# Venus Flux Revenue Methodology

## 1. Overview

The portion of fees retained by Venus Flux, a product of Fluid deployed on BNB Chain, is measured by Revenue. Earnings from automated Fluid Vault interest, decentralized exchange arbitrage fees, and protocol-specific take rates applied to liquidity layer operations are captured by this metric. The protocol's gross income before operating expenses or distributions to other stakeholders is represented.

## 2. Data sources

- **Blockchain events**: `LogOperate` and `LogCollectRevenue` events from `FluidLiquidity` and `FluidLiquidityProxy` contracts, `LogRebalance` events from `FluidVaultT1` and `FluidVaultT2` contracts, and `Swap` events from `FluidDex` and `FluidDexT1` contracts, covering BNB Chain
- **External data**: End-of-day price feeds for assets including BNB, BTC, ETH, and various stablecoins

## 3. Step-by-step calculation

### Component A: Venus Flux liquidity layer revenue tracking

- **Purpose**: Protocol earnings generated within the underlying liquidity infrastructure are captured.
- **Logic**: Uncollected revenue values are extracted from liquidity resolver accounts to identify the protocol's accrued earnings across all active assets. Daily revenue is calculated by determining the change in these stored revenue values between consecutive snapshots. Any revenue successfully withdrawn from the system, identified via `LogCollectRevenue` events from `FluidLiquidity` or `FluidLiquidityProxy` contracts, is added to the daily total to ensure comprehensive tracking.
- **Key fields**: `revenue`, `amount`, `token_address`

### Component B: Venus Flux Fluid DEX arbitrage fee extraction

- **Purpose**: Fees generated from arbitrage-based operations within the decentralized exchange are captured.
- **Logic**: `LogOperate` events from `FluidLiquidity` contracts are parsed to identify arbitrage-related transfers. Fees are calculated when the supply amount and borrow amount for a specific asset within a single operation are unequal. The absolute difference between these amounts is captured and classified as protocol revenue.
- **Key fields**: `supply_amount`, `borrow_amount`, `token_address`

### Component C: Venus Flux Fluid Vault and swap fee allocation

- **Purpose**: The protocol's share of trading fees and Fluid Vault interest is determined.
- **Logic**: Swap fees are calculated by multiplying the input asset amount of the trade (determined by the trade direction) by the trade fee rate of the pool. A protocol-level revenue cut is applied to these fees based on the configuration stored in Fluid DEX pool settings. Additionally, revenue from automated vaults is calculated by tracking the daily change in uncollected Fluid Vault revenue—defined as the difference between Fluid Vault and liquidity layer balances—plus collected revenue identified via `LogRebalance` events from `FluidVaultT1` and `FluidVaultT2` contracts.
- **Key fields**: `amount_0`, `amount_1`, `trade_fee_rate`, `revenue_cut`, `total_supply_liquidity`, `total_supply_vault`, `total_borrow_vault`, `total_borrow_liquidity`, `collateral_amount`, `debt_amount`

### Component D: USD conversion and final aggregation

- **Purpose**: All revenue components are normalized to a common currency for reporting.
- **Logic**: All collected amounts are normalized by asset-specific decimal precision. These quantities are converted to USD using end-of-day price feeds for each respective asset. The data is aggregated at a daily granularity with UTC day boundaries.
- **Key fields**: `revenue`, `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.

Venus Flux

Revenue

Revenue

Chain breakdown