Glossary
- Tokenized
- Issued as a token on a public blockchain, so owning it means holding the token. What it gives you is whatever the issuer’s documents say, so the stocks page reads them.
- RWA
- Real-world asset: a claim on something outside the blockchain, such as a Treasury bill, gold, a loan or a share, held as a token. This site counts those, not cryptocurrencies.
- Chain
- A public blockchain, the ledger a token lives on. One asset can live on several chains at once, so one chain shows one slice.
- Contract
- A program on a blockchain that keeps a token’s ledger: who holds how much, and how many exist. Reading a contract means asking the blockchain directly, with nobody’s report in between.
- Rollup
- A smaller network that runs on top of a larger one, such as Ethereum, and settles its accounts to it. Most published figures count a rollup as a separate chain; the chains page shows both views.
- Stablecoin
- A token meant to hold the value of a currency, usually one dollar, backed by reserves the issuer holds. Here they are reconciled to the issuers’ attestations, not taken on trust.
- Treasury fund
- A tokenized fund holding US Treasury bills and paying their yield to holders. The largest kind of tokenized asset, and not a stablecoin even where a source says so.
- NAV
- Net asset value: what a fund’s holdings are worth per token, as the fund states it. A treasury fund’s price is its NAV by construction; its supply is what moves.
- Supply
- How many tokens exist, read from the token contract itself. Supply times price is value, and reading it from the contract is how this site counts most of the market.
- Mint and burn
- A mint creates tokens, when someone subscribes or a fund pays yield in kind; a burn destroys them, when someone redeems. Both leave a transaction on the chain, so a flow is checkable.
- Flow
- Money entering or leaving a fund: the change in its supply between two days, with yield paid as new tokens taken out. Not the change in value, which mixes in price moves.
- Leg
- One fund on one chain. A fund that lives on five chains is five legs, each counted on its own, so the site can say which chain a change came from.
- Coverage
- What the count can see. When we begin counting a leg we had not been counting, the total jumps by its size; that jump is new coverage, not new money, and the chart marks it in brass.
- DefiLlama
- An open aggregator of on-chain value, used here where this site has not yet read a contract itself; its open adapters name the contracts. Since August 2026 its free feed no longer carries the largest tokenized-asset protocols.
- At the block
- Read from the chain’s state at a specific block, here the one nearest midnight UTC, so the number belongs to a day and can be reproduced. The same read can be repeated by anyone with a node.
- At head
- Read from the latest block, because that chain keeps no past state a public node will serve. The number is today’s and cannot be re-read for an earlier day.
- Canonical
- The original issuance of a token on a chain, as opposed to a bridged or wrapped copy on another. Counting both inflates a total; this site says where it cannot yet tell.
