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 Expenses Methodology

## 1. Overview

Expenses is defined as the total cost incurred by RealFi to operate its business. For RealFi, this metric is represented by the yield distributed to stakers of the RealFi Staked USDrf asset during each epoch. These yield distributions are classified as cost of revenue, through which the cost of capital paid to supply-side participants to secure the protocol's primary asset, RealFi USDrf, is captured. The metric is denominated in USD and aggregated daily.

## 2. Data sources

- **Blockchain events**: Vault state transitions and transaction UTXO outputs sent to the yield pot address, covering Cardano
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

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

- **Purpose**: To identify yield deposits and calculate the remaining pending yield from previous epochs.
- **Logic**: Vault states are parsed from Cardano blockchain data, from which the pending yield, diffusion start time, and diffusion end time are extracted. A yield deposit is identified when the pending yield is determined to be greater than zero and is found to be different from the parameters of the previous state. The remaining pending yield from the previous state is calculated based on the current block timestamp relative to the previous diffusion window. If the previous pending yield is null or less than or equal to zero, the remaining yield is set to zero. If the current block timestamp is determined to be greater than or equal to the previous diffusion end time, the remaining yield is set to zero. If the current block timestamp is determined to be less than or equal to the previous diffusion start time, the full previous pending yield is retained. Otherwise, the remaining yield is calculated by multiplying the previous pending yield by the ratio of the remaining time in the diffusion window to the total duration of the diffusion window.
- **Key fields**: `pending_yield`, `diffusion_start_ms`, `diffusion_end_ms`

### Component B: Staker yield calculation

- **Purpose**: To determine the net yield allocated to stakers for each epoch.
- **Logic**: The net staker yield is calculated by subtracting the remaining pending yield of the previous epoch from the current epoch's pending yield.
- **Key fields**: `pending_yield`, `previous_pending_remaining`

### Component C: Valuation and USD conversion

- **Purpose**: To normalize the calculated yield and convert it to USD.
- **Logic**: The calculated staker yield is normalized by decimal precision using asset metadata. The normalized yield is then multiplied by the end-of-day price of the RealFi USDrf asset, by which the cost of revenue in USD is determined.
- **Key fields**: `cost_of_revenue`, `price`

### Component D: Expenses aggregation

- **Purpose**: To aggregate the final expenses metric.
- **Logic**: The cost of revenue values are mapped directly to the expenses metric. Daily expenses are aggregated by timestamp, chain, and product, with zero-filling applied to missing days.
- **Key fields**: `expenses`, `timestamp`, `chain_id`, `product_id`

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

Total project operating and incentive expenses.

RealFi

Expenses

Expenses

Competitive landscape