twitter

website

github

Asset management

Seamless Protocol

# Seamless Protocol Revenue Methodology

## 1. Overview

This metric calculates the total daily revenue generated by Seamless Protocol from its lending and vault operations on Base blockchain. The revenue encompasses four primary streams: interest earned from lending activities, flash loan fees, liquidation protocol fees, and performance fees from Morpho vaults. The calculation aggregates these revenue sources, converts them to USD using end-of-day price feeds, and presents the total daily protocol revenue.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Seamless Protocol events**: Parsed `LendingPool_MintedToTreasury_event`, `LendingPool_FlashLoan_event`, and `LendingPool_LiquidationCall_event` from Base blockchain
- **Configuration events**: `LendingPoolConfigurator_ReserveFactorChanged_event` and `LendingPoolConfigurator_LiquidationProtocolFeeChanged_event` for fee parameters
- **Token transfer events**: Base blockchain `Transfer` events for aToken movements and fee distributions
- **Treasury accruals**: Seamless Protocol treasury accrual data from states system
- **Market initialization events**: `LendingPoolConfigurator_ReserveInitialized_event` for market mappings
- **End-of-day price feeds**: Token price data for USD conversion
- **Token metadata**: Token decimals, symbols, and contract information

## 3. Step-by-step calculation

### Component A: Interest revenue from lending
- **Purpose**: Calculate daily protocol revenue from lending interest accrued in treasury
- **Logic**: Combine treasury accrual amounts from states data with treasury mint events to determine total cumulative interest. Calculate daily changes by taking the difference between consecutive days' cumulative amounts. Apply reserve factors from configuration events to determine the protocol's share versus supply-side participants. The reserve factor represents the percentage that goes to the protocol, with the remainder going to liquidity providers
- **Key fields**: `treasury_accruals` from states data, `amountMinted` from mint events, `newReserveFactor` from configuration events, daily `revenue` calculated as the protocol's portion

### Component B: Flash loan revenue
- **Purpose**: Calculate revenue from flash loan fees charged to borrowers
- **Logic**: Extract flash loan events from the lending pool contract on Base blockchain. Apply a fixed fee rate of 0.04% to the `premium` amount charged for each flash loan. This represents the protocol's revenue from providing instant liquidity
- **Key fields**: `premium` amount from `FlashLoan` events, fixed `flash_loan_fee_split` of 0.0004 (0.04%), calculated `revenue` as premium multiplied by fee rate

### Component C: Liquidation protocol fees
- **Purpose**: Calculate protocol revenue from liquidation penalties
- **Logic**: Identify liquidation transactions using `LiquidationCall` events, then track corresponding aToken transfers from liquidated users to the protocol treasury. Apply liquidation protocol fee factors from configuration events to determine the protocol's share of liquidation penalties. The factor represents the percentage of the liquidation bonus that goes to the protocol versus the liquidator
- **Key fields**: `collateralAsset` and `user` from liquidation events, `value` from aToken transfers to treasury, `newFee` from liquidation fee configuration events, calculated `revenue` based on fee factor application

### Component D: Morpho vault performance fees
- **Purpose**: Calculate performance fees from Seamless Protocol's Morpho vault operations
- **Logic**: Track token transfers to a designated fee recipient address for Morpho vault tokens. These transfers represent performance fees collected from vault operations. Use fallback token addresses for price lookups when vault tokens themselves don't have direct price feeds, mapping vault addresses to their underlying asset addresses
- **Key fields**: `value` from transfers to fee recipient, `token_address` for vault identification, mapped underlying token addresses for price conversion

### Final aggregation
- **Combining components**: Union all four revenue streams with consistent business metadata including business line, market sector, and product identifiers. Each component contributes its daily revenue amounts with proper token address and chain identification
- **Currency conversion**: Convert token amounts to USD using end-of-day price feeds, applying proper decimal correction based on token metadata. Handle special cases for Morpho vaults by using underlying asset prices with decimal adjustments
- **Time aggregation**: Truncate all timestamps to daily boundaries and aggregate revenue amounts by day, chain, and token. Apply fill-zeros strategy to ensure continuous daily data
- **Final calculation**: Sum all revenue components for each day to produce the total protocol revenue, with proper business categorization as lending revenue under the seamless lending product

*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.

Seamless ProtocolSEAM

Revenue

Revenue

Competitive landscape

Chain breakdown