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Real-world asset (RWA) issuers

Superstate

# Superstate Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the portion of income generated by the underlying assets that is distributed to service providers or retained for fund management expenses. For Superstate USCC and Superstate Short Duration U.S. Government Securities Fund (USTB), this metric represents the net income and expenses associated with the operation of the funds. These fees reflect the costs of managing the treasury and credit portfolios that back the tokenized assets.

## 2. Data sources

- **External data**: Net asset value (NAV) and share distribution reports from Superstate, covering Ethereum, Solana, Plume, and off-chain records

## 3. Step-by-step calculation

### Component A: Fund-level expense extraction

- **Purpose**: Extract the total net income and expenses for each Superstate product
- **Logic**: Net income and expense values are retrieved from fund-level reporting data. Fund identifiers are mapped to canonical products, where ID 1 corresponds to Superstate Short Duration U.S. Government Securities Fund (USTB) and other identifiers correspond to Superstate USCC.
- **Key fields**: `net_income_expenses` (fee value), `fund_id` (product identification)

### Component B: Asset distribution tracking

- **Purpose**: Determine the distribution of assets across different blockchain environments and off-chain records
- **Logic**: Share balances are aggregated for each supported environment. Total Value Locked (TVL) is calculated by multiplying the reported net asset value per share by the number of outstanding shares on each respective chain.
- **Key fields**: `net_asset_value` (price per share), `shares` (quantity per chain)

### Component C: Pro-rata chain allocation

- **Purpose**: Allocate fund-level supply-side fees to specific chains based on asset concentration
- **Logic**: A relative share of TVL is calculated for each chain by dividing the chain-specific TVL by the total TVL across all environments for a given product. The total `net_income_expenses` value is then multiplied by this TVL share to determine the supply-side fees attributable to each chain. Daily values are normalized and filtered to ensure only non-negative values are reported.
- **Key fields**: `tvl_share` (allocation percentage), `fees_supply_side` (final allocated value)

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

Portion of fees distributed to service providers or supply-side participants.

Superstate

Supply-side fees

Supply-side fees

Competitive landscape

Chain breakdown