Thanks for kicking off this discussion @rspa_StableLab.
eUSD rev share participation is materially outpacing its TVL, and lagging overall stablecoin category growth. Also eUSD’s stRSR incentives for security are dropping.
- Rev share participants (Ugly Cash, Sentz, Champion) have grown from 7.8% total Aug 2024 to 22.4% total Jul 2025, a 189% increase
- stRSR participants have decreased from 92.3% to 77.6% over the same period, a 16% decrease
- eUSD TVL has increased from $23.7M to 26.6M over the same period, a 12% gain over the same period (CoinGecko data)
- the DefiLlama stablecoins category as a whole has grown from $162B to $265B, a 39% gain over the same period
Observation:
eUSD made 17 rev share adjustments in 12 months. High-frequency changes with no clear material impact. This cadence risks governor fatigue and lacks alignment with rev share participant transparency on fund usage and impacts—missing chances to build shared ownership and compounding community trust. It reads more like busy work than strategic adaptation.
Recommendation:
Shift eUSD to quarterly rev share adjustments to reduce governance load and improve quality/depth of updates. Require each revenue participant to post a data-backed update in the RFC for review by the community and governors before they vote to adjust rev share %. Like any role, compensation for each of Sentz, Ugly Cash and eUSD Champion should follow clear, demonstrable outcomes, not assumptions or inertia.
Here is the associated data table for the above charts and findings: (TVL data from CoinGecko)
| Date | Rev Share Participants % | stRSR % | TVL |
|---|---|---|---|
| 8/1/2024 | 7.8% | 92.3% | $23,761,443 |
| 9/1/2024 | 7.8% | 92.3% | $25,841,981 |
| 10/1/2024 | 6.7% | 93.3% | $25,976,364 |
| 11/1/2024 | 7.8% | 92.2% | $23,578,032 |
| 12/1/2024 | 11.0% | 89.0% | $20,715,795 |
| 1/1/2025 | 10.7% | 89.3% | $22,429,110 |
| 2/1/2025 | 12.1% | 87.9% | $22,491,383 |
| 3/1/2025 | 13.0% | 87.0% | $23,801,869 |
| 4/1/2025 | 13.8% | 86.2% | $24,042,202 |
| 4/15/2025 | 20.6% | 79.4% | $27,790,275 |
| 4/29/2025 | 16.4% | 83.6% | $24,414,884 |
| 5/13/2025 | 20.6% | 79.4% | $22,805,870 |
| 5/27/2025 | 22.1% | 77.9% | $21,300,930 |
| 6/10/2025 | 22.5% | 77.5% | $22,249,738 |
| 6/24/2025 | 25.3% | 74.7% | $20,162,559 |
| 7/8/2025 | 21.9% | 78.1% | $25,558,070 |
| 7/22/2025 | 22.4% | 77.6% | $26,653,401 |