# Seamless Lending Revenue Methodology

## 1. Overview

Revenue measures the portion of interest payments, flash loan premiums, and liquidation penalties that are retained by the Seamless Lending protocol treasury. This metric represents the earnings generated by the protocol from its lending operations on the Base network, after the distribution of interest to lenders (supply-side participants). Revenue is primarily derived from three streams: the protocol's share of interest accrued in reserves, a fixed take rate on flash loan volume, and protocol-specific fees extracted during collateral liquidations.

## 2. Data sources

- **Blockchain events**: `FlashLoan`, `LiquidationCall`, and `MintedToTreasury` events from `LendingPool` contracts; `LiquidationProtocolFeeChanged`, `ReserveFactorChanged`, and `ReserveInitialized` events from `LendingPoolConfigurator` contracts; ERC-20 `Transfer` events; and proprietary treasury accrual state data covering Base
- **External data**: End-of-day price feeds for underlying assets

## 3. Step-by-step calculation

### Component A: Interest reserve revenue

- **Purpose**: Captures the protocol's share of interest paid by borrowers.
- **Logic**: Running balances of interest accrued to the protocol and tokens minted to the treasury are tracked. `MintedToTreasury` events from `LendingPool` contracts are aggregated to determine the cumulative quantity of tokens minted. This is combined with cumulative treasury accruals extracted from protocol state data. Daily revenue is calculated as the day-over-day change in the sum of these two cumulative values for each market.
- **Key fields**: `in_amountMinted`, `treasury_accruals`, `token_address`

### Component B: Flash loan revenue

- **Purpose**: Measures protocol income generated from flash loan services.
- **Logic**: `FlashLoan` events are parsed from `LendingPool` contracts to identify the total premium paid by the borrower. The protocol revenue is calculated by applying a fixed 0.04% split to the flash loan amount.
- **Key fields**: `in_premium`, `in_asset`

### Component C: Liquidation protocol fees

- **Purpose**: Captures the protocol's portion of penalties collected during liquidations.
- **Logic**: `LiquidationCall` events from `LendingPool` contracts are used to identify liquidation transactions. ERC-20 `Transfer` events of collateral tokens are filtered to identify transfers from the liquidated user to the protocol treasury address. Protocol revenue is defined as the amount of collateral transferred to the treasury, which is governed by the liquidation protocol fee factor parsed from `LiquidationProtocolFeeChanged` events in `LendingPoolConfigurator` contracts.
- **Key fields**: `in_collateralAsset`, `in_user`, `value`

### Component D: Vault performance fees

- **Purpose**: Captures revenue generated from integrated vault products.
- **Logic**: ERC-20 `Transfer` events from integrated vault addresses to designated fee recipient addresses are parsed. These transfers represent performance-based fees collected by the protocol from specialized lending vaults.
- **Key fields**: `from_address`, `to_address`, `value`

### Component E: Normalization and USD conversion

- **Purpose**: Consolidate all revenue streams into a single USD-denominated metric.
- **Logic**: All raw revenue amounts are normalized by the decimal precision of the respective underlying assets. These normalized values are multiplied by end-of-day price feeds to determine the USD value. Daily totals are aggregated across all assets and chains using UTC day boundaries.

*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 Lending

Revenue

Revenue

Chain breakdown