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.

website

twitter

discord

telegram

Stablecoin issuers

RealFi

# RealFi Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is defined as the daily revenue generated per active user for RealFi. This metric is utilized to reflect the protocol's ability to monetize its individual user base on a daily basis across its core products, including RealFi USDrf and RealFi Staked USDrf. By analyzing the relationship between daily protocol revenue and active users (daily), insights into user value and monetization efficiency are provided. This metric is considered essential for evaluating the financial sustainability and growth trajectory of the RealFi ecosystem.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Active user tracking

- **Purpose**: Identify and track active users (daily) interacting with RealFi products
- **Logic**: Cardano UTXO transactions are parsed to identify transfers of RealFi assets. Transactions containing the protocol's policy ID are filtered, and input and output legs are extracted. Mints and burns are identified by calculating the net change in asset quantities per transaction. User addresses are identified from key-payment addresses (matching specific address prefixes) that experience a non-zero balance change in these mint or burn transactions. Users are classified as depositors or withdrawers, and transactions are mapped to specific products, namely RealFi USDrf and RealFi Staked USDrf. Active users (daily) are aggregated as the daily distinct count of these user addresses
- **Key fields**: `timestamp`, `transaction_hash`, `address`, `token_address`, `quantity`

### Component B: Yield epoch and fee extraction

- **Purpose**: Calculate the protocol fees generated from yield distribution epochs
- **Logic**: Vault states are analyzed to identify yield deposits, through which new diffusion windows are opened on the vault. The remaining pending yield from the previous state is calculated based on the elapsed time of the diffusion window, and the net staker yield is determined as the difference between the pending yield and the previous pending remaining yield. Retained yield is captured from transactions that transfer RealFi USDrf to the yield pot address. Total fees are calculated as the sum of the staker yield and the retained yield
- **Key fields**: `timestamp`, `pending_yield`, `diffusion_start_ms`, `diffusion_end_ms`, `staker_yield`, `retained_yield`, `fees`

### Component C: Revenue normalization and USD conversion

- **Purpose**: Convert protocol fees into USD-denominated revenue
- **Logic**: Protocol fees are set as revenue. The raw fee amounts are normalized by decimal precision and multiplied by end-of-day asset prices to determine the USD value. Daily revenue is aggregated by summing these USD values within UTC day boundaries
- **Key fields**: `timestamp`, `fees`, `price`

### Component D: Average revenue per user calculation

- **Purpose**: Calculate the final average revenue per user
- **Logic**: Daily revenue is divided by the active users (daily) (using the project-level aggregation). If either value is missing or zero, the resulting ARPU is handled safely to avoid division-by-zero errors, and any missing days are filled with zeros
- **Key fields**: `revenue`, `user_dau`, `arpu`

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

RealFi

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape