Rebasing and NAV accumulation produce the same dollar value. The adjustment is applied exactly once: a token either carries a rebase multiplier on its supply or accumulates the adjustment in its NAV, never both.
Key terms
Units. Total supply, circulating supply, and holder balances are in displayed units, the same as
balanceOfUI() on a rebasing token. NAV is quoted per displayed unit, so for rebasing stock wrappers it equals the underlying’s price. NAV-accumulation tokens are published with m = 1, even where the contract has its own multiplier. Their supply is the on-chain token count, even where a wallet shows a scaled balance (Coinbase tokenized stocks, and Ondo on Solana and BNB Chain).
Balance rebasing
A rebasing token scales every balance by m, so one displayed unit keeps tracking one unit of the underlying. A 2-for-1 split doubles m, and a reinvested cash dividend raises it slightly. For example, QQQB’s multiplier stood at 1.000725 in October 2026 after dividend credits.The two transfer units
Rebasing contracts differ in what theirTransfer events carry, which decides how we turn on-chain events into supply. The token field rebase_transfer_unit records it.
rebase_transfer_unit is null for tokens that do not rebase. It is returned on every token from /v4/tokens and on the tokens embedded in /v4/assets. The unit is set per platform integration or per contract. Tokens on ERC-8056 or BEP-8056 default to shares.
Standards and platforms
* Coinbase tokenized stocks and Ondo Global Markets transfer raw shares but use NAV accumulation, so no multiplier is applied to their supply.
Multiplier sources
Examples of multiplier sources:
m(d) is the multiplier in effect at the start of UTC day d, after all rebases through d − 1. It is carried forward until the next change.
Calculations
raw is raw supply, total is total supply, and circ_value is circulating asset value (measure 63). net(d) is the day’s mints − burns as emitted on chain. treasury(d) is the treasury wallets’ balance in raw shares.
Holder balances follow the same rule. They accumulate in raw shares and are published × that day’s m, so holder balances and concentration are in the same units as circulating supply.
NAV accumulation
An accumulating token keeps its token count unchanged through a corporate action. The action raises the number of stock shares each token represents, and the token’s NAV reflects it:Ondo Global Markets
Ondo Global Markets tokens are total-return trackers. Cash dividends, net of withholding tax, are reinvested into the referenced stock. Stock dividends, splits, and spinoffs also change the stock shares per token, which Ondo publishes assharesMultiplier. Over time one token can represent more than one stock share, and the token price diverges from the stock price.
- NAV (measure 3) is the primary-market price per token from the Ondo Global Markets API, which already includes reinvested dividends and other corporate actions.
- Supply is the on-chain token count, with no rebase multiplier.
- Solana and BNB Chain. Ondo supports Scaled UI there, so wallets show the balance × stock shares per token, priced at the stock price. This only changes the display. We use the on-chain balance, which is the unit Ondo’s price is quoted in. Ondo’s Solana mints are tagged
shares; its other tokens have no transfer unit.
Coinbase tokenized stocks
Coinbase tokenized stocks on Base implement ERC-8056, and their transfers move raw shares. Their on-chain multiplier is applied to NAV instead of supply:- NAV is the Coinbase API NAV where one is reported. Otherwise it is the underlying’s close × the multiplier in effect at the end of that UTC day, replayed from the on-chain multiplier history. For example, METAc on 2026-10-25 was 642.62 × 1.000314 = 642.82.
- Supply is raw shares, with no rebase multiplier.
Accumulating funds
Funds that reinvest income into NAV, such as accumulating treasury and money market products, work the same way. Supply is the token count, and NAV carries the return. See NAV & Yield.Distributions
Distributing products pay income out instead of reinvesting it, so there is no multiplier and no NAV adjustment. Yield comes from a direct yield feed (see NAV & Yield). Distributions paid in newly minted tokens appear as mints.Impact on metrics
Ondo Global Markets and Coinbase tokenized stocks use the NAV accumulation column, even where their transfer unit is
shares (Coinbase, and Ondo on Solana).
Worked example
A token is backed 1:1 by a stock trading at $100. 1,000 raw shares are minted, so supply is 1,000 and asset value is $100,000. The stock then splits 2-for-1 and trades at $50. Later, a holder redeems $25,000, which is 500 displayed units or 250 raw shares.
The NAV-accumulation token’s NAV is $50 × 2 stock shares per token = $100. The
amounts burn converts to 500 ÷ 2 = 250 raw shares. All three end with $75,000 of asset value and record the same $25,000 burn in both daily_burns_dollar and fund flows. The split itself emits no transfer, so it is neither a flow nor a volume.
Net flows
The fund flows endpoints (/v4/tokens/aggregates/fund_flows and /v4/tokens/aggregates/net_flows) sum adjusted mints − adjusted burns over the window and value the total at the window’s end:
shares tokens, and 1 for all others.
Adjusted mints and burns (measures 85 and 86) exclude treasury wallets and count transfers out of or into treasury as mints or burns. For a shares token launched within the window that has no treasury, net flows equal ending circulating asset value. This is the “YTD net flows = AUM” check that issuers reconcile against.
For amounts tokens, flows are the displayed units transferred at the time of each event. Balance growth from later rebases, such as USDM’s accrued yield, is not a flow, so circulating asset value exceeds cumulative net flows by the accrued amount.
Volumes
Token volumes, such asdaily_transfer_volume_token (measure 13) and daily mints and burns (16 and 17), sum amounts as emitted on chain: raw shares for shares tokens and displayed units for amounts tokens.
Dollar volumes, which are transfer volume (20), mints and burns (18 and 19), and adjusted mints and burns (87 and 88), multiply each event’s amount by that day’s price, falling back to NAV. For shares tokens they also multiply by that day’s m, so every dollar volume is in the same units as asset value. Dollar volumes value each day at that day’s price, while the fund flows endpoints value the whole window at its ending NAV.
Performance
daily_asset_performance_rate (measure 90) compounds the NAV change with the change in the asset’s rebase multiplier:
nav_ratio is NAV(d) ÷ NAV(d − 1), rebase_ratio is m(d) ÷ m(d − 1), and yield is any direct daily yield in percentage points. The asset’s multiplier is the largest across its tokens on each date, because a multi-chain asset’s multiplier may be published on only one of its chains. On a 2-for-1 split the NAV ratio is 0.5 and the rebase ratio is 2, so the day’s return is 0% rather than −50%. A reinvested dividend lowers NAV on the ex-date and raises the multiplier by the same proportion, so the holder’s return is preserved. For NAV-accumulation tokens the NAV ratio already captures both effects.
Limitations
- Intraday timing. Multiplier changes are applied at UTC day boundaries. Mints and burns on the day of a rebase are converted at that day’s multiplier, which causes small deviations.
- Wrapper tokens. ERC-4626 wrappers around another token, such as xStocks wrappers, are linked to the token they wrap. They are excluded from supply and flow measures, because their supply is already counted on the wrapped token.