Summary
An update to the existing ongoing proposal of sharing eUSD Revenue with participating fintechs, Ugly Cash and Sentz. The proposed proposal, if enacted, would update the Revenue Share in order to maintain compliance with the rules of the original revenue share proposal and the subsequent revenue share update proposal which saw 10% of Fintech Revenues redirected to stRSR holders.
Original Revenue Share Programme Proposal.
Fintech Revenue Share Adjustment (90/10) Proposal.
Problem Statement
The eUSD Revenue Share Programme distributes revenue to participating fintechs using a rules-based and predictable framework, with allocations determined by relative eUSD balances at biweekly snapshot intervals. Revenue predictability is important to fintech participants, who rely on stable and transparent distributions when integrating eUSD into their products and planning incentives.
Over time, changes in eUSD supply and balance distribution cause revenue shares to drift from those ratified through governance vote. Without periodic updates, this drift creates misalignment.
Rationale
This proposal updates revenue shares strictly in line with the existing programme rules on a biweekly cadence. Until a revised Revenue Share Programme is ratified, updates will continue under this standard to preserve predictability, minimise governance overhead and maintain confidence for all participants.
Snapshot
The percentages are calculated based on the amount of eUSD the Fintech Apps are holding relative to the eUSD Market Cap. The data and formulas used to generate the tables above can be inspected here.
Timeline
Risks
The degree of eUSD overcollateralisation depends on several factors including collateral basket APY, the amount of RSR staked, the price of RSR and the share of revenue directed to stRSR.
Under the previous programme, 100% of revenue generated from fintech-held balances was allocated to fintech participants. As fintech balances grew relative to non-fintech balances, the share of revenue flowing to stRSR declined, reducing staking APY for RSR stakers.
Lower staking yields could lead some stakers to reduce or exit their positions, decreasing the amount of RSR securing eUSD and increasing tail risk in the event of a collateral default. The recently ratified 90/10 revenue split mitigates this by directing a portion of fintech-generated revenue to stRSR holders, strengthening incentives for RSR staking and better aligning fintech growth with system security.
Operational risks also exist around wallet submissions used to calculate and distribute revenue share. Fintechs submit both balance wallets and a designated revenue wallet for streaming payments. If wallet balances are incomplete or incorrect, revenue share calculations could be inaccurate. Likewise, if a revenue wallet is submitted incorrectly, revenue could be streamed to the wrong address. These risks are mitigated by requiring fintechs to confirm submitted wallets, with all balances publicly verifiable on-chain at any time.
