# Jupiter Lend Revenue Methodology

## 1. Overview

Revenue for Jupiter Lend measures the portion of protocol fees retained by the project after the distribution of a share to Fluid, the underlying lending infrastructure provider. These earnings are derived from the interest paid by borrowers, where a protocol-level fee rate is applied to the accrued interest. Total revenue reflects a 50% allocation of these collected fees, representing Jupiter Lend's net earnings from its lending operations on Solana.

## 2. Data sources

- **Blockchain events**: `Operate`, `UpdateTokenConfig`, `UpdateRateDataV1`, and `UpdateRateDataV2` instructions from the `Liquidity` program on Solana
- **External data**: End-of-day price feeds for borrowed and supplied assets

## 3. Step-by-step calculation

### Component A: Asset balance and utilization tracking

- **Purpose**: Establishes the foundation for interest calculation by tracking the supply and borrow states of each asset.
- **Logic**: `Operate` instructions from the `Liquidity` program are parsed to identify incremental changes in supply and borrow amounts. Running balances for total supply and active borrows are maintained for each asset account. Utilization is calculated as the ratio of the active borrow balance to the total supply balance at the time of each operation.
- **Key fields**: `borrow_amount`, `supply_amount`, `mint` (asset identification)

### Component B: Interest accrual calculation

- **Purpose**: Determines the total interest generated by borrowers based on utilization and rate curves.
- **Logic**: Interest rate configurations are extracted from `UpdateRateDataV1` and `UpdateRateDataV2` instructions, which define single-kink or two-kink interest rate models. For every period between instructions, the interest rate is determined by applying the current utilization to the active rate curve. Compound interest is accrued on the borrow balance based on the time elapsed since the previous instruction and the applicable daily interest rate.
- **Key fields**: `kink`, `rate_at_utilization_kink`, `rate_at_utilization_max`, `rate_at_utilization_zero`

### Component C: Protocol fee and revenue extraction

- **Purpose**: Calculates the final revenue retained by Jupiter Lend after protocol fees and infrastructure sharing are applied.
- **Logic**: The protocol fee rate is identified from `UpdateTokenConfig` instructions and applied to the interest accrued in Component B to determine total protocol fees. Revenue is then calculated as 50% of these protocol fees, reflecting the revenue-sharing agreement with Fluid. Amounts are normalized by asset decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `fee` (protocol take rate)

*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.

Jupiter Lend

Revenue

Revenue

Chain breakdown