers

VNX Gold (VNXAU) is a gold-backed token issued by VNX.

Each token represents one troy ounce of gold and is a direct claim on the issuer.

The metal is held in vaults in Liechtenstein operated by philoro on a segregated, bankruptcy-remote basis, is attested by AREVA General Auditing and Trust Company Limited, and carries no storage fee for holders.

Retail investors can mint and redeem directly with VNX after completing KYC, and holders have a contractual right to redeem for physical delivery of the metal or its cash value.

The issuer is supervised in Liechtenstein and is supervised by the Financial Market Authority Liechtenstein.

VNXAU has been issued on public blockchains since December 2021 and is native to Ethereum, Polygon, Solana, and Base.

VNX GoldVNXAU