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 Cost of revenue Methodology

## 1. Overview

Cost of revenue is defined as the expenses incurred by a project when outsourcing core business operations or distributing yield to supply-side participants. For RealFi, this metric is represented by the yield distributed to RealFi Staked USDrf stakers during each epoch. These yield distributions are paid out from the protocol's earnings to incentivize staking and liquidity provisioning. The metric is utilized to evaluate the net earnings retained by the protocol after obligations to stakers are satisfied.

## 2. Data sources

- **Blockchain events**: Vault state updates, covering Cardano
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: RealFi USDrf vault state and yield tracking

- **Purpose**: Calculate the yield distributed to stakers during each epoch
- **Logic**: Vault state records are analyzed to identify yield deposits, which are characterized by a positive pending yield and a change in the vault state. For each deposit, the remaining pending yield from the previous state is calculated based on the elapsed time within the diffusion window. The net staker yield is then determined by subtracting the remaining previous pending yield from the current pending yield.
- **Key fields**: `pending_yield`, `diffusion_start_ms`, `diffusion_end_ms`, `block_timestamp`

### Component B: USD conversion and aggregation

- **Purpose**: Determine the final cost of revenue in USD
- **Logic**: The calculated staker yield is designated as the cost of revenue for RealFi USDrf. The raw yield values are normalized by decimal precision using asset metadata. The normalized values are then multiplied by end-of-day asset price feeds to convert the cost of revenue into USD. Daily aggregation is performed using UTC day boundaries.
- **Key fields**: `cost_of_revenue`, `price`

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

Expenses paid to third parties to deliver core service output.

RealFi

Cost of revenue

Cost of revenue

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