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Lending

Prime Numbers

# Prime Numbers Revenue Methodology

## 1. Overview

PrimeNumbers revenue represents the protocol fees earned from lending operations on the PrimeFi Lending platform. This metric measures the portion of interest payments that flows to the protocol treasury rather than to liquidity providers. The calculation follows an AAVE v2 pattern where protocol revenue is captured through aToken mints to the treasury address, representing the protocol's share of borrower interest payments based on configured reserve factors.

## 2. Data sources

The calculation relies on several key data sources:
- **XDC blockchain token transfer events**: Raw transfer events that include aToken mints to the protocol treasury
- **PrimeNumbers protocol configuration events**: Smart contract events that define lending markets and reserve factor settings
- **End-of-day token price feeds**: Price data for converting token amounts to USD values
- **Token metadata**: Information about token decimals and contract addresses for proper amount normalization

## 3. Step-by-step calculation

### Component A: Fee transfer identification
- **Purpose**: Identify when the protocol collects fees through aToken mints to the treasury
- **Logic**: Extract token transfer events on the XDC network where tokens are minted (transferred from the null address `0x0000000000000000000000000000000000000000`) to the PrimeNumbers treasury address (`0x9d96d06cb863b76b07670e98d86470407a965a9c`). These transfers must involve aToken addresses that are part of PrimeNumbers lending markets. The transfer events are filtered to only include tokens that match aToken addresses from markets initialized through `LendingPoolConfigurator_ReserveInitialized_event` events for the PrimeFi Lending v1 protocol on XDC
- **Key fields**: The `value` field represents the amount of aTokens minted to the treasury, `token_address` identifies the specific aToken, `block_timestamp` provides timing, and `transaction_hash` plus `log_index` ensure uniqueness

### Component B: Market configuration
- **Purpose**: Define which tokens and addresses are part of PrimeNumbers lending markets
- **Logic**: Extract market initialization events from the PrimeNumbers `LendingPoolConfigurator` contract on XDC to identify valid lending markets. These events provide the mapping between underlying tokens and their corresponding aToken addresses. The pool address is hardcoded as `0x8a619D8E3BfAb54F7C30Ef39Ce16c53429c739C3` for the PrimeFi Lending v1 protocol
- **Key fields**: `underlying_token_address` identifies the base token being lent, `atoken_address` identifies the corresponding interest-bearing token, and various debt token addresses for completeness

### Component C: Reserve factor calculation
- **Purpose**: Determine what percentage of interest payments flows to the protocol versus liquidity providers
- **Logic**: Extract reserve factor changes from `LendingPoolConfigurator_ReserveFactorChanged_event` events, which specify the protocol's share of interest payments for each token market. Reserve factors are expressed as basis points (denominated by 10,000) and default to 10% when no specific factor is set. These factors are filled forward daily from April 1, 2024, to create a complete time series for each token market
- **Key fields**: `reserve_factor` represents the protocol's percentage share of interest payments, applied to each `token_address` on each `timestamp`

### Component D: Revenue calculation
- **Purpose**: Calculate the actual protocol revenue from fee collection events
- **Logic**: Combine fee transfer amounts with reserve factor context. Since the transfers to treasury represent the protocol's portion of interest payments (already split according to reserve factors), the transfer `amount` directly represents protocol revenue. The calculation joins fee transfers with daily reserve factors primarily for validation and context, as the aToken mints to treasury already represent the protocol's rightful share
- **Key fields**: `revenue` equals the `amount` of aTokens minted to the treasury, representing the protocol's share of borrower interest payments

### Component E: Token address mapping
- **Purpose**: Handle special token address cases for price lookup
- **Logic**: Apply specific mapping rules for tokens that need alternative addresses for price data. psXDC (address `0x9b8e12b0bac165b86967e771d98b520ec3f665a6`) is mapped to WXDC (address `0x951857744785e80e2de051c32ee7b25f9c458c42`) to ensure accurate price lookup, as price feeds may not be available for all derivative tokens
- **Key fields**: `price_token_address` provides the mapped address for price lookup while preserving the original `token_address`

### Final aggregation
- **Combining components**: Revenue amounts are aggregated daily by chain, product, and token address, summing all fee collection events within each day
- **Currency conversion**: Token amounts are first normalized using token decimal metadata, then converted to USD using end-of-day price feeds based on the mapped token addresses
- **Time aggregation**: Daily boundary logic aggregates all events within each calendar day (UTC), with timestamps truncated to day granularity
- **Final calculation**: The final metric represents the total USD value of protocol fees collected each day across all PrimeNumbers lending markets, calculated as the sum of all aToken amounts minted to the treasury, normalized for token decimals, and converted to USD using end-of-day exchange rates

*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.

Prime NumbersPRFI

Revenue

Revenue

Competitive landscape

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