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JustLend DAO

# justlend Revenue Methodology

## 1. Overview

Revenue is defined as the portion of fees retained by JustLend, representing the protocol's earnings from its lending and staking services. For JustLend Markets, revenue is generated from the reserve factor applied to accrued borrower interest. For JustLend Staking, revenue is captured from the reserve share added to the staking contract's reserves during income distribution events. These earnings are converted to USD to provide a standardized measure of protocol profitability before operating expenses and token incentives.

## 2. Data sources

- **Blockchain events**: `AccrueInterest` and `NewReserveFactor` events from `CErc20Delegator` and `CEther` contracts, and `Income` and `ReservesAdded` events from `STRXProxy` contracts, covering Tron
- **External data**: End-of-day price feeds for native and underlying assets

## 3. Step-by-step calculation

### Component A: JustLend Markets revenue

- **Purpose**: To calculate the protocol's share of interest accrued from lending markets
- **Logic**: `AccrueInterest` events are parsed from `CErc20Delegator` and `CEther` contracts to extract the accumulated interest. To determine the protocol's share, the active reserve factor is applied to this interest. The active reserve factor is tracked by parsing `NewReserveFactor` events from `CErc20Delegator` and `CEther` contracts, which update the reserve factor over time. For markets where no reserve factor change has occurred, a launch reserve factor is applied from static market metadata. Revenue is calculated for each market as `interest * reserve_factor`.
- **Key fields**: `interestAccumulated` (accumulated interest), `newReserveFactorMantissa` (updated reserve factor), `launch_reserve_factor` (initial reserve factor)

### Component B: JustLend Staking revenue

- **Purpose**: To calculate the protocol's share of staking income from staked TRX (sTRX)
- **Logic**: `Income` and `ReservesAdded` events are parsed from `STRXProxy` contracts. These events are matched within each transaction based on their order of occurrence. The reserve income, representing the portion of staking rewards added directly to the contract's reserves, is extracted from the `ReservesAdded` events. This reserve income is designated as the protocol revenue for the staking product.
- **Key fields**: `arg0` from `ReservesAdded` events (representing the reserve income amount)

### Component C: USD conversion and aggregation

- **Purpose**: To normalize revenue values by decimal precision, convert them to USD, and aggregate them daily
- **Logic**: Revenue amounts for JustLend Markets and JustLend Staking are normalized using the decimal precision of their respective underlying assets. For JustLend Markets, the normalized amounts are multiplied by the end-of-day prices of the underlying assets, with native TRX prices applied to the native TRX market. For JustLend Staking, the normalized reserve income is multiplied by the end-of-day native TRX price. The USD-denominated revenue values are then aggregated daily across all products to produce the final daily revenue metric.
- **Key fields**: `underlying_decimals` (asset decimals), `price_usd` (end-of-day asset price)

*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.

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