# Fluid Vault Revenue Methodology

## 1. Overview

Revenue measures the protocol's share of earnings generated by Fluid Vault. For this product, revenue is derived from the spread between the interest generated within the underlying Fluid liquidity layer and the interest distributed to Fluid Vault users. This metric captures both uncollected protocol growth (the accrual of the spread over time) and revenue realized during Fluid Vault rebalancing operations. Revenue is denominated in the underlying assets and converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: `LogRebalance` events from `FluidVaultT1` and `FluidVaultT2` contracts, covering Ethereum, Arbitrum, Base, BSC, Polygon, and Plasma
- **Blockchain state data**: Daily snapshots of Fluid Vault and liquidity layer balances, including total supply and total borrow amounts, covering Ethereum, Arbitrum, Base, BSC, Polygon, and Plasma
- **External data**: End-of-day price feeds for the underlying collateral and debt assets

## 3. Step-by-step calculation

### Component A: Uncollected revenue snapshotting

- **Purpose**: Calculate the protocol spread that has accrued but has not yet been collected or rebalanced.
- **Logic**: Daily snapshots of the Fluid Vault's state are parsed to extract `total_supply_vault`, `total_borrow_vault`, `total_supply_liquidity`, and `total_borrow_liquidity`. Uncollected supply-side revenue is calculated as the difference between the total supply in the liquidity layer and the total supply in the Fluid Vault. Uncollected borrow-side revenue is calculated as the difference between the total borrow in the Fluid Vault and the total borrow in the liquidity layer. These values represent the protocol's retained earnings held within the liquidity layer.
- **Key fields**: `total_supply_vault`, `total_borrow_vault`, `total_supply_liquidity`, `total_borrow_liquidity`

### Component B: Rebalance revenue collection

- **Purpose**: Capture revenue that is realized and collected during active Fluid Vault management.
- **Logic**: `LogRebalance` events are parsed from `FluidVaultT1` and `FluidVaultT2` contracts. The collateral and debt amounts specified in these events are identified as realized revenue components. Specifically, negative collateral changes are treated as collected supply-side revenue, and positive debt changes are identified as collected borrow-side revenue.
- **Key fields**: `collateral_amount`, `debt_amount`, `account_address`

### Component C: Daily revenue aggregation

- **Purpose**: Combine the change in uncollected spread with realized collections to determine total daily revenue.
- **Logic**: The daily change in uncollected revenue is determined by subtracting the previous day's snapshot from the current day's snapshot. This delta is added to the total revenue collected via rebalance events for the same period. If the resulting daily revenue calculation is negative due to rounding or extreme market volatility, the value is normalized to zero.
- **Key fields**: `revenue` (uncollected delta), `amount` (collected)

### Component D: USD conversion and normalization

- **Purpose**: Normalize revenue amounts into a common currency for reporting.
- **Logic**: Revenue amounts are normalized by the decimal precision of the respective supply or borrow assets. The normalized quantities are multiplied by end-of-day price feeds to determine the USD value. Values are aggregated at the daily level using UTC day boundaries.
- **Key fields**: `timestamp`, `token_address`, `price_usd`

*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 Vault

Revenue

Revenue

Chain breakdown