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 Fees Methodology

## 1. Overview

Fees measures the total economic value generated by RealFi, specifically through the RealFi USDrf product. Net distributable income is posted on-chain each epoch after operating costs are deducted. This metric is utilized to assess the protocol's capacity to generate yield from real-world assets and distribute it to stakeholders, including RealFi Staked USDrf holders.

## 2. Data sources

- **Blockchain events**: Vault state updates tracking pending yield and diffusion windows, and UTXO transaction outputs to the yield pot address, covering Cardano
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Yield deposit and staker yield tracking

- **Purpose**: Calculate the yield allocated to stakers during each diffusion window
- **Logic**: Vault state updates are analyzed to identify yield deposits that open new diffusion windows. The remaining pending yield from the previous state is calculated based on the elapsed time of the previous diffusion window. Staker yield is then determined by subtracting the remaining pending yield from the current pending yield.
- **Key fields**: `pending_yield`, `diffusion_start_ms`, `diffusion_end_ms`

### Component B: Retained yield tracking

- **Purpose**: Identify the protocol's retained share of yield sent to the yield pot
- **Logic**: UTXO transaction outputs are filtered to identify transfers of RealFi USDrf to the yield pot address. These transfers represent the protocol's retained yield and are aggregated by transaction.
- **Key fields**: `amount`

### Component C: Fee calculation

- **Purpose**: Combine staker yield and retained yield to determine total fees
- **Logic**: Total fees are calculated as the sum of the staker yield and the retained yield for each epoch transaction.
- **Key fields**: `staker_yield`, `retained_yield`

### Component D: Decimal normalization and USD conversion

- **Purpose**: Normalize fee values and convert them to USD
- **Logic**: Fee amounts are normalized by decimal precision. The normalized values are multiplied by end-of-day asset prices to convert the fees into USD. Daily aggregation is performed using UTC day boundaries, and missing days are filled with zeros.
- **Key fields**: `fees`, `price`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

RealFi

Fees

Fees

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