# Fluid Lite Revenue Methodology

## 1. Overview

Revenue measures the portion of yield and fees retained by Fluid Lite from its automated asset management strategies. It represents the protocol's earnings generated through performance fees applied to yield-bearing assets and withdrawal fees collected from users. This metric reflects the protocol's ability to monetize its yield-optimization infrastructure before the deduction of operating expenses or token incentives.

## 2. Data sources

- **Blockchain events**: `collectRevenueLog` and `updateFeesLog` events from `iETH`, `iDAI`, `iUSDC`, and `iWBTC` contracts (Fluid Lite V1), plus `LogCollectRevenue`, `LogUpdateFees`, and `LogWithdrawFeeCollected` events from `iETH` contracts (Fluid Lite V2), covering Ethereum
- **External data**: End-of-day price feeds for supported assets and state snapshots of unclaimed yield amounts

## 3. Step-by-step calculation

### Component A: Performance fee tracking

- **Purpose**: Calculate protocol earnings derived from the yield generated by asset management vaults
- **Logic**: Realized yield is identified by parsing `collectRevenueLog` (V1) and `LogCollectRevenue` (V2) events. Unrealized yield is tracked through daily snapshots of unclaimed revenue amounts, where the daily change is calculated as the current snapshot minus the previous snapshot (adjusting for collections). The total yield is then multiplied by the applicable protocol take rate. These take rates are determined by parsing `updateFeesLog` (V1) and `LogUpdateFees` (V2) events to identify the active fee percentage for each Fluid Vault.
- **Key fields**: `amount` (yield quantities), `fee_rate` (protocol take rate), `token_address` (asset identification)

### Component B: Withdrawal fee collection

- **Purpose**: Capture revenue generated from user exits in specific Fluid Vault versions
- **Logic**: Direct fees paid by users upon withdrawing assets are identified by parsing `LogWithdrawFeeCollected` events from `iETH` contracts. These amounts are treated as immediate revenue for the protocol.
- **Key fields**: `fee` (collected withdrawal amount), `account_address` (Fluid Vault identification)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize revenue components into a single currency for reporting
- **Logic**: All collected and uncollected revenue amounts are normalized by decimal precision. These values are multiplied by end-of-day price feeds for each respective asset to calculate the USD value. Daily totals are aggregated across all vaults and versions using UTC day boundaries.
- **Key fields**: `block_timestamp` (timing), `price_usd` (valuation)

*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 Lite

Revenue

Revenue

Chain breakdown