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 Active users (monthly) Methodology

## 1. Overview

Active users (monthly) is defined as the number of unique addresses that execute a revenue-generating transaction with RealFi. Unique addresses are identified through on-chain interactions with RealFi USDrf and RealFi Staked USDrf. Transactions that result in the minting or burning of these assets are captured to represent active user engagement. This metric is utilized to analyze monthly adoption, deposit, and withdrawal activity across the RealFi ecosystem.

## 2. Data sources

- **Blockchain events**: UTXO input and output data from Cardano transactions, covering Cardano

## 3. Step-by-step calculation

### Component A: RealFi USDrf and RealFi Staked USDrf transaction filtering

- **Purpose**: Identification of transactions interacting with RealFi assets
- **Logic**: Cardano UTXO transaction inputs and outputs are parsed to identify transfers of assets associated with the RealFi policy identifier. Collateral inputs and outputs, reference inputs, and native `lovelace` transfers are excluded from the dataset.
- **Key fields**: `block_timestamp` (timing), `inputs` (transaction inputs), `outputs` (transaction outputs)

### Component B: Mint and burn identification

- **Purpose**: Detection of transactions representing deposits or withdrawals
- **Logic**: Net asset balance changes are calculated for each transaction by summing the input and output quantities of the RealFi assets. Transactions with a non-zero net change are classified as mints (deposits) or burns (withdrawals) of RealFi USDrf or RealFi Staked USDrf.
- **Key fields**: `amount` (asset quantities), `token_address` (asset identification)

### Component C: Active address extraction

- **Purpose**: Extraction of unique user addresses associated with minting and burning activity
- **Logic**: Key-payment addresses starting with the standard Cardano prefix `addr1[qygv]` are extracted from the transaction legs. RealFi's owned addresses, including the yield pot wallet, are excluded from the dataset. Only addresses experiencing a non-zero net balance change within a minting or burning transaction are retained as active users.
- **Key fields**: `address` (user addresses), `amount` (asset quantities)

### Component D: Monthly aggregation and classification

- **Purpose**: Monthly aggregation and classification of unique active users
- **Logic**: Active addresses are classified as "Depositors" if the transaction net mint amount is positive, or "Withdrawers" if the net mint amount is negative. Users are mapped to RealFi USDrf or RealFi Staked USDrf based on the asset unit identifier. The unique count of these addresses is aggregated over a 30-day rolling window.
- **Key fields**: `block_timestamp` (timing), `address` (user addresses), `token_address` (asset identification)

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

Unique revenue-generating users over a rolling 30-day window.

RealFi

Active users (monthly)

Active users (monthly)

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