RealFi Office Hours Recap: September 2026

The month in three

Community contributions carried through to launch, from finding bugs and bringing delegators into testnet to choosing the new token names.

The first yield distributions reached the staking vault, with portfolio income reflected in the protocol’s sUSDrf-to-USDrf exchange rate.

Ethereum is the next product priority, with native minting and staking planned to bring RealFi to more users.

A launch the community helped prepare

On 21 September, Ben and Rob invited people to contribute through the Alpha Ambassador Programme, using their strengths to find bugs, explain RealFi or make introductions. Building on the stake pool operator workshops, they invited people to use the shared Miro board to test ideas. The question was whether small, community-led experiments could bring more genuine participants into testnet before the programme expanded.

Community input was already visible. Rob confirmed that the chosen USDrf and sUSDrf tickers were being rolled out. He also said he believed a community member had flagged the Cardano Foundation’s TOKEN2049 booth opportunity. The team then applied, presented and secured a place.

Looking back on testnet, Clay singled out the stake pool operators who had encouraged their delegators to participate. He described the engagement and bugs found as its biggest successes.

What mainnet changes

Clay opened with a milestone: RealFi had completed its first yield distributions. Income from the underlying assets had reached the staking vault as the investment team continued deploying the portfolio.

For anyone returning from testnet, he explained the two tokens. USDrf is designed to track the US dollar and does not pay yield to holders. sUSDrf is the staked token. When income is added to the staking vault, it increases the amount of USDrf represented by each sUSDrf. This is reflected in the protocol’s exchange rate, rather than through extra sUSDrf appearing in a wallet. It does not guarantee the token’s market price.

Clay explained that eligible users can receive sUSDrf by staking USDrf directly with RealFi or acquire it by swapping USDrf on SundaeSwap. The same yield mechanism applies whichever route is used. Neither route requires borrowing.

The yield is variable. It depends on the mix of assets in the portfolio, including money-market funds, collateralised loan obligation exchange-traded funds and direct lending. The proportion of USDrf being staked also affects how income is shared among stakers. Neither returns nor token value are guaranteed.

Clay also walked through the transparency portal. It brings together information on staking yield, collateralisation, supply and the assets backing the protocol. That gives the community a way to follow the portfolio as it develops. More historical views are planned as data accumulates.

How RealFi fits into Cardano DeFi

Community questions took the discussion beyond holding the tokens. Clay described live swap pools on SundaeSwap and lending integrations on Liqwid, where the tokens can be used in borrowing and collateral positions.

One question concerned ADA. Could someone access RealFi without selling their ADA? Clay explained that borrowing stablecoins against ADA on Liqwid offered a route. This is different from RealFi’s treasury holding ADA, which he said was unlikely for the foreseeable future because of its price volatility.

The call also covered looping, where someone borrows against a position and uses the borrowed funds to increase it. These are leveraged strategies on third-party venues, not recommendations. Borrowing costs can exceed the yield earned, and falling collateral values can trigger liquidation. Leverage magnifies losses as well as gains. Access remains subject to eligibility and jurisdictional restrictions.

What returning testers need to know

Pioneer Season ended on 29 September. During the 9 October call, Clay said the team was finalising points allocations, continuing farming checks and reviewing bug-report rewards.

The published Pioneer Season guidance↗ (opens in a new tab) explains wallet linking and the mainnet participation requirements. Returning testers should read that alongside the current Points Program Terms↗ (opens in a new tab). Points have no monetary value and do not guarantee RFG. Any conversion is conditional, discretionary and subject to eligibility and verification.

What comes next

Clay is now focused on bringing native minting and staking to Ethereum as part of RealFi’s expansion to compatible networks. He said the smooth Cardano launch had allowed him to devote much of his time to that work. His ambition is to bring RealFi’s real-world asset yield to users across more ecosystems.

Ben also invited people with relationships in Ethereum communities to get in touch. The Ambassador discussion had started with what people could contribute through their own skills and connections. Those introductions could help RealFi reach its next users as the product expands.

Thank you to everyone who has tested, asked questions and shared ideas, and to Clay for explaining what is now live. If something in the product is unclear, or you have an idea or introduction to offer, bring it to the RealFi Discord↗ (opens in a new tab). Those conversations help us choose what to cover next.

Watch or listen to the full Office Hours with Clay↗ (opens in a new tab).

This recap reflects the discussions on 21 September and 9 October 2026. It is for information only, not an offer, solicitation or recommendation to buy, sell or hold an asset, or financial, investment, legal or tax advice. Products and programmes are subject to eligibility and jurisdictional restrictions. Digital assets carry risk, including total loss. Plans, timelines and programme terms may change.