RealFi deploys reserve capital into a diversified portfolio of real-world assets including U.S. Treasuries, money market funds, investment grade CLO ETFs, floating-rate corporate notes and private credit. The RealFi treasury reconciles borrower repayments off-chain, then mints new USDrf on-chain to reflect realized profits and distributes it to sUSDrf holders through discrete weekly staking epochs, so each sUSDrf becomes redeemable for progressively more USDrf. The remainder of the income is allocated to a configurable treasury address. sUSDrf is the risk-absorbing layer and takes portfolio losses before USDrf holders are affected.

RealFi issues USDrf, a reserve-backed digital dollar, and sUSDrf, a non-rebasing staked token received by staking USDrf. USDrf is backed 1:1 by a reserve portfolio anchored by a liquidity buffer of U.S. Treasury bills and tokenized money market funds, supplemented by liquid floating-rate credit and short-tenor, senior-secured private credit. Cardano is the canonical chain for supply accounting, and a burn-and-mint bridge extends USDrf and sUSDrf to EVM networks.

RealFi is a stablecoin ecosystem built on Cardano. USDrf and sUSDrf are issued by separate British Virgin Islands business companies, while the protocol technology and its oversight are governed by Cayman Islands foundation companies.

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RealFi

# RealFi Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) is calculated to measure the fees paid per active user over a fixed 24-hour window. The daily financial contribution of an individual user to the protocol's services is reflected by this metric, specifically for the RealFi USDrf and RealFi Staked USDrf products. By dividing total daily fees by active users (daily), insights into user monetization and protocol utility are provided. This metric is utilized by institutional investors to evaluate the economic efficiency and user-level unit economics of the RealFi ecosystem.

## 2. Data sources

- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: RealFi USDrf and RealFi Staked USDrf daily fees extraction

- **Purpose**: The total fees generated by the protocol across RealFi USDrf and RealFi Staked USDrf are extracted and aggregated on a daily basis.
- **Logic**: Daily fee values are retrieved from the Fees metric. These values, denominated in USD, are aggregated for each day to establish the total daily fee volume.
- **Key fields**: `timestamp` (daily boundaries), `fees` (daily fee volume in USD)

### Component B: RealFi USDrf and RealFi Staked USDrf active users (daily) extraction

- **Purpose**: The daily active user count for the project is retrieved.
- **Logic**: Daily active user counts are extracted from the Active users (daily) metric. The user count is filtered specifically for the project-level dimension to represent the total unique active users across both RealFi USDrf and RealFi Staked USDrf within each 24-hour window.
- **Key fields**: `timestamp` (daily boundaries), `user_dau` (distinct active users (daily))

### Component C: Average fees per user calculation

- **Purpose**: The final average fees paid per active user are computed.
- **Logic**: The total daily fee volume is divided by the daily active user count. A safe division function is applied to prevent division-by-zero errors. If no active users are recorded for a given day, the resulting average fee per user is set to zero.
- **Key fields**: `fees` (numerator), `user_dau` (denominator), `afpu` (calculated average fees per user)

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

RealFi

Average fees per user (AFPU)

Average fees per user (AFPU)

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