Pool delegates create a pool and attract funding, from which they receive a portion of the establishment fee and the interest accrued. Liquidity providers add liquidity to the pool and receive a portion of the interest (supply-side fees).

Maple is a non-custodial lending protocol built on Ethereum offering undercollateralized loans for institutional borrowers. Maple was founded by Sid Powell and Joe Flanagan and launched in 2021.

MPL token holders govern and own the protocol. They currently take a cut of the establishment fee (revenue). Maple’s investors include Framework Ventures, One Block Capital, Stani Kulechov etc.

governance

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Lending

Maple Finance

# Maple Finance Fees Methodology

## 1. Overview

The total value paid by borrowers and users to use the lending and credit applications of Maple Finance is measured by the Fees metric. This metric is utilized to show the total economic value generated by the project. Fees are generated from interest paid by borrowers, delegate and platform fees, treasury transfers, and off-chain OTC revenues across both V1 and V2 pools.

## 2. Data sources

- **Blockchain events**: `FundsDistributed` events from `FTLoanManager` contracts, `ServiceFeesPaid` events from `FeeManager` contracts, `ClaimedFundsDistributed` events from `LoanManager` contracts, and `Claim` events from `Pool` contracts, as well as ERC-20 token transfers to designated treasury addresses, covering Ethereum
- **External data**: End-of-day price feeds, asset metadata, and off-chain OTC revenue records

## 3. Step-by-step calculation

### Component A: V2 Fixed Term Loan fee extraction

- **Purpose**: Fees and interest generated by V2 Fixed Term Loans are captured.
- **Logic**: `ServiceFeesPaid` events from `FeeManager` contracts are parsed to extract delegate service fees and partial refinance delegate service fees. Additionally, `FundsDistributed` events from `FTLoanManager` contracts are parsed to extract net interest. These components are summed to determine the total fees from Fixed Term Loans.
- **Key fields**: `delegate_service_fee`, `partial_refinance_delegate_service_fee`, `net_interest`

### Component B: V2 Open Term Loan fee extraction

- **Purpose**: Fees and interest generated by V2 Open Term Loans are captured.
- **Logic**: `ClaimedFundsDistributed` events from `LoanManager` contracts are parsed. For standard pools, the fee amount is calculated as gross interest minus delegate management fees and platform management fees. For third-party delegate pools, which are identified via an allowlist of account addresses, delegate management fees and delegate service fees are aggregated.
- **Key fields**: `gross_interest`, `delegate_management_fee`, `delegate_service_fee`, `platform_management_fee`

### Component C: V1 Pool Claims fee extraction

- **Purpose**: Fees and interest generated by V1 lending pools are captured.
- **Logic**: `Claim` events from `Pool` contracts are parsed. The total fee amount is calculated as the sum of net interest, the stake locker portion, and the pool delegate portion.
- **Key fields**: `net_interest`, `stakeLockerPortion`, `poolDelegatePortion`

### Component D: Protocol revenue and off-chain OTC revenue tracking

- **Purpose**: Protocol-level revenues and off-chain OTC revenues are tracked.
- **Logic**: ERC-20 token transfers to designated Maple Finance treasury addresses on Ethereum are tracked. Additionally, off-chain OTC revenue is ingested from manual data integrations.
- **Key fields**: `amount`, `offchain_revenue`

### Component E: Normalization, USD conversion, and aggregation

- **Purpose**: All fee components are normalized, converted to USD, and aggregated.
- **Logic**: All extracted fee and revenue amounts are normalized by decimal precision using asset metadata. The normalized values are multiplied by end-of-day asset prices to convert them to USD. Finally, supply-side fees and protocol revenues are aggregated daily using UTC day boundaries to calculate the total Fees metric.
- **Key fields**: `timestamp`, `chain_id`, `fees`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

Maple FinanceSYRUP

Fees

Fees

Competitive landscape

Chain breakdown