ANODE / RESEARCH TOOL 001

The economics
of growing eUSD.

Explore the interdependencies between overcollateralization, fintech balances, revenue share, and direct holdings.

● INTERACTIVE WORKING MODEL

Growth changes the revenue mix.
Incentives determine who backs it.

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02 / FOLLOW THE CONSEQUENCES Annualized · USD

THE NEXT DOLLAR OF GROWTH

Staking return as fintech balances grow

Direct balances, RSR price & stake held constant

● Current 90/10● Fixed take rate● OC-responsive┄ Required staking return

The vertical marker follows your fintech balance. Price, stake, yield and revenue-rule changes update the returns at that balance. The horizontal scale stays fixed; the APR scale adjusts to fit.

Points show instantaneous arithmetic, not a forecast of staker behavior. All three rules have the same current OC at the same supply, RSR price and stake.

What backing could this revenue support at the required return?

Revenue ÷ required APR is an implied backing value, not predicted staking inflows. For the responsive rule this holds the current allocation fixed; it is not a solved controller equilibrium.

WHAT THIS MODEL ANSWERS

Make the trade-offs explicit.

Compare revenue distribution and staking incentives under a common set of balances and assumptions. Direct balances mean all supply outside the programme’s fintech balance wallets; this residual is not a count of retail users.

Current 90/10 rule

Staker revenue = distributable yield × (direct balances + 10% × fintech balances).

Fixed take rate

Staker revenue = distributable yield × total supply × fixed take rate. The rest is attributed to the aggregate fintech pool in this comparison. Implementation must specify eligibility and allocation between fintechs.

OC-responsive illustration

The staker allocation on fintech revenue increases linearly as observed OC falls from the trigger to the target, then remains capped. Direct-balance revenue continues to accrue to stakers. This version has no trailing average, delay, hysteresis or asymmetric recovery. It is a discussion sketch, not a deployable policy.

ASSUMPTIONS & LIMITS

Revenue and risk are different dimensions.

OC = dollar value of staked RSR ÷ eUSD supply. This is a market-value backstop ratio, not guaranteed recoverable protection in a collateral default. Staking APR = annual staker revenue ÷ dollar value of staked RSR.

Distributable yield is an input after any excluded fees, collateral costs and revenue sinks. The model assumes equal yield attribution per eUSD and $1 per eUSD. Fintech revenue is before saver rewards, incentives and operating costs; it is not profit.

RSR stake, price and required return are independent scenario assumptions. No price appreciation, new staking, compounding or slashing is predicted. Required APR is a user assumption, not a finding that 6% adequately compensates risk.

Changing the revenue rule alone does not change OC. Target OC and required return cannot both be guaranteed by choosing a percentage.

Sources & provenance

Working model prepared by Anode for discussion with Reserve. Co-branding identifies the discussion context; no policy has been endorsed by this tool.