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Real-world asset (RWA) issuers

Superstate

# Superstate Fees Methodology

## 1. Overview

Fees measures the total value users pay to use Superstate’s applications, including Superstate Short Duration U.S. Government Securities Fund (USTB) and Superstate USCC. Included in this metric are protocol-level management fees and supply-side fees representing net income and expenses distributed to holders. The total economic value generated by the project's tokenized financial products is reflected through these components.

## 2. Data sources

- **External data**: Net asset value (NAV), share distribution, and financial performance data scraped from official fund reporting, covering Ethereum, Plume, Solana, and off-chain records

## 3. Step-by-step calculation

### Component A: Total Value Locked (TVL) calculation

- **Purpose**: Establish the asset base for fee calculations across all supported networks.
- **Logic**: Net asset value (NAV) and share counts are retrieved from fund data. TVL is calculated by multiplying the NAV per share by the number of shares held on each chain, including Ethereum, Plume, and Solana, as well as off-chain book-entry records.
- **Key fields**: `net_asset_value`, `shares`, `fund_id`

### Component B: Superstate Short Duration U.S. Government Securities Fund (USTB) and Superstate USCC revenue estimation

- **Purpose**: Calculate management fees earned by the protocol based on assets under management.
- **Logic**: Daily management fees are estimated by applying annualized fee rates to the calculated TVL. For Superstate Short Duration U.S. Government Securities Fund (USTB), a rate of 0.15% is applied. For Superstate USCC, a rate of 0.75% is applied. These annual rates are divided by 12 and the number of days in the current month to determine the daily accrual.
- **Key fields**: `tvl`, `product_id`, `timestamp`

### Component C: Supply-side fee allocation

- **Purpose**: Capture the net income and expenses distributed to asset holders.
- **Logic**: Net income and expense data are extracted from the fund's reported financial metrics. These values are allocated across chains based on the proportional share of TVL held on each respective network.
- **Key fields**: `net_income_expenses`, `tvl_share`, `chain_id`

### Component D: Final aggregation

- **Purpose**: Combine all fee components into a single metric.
- **Logic**: Protocol revenue and supply-side fees are summed to arrive at the total Fees metric. Values are aggregated by day, product, and chain. Missing data points are zero-filled to ensure a continuous time series.
- **Key fields**: `revenue`, `fees_supply_side`

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

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

Superstate

Fees

Fees

Competitive landscape

Chain breakdown