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 Earnings Methodology

## 1. Overview

Earnings is measured as the net value retained by RealFi after all expenses are subtracted from protocol revenue. Protocol revenue is derived from the sum of staker yield and retained yield, while expenses are defined by the yield distributed to RealFi Staked USDrf stakers. Onchain profitability is represented by this metric, which is utilized so that the economic performance of the RealFi USDrf and RealFi Staked USDrf products is assessed.

## 2. Data sources

- **Blockchain events**: Vault state updates and transaction UTXO outputs from Cardano transactions, covering Cardano
- **External data**: End-of-day price feeds utilized for asset valuation

## 3. Step-by-step calculation

### Component A: Vault state and staker yield tracking

- **Purpose**: Calculate the yield distributed to RealFi Staked USDrf stakers.
- **Logic**: Vault state updates are analyzed to identify yield deposits that open new diffusion windows. Staker yield is calculated by subtracting the remaining pending yield of the previous state from the current pending yield. This staker yield is classified as the cost of revenue (expenses).
- **Key fields**: `pending_yield`, `diffusion_start_ms`, `diffusion_end_ms`

### Component B: Retained yield and fee calculation

- **Purpose**: Calculate total protocol fees (revenue).
- **Logic**: Cardano transaction UTXO outputs are filtered to identify transfers of RealFi USDrf to the yield pot address. These retained yield receipts are matched by transaction hash and block timestamp to the corresponding vault state updates. Protocol fees are calculated as the sum of the staker yield and the retained yield.
- **Key fields**: `amount`, `staker_yield`

### Component C: USD conversion and normalization

- **Purpose**: Revenue and expenses are normalized and converted to USD.
- **Logic**: Raw values for fees and cost of revenue are normalized by decimal precision. These normalized values are then multiplied by end-of-day price feeds so that the daily revenue and expenses are determined in USD.

### Component D: Earnings calculation

- **Purpose**: Net earnings are calculated.
- **Logic**: Daily expenses are subtracted from daily protocol revenue so that the net earnings are determined for each day.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

RealFi

Earnings

Earnings

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