# Fluid Revenue Methodology

## 1. Overview

Revenue measures the portion of fees retained by the protocol across its suite of products, including Fluid Vault, Fluid DEX, Fluid DEX Lite, Fluid Lite, and Venus Flux. This includes a percentage share of swap fees from decentralized exchanges, interest income from lending vaults, and performance fees from automated yield strategies. Revenue is also derived through a sharing agreement with Jupiter Lend, where half of the lending fees generated are allocated to Fluid as an infrastructure provider.

## 2. Data sources

- **Blockchain events**: `LogCollectRevenue` and `LogOperate` events from `FluidLiquidity` and `FluidLiquidityProxy` contracts, `LogRebalance` events from `FluidVaultT1` and `FluidVaultT2` contracts, `Swap` events from `FluidDex` and `FluidDexT1` contracts, `LogSwap` events from `FluidDexLite` contracts, `LogWithdrawFeeCollected` and `LogUpdateFees` events from Fluid Lite contracts, and `Operate`, `UpdateTokenConfig`, `UpdateRateDataV1`, and `UpdateRateDataV2` instructions from the `Liquidity` program, covering Ethereum, Solana, Arbitrum, Base, and 3 other chains
- **External data**: End-of-day price feeds for assets and asset metadata

## 3. Step-by-step calculation

### Component A: Fluid Vault and Venus Flux revenue

- **Purpose**: Interest-based revenue is captured from lending vaults on EVM-compatible chains and BSC.
- **Logic**: Revenue is calculated by combining uncollected and collected revenue snapshots. Uncollected revenue is determined by the difference between total liquidity supply/borrow balances and Fluid Vault-specific balances. Daily revenue is derived as the change in uncollected revenue over time, plus any actual revenue collections captured via `LogCollectRevenue` events from `FluidLiquidity` and `FluidLiquidityProxy` contracts. For BSC, this revenue is attributed to Venus Flux.
- **Key fields**: `total_supply_liquidity`, `total_supply_vault`, `total_borrow_vault`, `total_borrow_liquidity`, and `amount` (collected)

### Component B: Fluid DEX and Fluid DEX Lite swap revenue

- **Purpose**: The protocol's share of fees from decentralized exchange activity is calculated.
- **Logic**: Trading volumes are aggregated from `Swap` events across `FluidDex` and `FluidDexT1` contracts, and `LogSwap` events from `FluidDexLite` contracts. Protocol revenue is determined by applying a pool-specific `revenue_cut` percentage to the total swap fees, which are calculated by multiplying the traded token amount by the trade fee rate. Traded token amounts are determined based on the swap direction (`a_to_b`) using either `amount_0` or `amount_1`. Additionally, arbitrage fees are identified by parsing `LogOperate` events to calculate the absolute difference between supply and borrow amounts during liquidity operations. For BSC, these fees are attributed to Venus Flux.
- **Key fields**: `amount_0`, `amount_1`, `trade_fee_rate`, `revenue_cut`, `supply_amount`, and `borrow_amount`

### Component C: Jupiter Lend revenue sharing

- **Purpose**: Revenue earned through the infrastructure partnership with Jupiter Lend on Solana is determined.
- **Logic**: Total fees are calculated by tracking interest accrued on active loans. Interest is tracked by parsing `Operate` instructions from the `Liquidity` program, maintaining running borrow balances, and applying interest rate curves defined in `UpdateRateDataV1` and `UpdateRateDataV2` instructions. A fee rate is applied to the accrued interest based on `UpdateTokenConfig` instructions. Revenue for Fluid is then calculated as 50% of these total lending fees.
- **Key fields**: `borrow_amount`, `rate_bps`, `interest_accrued_this_period`, and `fee`

### Component D: Fluid Lite performance and withdrawal fees

- **Purpose**: Revenue generated from automated yield management strategies is measured.
- **Logic**: Performance fees are calculated by applying a `revenue_fee` rate to the yield generated by the strategies, which is tracked through `LogCollectRevenue` and `LogUpdateFees` events. Withdrawal fees are captured directly from `LogWithdrawFeeCollected` events. These components are combined to determine the total revenue generated by the asset management product.
- **Key fields**: `amount` (yield), `revenue_fee`, and `fee` (withdrawal)

### Component E: Normalization and USD conversion

- **Purpose**: All revenue components are normalized into a standardized USD format.
- **Logic**: All collected amounts and calculated fees are normalized by decimal precision. Values are converted to USD using end-of-day price feeds for the respective assets. Results are aggregated at a daily granularity using UTC day boundaries.

*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.

Revenue

Lending

Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

Fluid

Revenue

Revenue

Chain breakdown