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Superstate

# Superstate Revenue Methodology

## 1. Overview

Revenue is defined as the management fees generated by Superstate from its tokenized investment products, including Superstate USCC and Superstate Short Duration U.S. Government Securities Fund (USTB). These fees are calculated based on the total value of assets held within each fund and the specific management fee rate associated with the product. Revenue is used to demonstrate the protocol's earnings from its assets under management before the deduction of operating expenses or token incentives.

## 2. Data sources

- **Off-chain data**: Net asset value (NAV), assets under management (AUM), and share distribution data are retrieved from official fund reporting, covering Ethereum, Solana, Plume, and off-chain book-entry records
- **TVL**: Derived from the TVL metric

## 3. Step-by-step calculation

### Component A: Fund valuation and share tracking

- **Purpose**: Establish the daily valuation and distribution of fund shares across different environments
- **Logic**: Net asset value (NAV) per share and total assets under management are extracted from fund reporting. Share distribution data is parsed to identify the number of shares held on Ethereum, Solana, Plume, and via off-chain book-entry. Data is deduplicated to ensure the most recent reporting for each timestamp and fund ID is utilized.
- **Key fields**: `net_asset_value`, `shares`, `fund_id`

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

- **Purpose**: Determine the total value of assets managed within each fund per chain
- **Logic**: TVL is calculated by multiplying the reported net asset value (NAV) by the number of shares distributed on each specific chain. This provides a granular view of assets under management across both on-chain and off-chain environments. Non-positive TVL values are excluded from the calculation.
- **Key fields**: `net_asset_value`, `shares`, `tvl`

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

- **Purpose**: Calculate the daily revenue earned by the protocol based on assets under management
- **Logic**: Product-specific management fee rates are applied to the calculated TVL. For Superstate Short Duration U.S. Government Securities Fund (USTB), an annual fee rate of 0.15% is utilized. For Superstate USCC, an annual fee rate of 0.75% is utilized. The daily revenue is derived by dividing the annual fee rate by the number of days in the current month and then by 12, with the resulting daily rate multiplied by the TVL.
- **Key fields**: `tvl`, `product_id`, `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.

Superstate

Revenue

Revenue

Competitive landscape

Chain breakdown