Ruby Token: Revenue and Value Model

Introduction

What this model is

This model rebuilds the Ruby Token revenue and value picture using RubySDK's real per-operation fees, applied consistently across all three deals. Every fee is paid in Ruby and collected on-chain when the operation runs, so each operation consumes Ruby to the value of its fee.

Of the resulting fee revenue in USDC, 99% is distributed to bonded holders and RubySDK retains 1%. USDC is a dollar stablecoin, so one USDC is one US dollar. A bonded holder is one who has locked their Ruby for a set period in return for a share of the fees.

The figures are conservative and closed-loop. They assume real client consumption only, with no exchange listing.

The per-operation fee schedule

What each operation costs, in USDC

Conservative mapping rule: the $1.00 fee is reserved for genuine value events only, meaning an asset or token mint, an escrow creation, or an escrow settlement. Bulk and repeated operations, including per-image records, are priced as $0.01 transfers and never as $1.00 mints.

How the model works

Supply, bonding and the two formulas

The bonded share

Why 62.5% bonded is a conservative anchor

A bond level near 62.5%, or 625 million tokens, is a common self-correcting market equilibrium. Roughly 60 to 65% of holders bond for yield, while the rest stay liquid for capital appreciation.

If yield looks rich, more tokens bond and the yield per token falls back. If yield looks thin, tokens unbond and it rises again. The balance corrects itself.

Cumulative revenue and value

Deals added smallest to largest

The entry reference is the $0.01 subscription price. The yield per 1,000,000 Ruby is the annual USDC distribution on a bonded holding of that size, which equals the 5% target yield on the modelled reference value at each stage. Sterling is shown at approximately $1.3243 to £1.

Volumes are mature annual run-rates, meaning the steady state each engagement reaches once fully deployed, not year one. Each deal ramps to its run-rate over time, and the ramp period varies by engagement, so no single year is implied.

Per-transaction fee build for each deal

One completed transaction, priced end to end

Each fee below is built from the real schedule using the conservative mapping.

Affidea, $2.00 per patient examination

Images are priced as cheap bulk transfers, not as per-image mints.

DataVault, $3.27 per completed real-world-asset transaction

Capacity Derivatives, $4.05 per completed trade

Capacity Derivatives is the largest deal by transaction volume in this model.

The Treasury Reference Price

The price of a direct purchase

The Treasury Reference Price is the price RubySDK sets periodically to govern direct purchases of the Ruby token, meaning purchases made from RubySDK rather than on an exchange. It is worked out from the fees the token has actually earned.

Why yield sets the price in a closed loop

A closed-loop token is not listed, so there is no order book and no market price to read off a screen. What a buyer can read instead is the income the token pays. That income is the price signal, and it behaves the way a bond does rather than the way a speculative equity does.

1. Client operations consume Ruby.
2. Those operations generate fees in USDC.
3. 99% of the fees are distributed to bonded holders.
4. A prospective investor compares the published yield against the current price.
5. If the yield is attractive for the risk, demand for tokens rises.
6. Demand bids the price upward.
7. A rising price pulls the yield percentage back down.
8. The price settles where the yield equals a fair return for the risk.

The anchor here is the relationship between fee revenue earned and tokens bonded. It is not sentiment, and it is not a listing price.

How the formula reprices the token as revenue grows

Both inputs to the formula are observable. The fees are collected on-chain and the distributions are made on-chain, so anyone can check the yield figure against the chain. The target yield rate is published. Nobody sets the price by judgement.

As revenue grows, the yield per token grows with it, and dividing by the same target rate produces a higher price. The repricing is automatic, and the arithmetic is open to inspection.

The revenue-to-price ladder

The ladder below shows the same mechanism at operation volumes far above the three deals modelled here. It uses a different and simpler set of assumptions: 400,000,000 tokens bonded, a 5% target yield, and a flat $0.01 per operation. Fractionalisation means an operation costs $0.01 whatever the token is worth, so a rising price does not price clients out.

Illustrative, at 400,000,000 tokens bonded and a 5% target yield. The bonded figure differs from the 625,000,000 used earlier on this page, so the two sets of numbers are not directly comparable.

The target yield rate matters as much as the volume. At a 2% target, which is a reasonable rate for a stable instrument backed by real revenue, a $1.00 price needs roughly 800 million operations a year rather than 2 billion.

Why a public listing is optional

Value comes from consumption, not from a listing

• The closed-loop model needs no Tier 1 or Tier 2 exchange listing, ever. It can run indefinitely on real client revenue and still deliver significant investor return.
• A public token sale is optional. It is worth considering only years downstream, once there is major commercial transactional traction. It is not a fundamental requirement.
• If RubySDK did list later, it would do so backed by very significant existing client consumption, which supports a more robust and higher listing price.
• A public listing also brings exchange and market-making costs that would partially offset the 99% currently returned to holders, so the closed-loop route stays favourable either way.

Illustrative model, not a forecast. Not investment advice.