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 Revenue Methodology

## 1. Overview

For RealFi, revenue is defined as equal to fees, representing the net distributable income paid out in each yield distribution. The yield passed to RealFi Staked USDrf holders is accounted for in cost of revenue and expenses, and the share retained by RealFi is classified as earnings. The total economic value generated by the protocol is measured before any distributions are made. Revenue is derived from on-chain yield distributions and is denominated in RealFi USDrf before being converted to USD.

## 2. Data sources

- **Blockchain events**: UTXO inputs and outputs from Cardano transactions, and vault state updates, covering Cardano
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: RealFi USDrf UTXO leg extraction

- **Purpose**: Extract all non-ADA asset transfers associated with RealFi transactions
- **Logic**: Cardano transactions are filtered to identify those containing the protocol's policy identifier. For each transaction, UTXO inputs and outputs are parsed to extract non-ADA asset transfers. Outputs are treated as positive amounts, while inputs are treated as negative amounts. Collateral and reference UTXOs are excluded from the calculation.
- **Key fields**: `block_timestamp`, `transaction_hash`, `address`, `token_address`, `amount`

### Component B: RealFi USDrf yield pot receipts tracking

- **Purpose**: Identify the portion of yield retained by the protocol
- **Logic**: Extracted UTXO legs are filtered to isolate transfers of RealFi USDrf to the designated yield pot address. These transfers are classified as the net yield retained by the protocol configuration. The amounts are aggregated per transaction.
- **Key fields**: `block_timestamp`, `transaction_hash`, `amount`

### Component C: RealFi Staked USDrf yield epoch and fee calculation

- **Purpose**: Calculate the total distributable fees and staker yield per epoch
- **Logic**: Vault state updates are analyzed to track pending yield and diffusion windows. For each yield deposit, the remaining pending yield from the previous state is calculated based on the elapsed time of its diffusion window. The staker yield is determined by subtracting the remaining previous pending yield from the current pending yield. Total fees are calculated as the sum of the staker yield (classified as cost of revenue) and the retained yield from the yield pot receipts.
- **Key fields**: `block_timestamp`, `transaction_hash`, `pending_yield`, `diffusion_start_timestamp`, `diffusion_end_timestamp`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize fee values and convert them to USD
- **Logic**: Calculated fee amounts are normalized by decimal precision using asset metadata. The normalized amounts are multiplied by the end-of-day price of RealFi USDrf to determine the USD value. Daily values are aggregated using UTC day boundaries, and revenue is set equal to the total fees.
- **Key fields**: `timestamp`, `fees`, `asset_price`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

RealFi

Revenue

Revenue

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