Overcollateralized borrowers deposit funds into Abracadabra and receive MIM stablecoin.

Abracadabra is a non-custodial stablecoin protocol built on Ethereum and other adjacent blockchains. Abracadabra was founded by Daniele Sestagalli and launched in 2021.

SPELL tokenholders own and govern the protocol. Currently, the interest and borrowing fees paid by borrowers (revenue) are shared between tokenholders and the project treasury.

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Abracadabra.money

# Abracadabra.money Revenue Methodology

## 1. Overview

Abracadabra revenue represents the total income generated by the protocol from its lending operations and cross-chain bridge services. The metric combines four main revenue streams: borrowing fees charged when users borrow MIM stablecoin against collateral, interest accrued on outstanding loans, and fees from cross-chain MIM transfers via Beam bridge (both v1 and v2). This provides a comprehensive view of the protocol's fee-generating activities across multiple blockchain networks.

## 2. Data sources

- **Lending protocol events**: Parsed `Cauldron_LogBorrow_event` and `Cauldron_LogAccrue_event` logs from Ethereum, Arbitrum, Avalanche, BSC, and Fantom chains containing borrowing transactions and interest accrual data
- **Cross-chain bridge events**: Parsed `LzProxyOFTV2_SendToChain_event` and `LzIndirectOFTV2_SendToChain_event` logs used to identify legitimate beam bridge transactions across multiple chains
- **Native token flows**: On-chain native token transfer data tracking flows to and from specific beam contract addresses for v1 fee calculation
- **Beam v2 fee events**: Parsed `LzOFTV2FeeHandler_LogFeeCollected_event` logs from Base chain capturing structured fee collection data
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction

## 3. Step-by-step calculation

### Component A: Borrowing fees
- **Purpose**: Calculate fees charged when users borrow MIM tokens against collateral
- **Logic**: Extract borrowing events from parsed `Cauldron_LogBorrow_event` logs across five supported chains (Ethereum, Arbitrum, Avalanche, BSC, Fantom). Each borrowing event contains the `amount` field representing the borrowed MIM amount. Match the cauldron contract `address` from each event against a predefined pool configuration that assigns specific fee tiers to each pool. Multiply the borrowed `amount` by the pool's `borrow_fee_tier` (ranging from 0% to 1%) to calculate the borrowing fee. Most pools charge 0.5% borrowing fees, while some charge 0% or other rates
- **Key fields**: `amount` (borrowed MIM amount), `address` (cauldron pool address), `borrow_fee_tier` (pool-specific fee percentage)

### Component B: Interest revenue  
- **Purpose**: Capture interest accrued on outstanding loans
- **Logic**: Extract interest accrual events from parsed `Cauldron_LogAccrue_event` logs across the same five chains. Each accrual event contains an `accruedAmount` field that directly represents the interest earned by the protocol. Sum all `accruedAmount` values without applying any multipliers since this represents the actual interest revenue generated
- **Key fields**: `accruedAmount` (interest amount accrued), `address` (cauldron pool address)

### Component C: Beam v1 cross-chain fees
- **Purpose**: Track fees from cross-chain MIM transfers using the v1 bridge system
- **Logic**: Identify legitimate beam bridge transactions by matching transaction hashes from cross-chain send events (`LzProxyOFTV2_SendToChain_event` and `LzIndirectOFTV2_SendToChain_event`) across supported chains. Use these transaction hashes to filter native token flow data to specific beam contract addresses (such as `0x287176dfbec7e8cee0f876fc7b52960ee1784adc` on most chains and `0xe1261e47b08a22df93af46889ee504c2aa6dfd4c` on Polygon). Extract the `value` field from filtered native flows, which represents the bridge fees collected
- **Key fields**: `transaction_hash` (for filtering legitimate transactions), `value` (native token fee amount), `account_address` (beam contract address)

### Component D: Beam v2 cross-chain fees
- **Purpose**: Capture structured fees from the upgraded v2 bridge system  
- **Logic**: Extract fee collection events from parsed `LzOFTV2FeeHandler_LogFeeCollected_event` logs on Base chain. Each event contains an `amount` field that directly represents the fee collected by the protocol. These fees are denominated in the native token (ETH on Base)
- **Key fields**: `amount` (collected fee amount), token address (native ETH on Base)

### Final aggregation
- **Combining components**: Union all four fee components into a single dataset, truncating all timestamps to daily boundaries for consistent aggregation. For borrowing and interest components, temporarily map the chain to 'ethereum' for accurate price conversion while preserving the original chain information
- **Currency conversion**: Apply USD conversion using end-of-day token price feeds, with proper decimal adjustment based on each token's metadata. MIM tokens use 18 decimals, while native tokens vary by chain
- **Time aggregation**: Group all fees by day, chain, and other dimensional attributes, summing the USD-converted amounts to calculate daily revenue totals
- **Final calculation**: The final revenue metric equals the sum of (borrowing fees + interest revenue + beam v1 fees + beam v2 fees) converted to USD and aggregated by day and chain. Missing days are filled with zero values to ensure complete time series data

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Abracadabra.moneySPELL

Revenue

Revenue

Competitive landscape

Chain breakdown