Lenders deposit funds into Shoebill Finance and receive interest payments from borrowers (supply-side fees).

Shoebill Finance is a non-custodial lending protocol built on Manta Pacific. Shoebill Finance was founded by the pseudonymous Paguinfo and launched in 2023.

Shoebill Finance’s team own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

github

twitter

website

Lending

Shoebill Finance

# Shoebill Finance Average revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Shoebill measures the daily revenue generated per active user on the protocol. This metric is calculated by dividing total daily revenue by the number of daily active users, providing insight into the protocol's monetization efficiency and user value generation. The calculation uses lending protocol interest accruals as the revenue source and tracks user interactions across deposit, withdrawal, borrowing, and repayment activities.

## 2. Data sources

The ARPU calculation relies on several key blockchain data sources:

- **Manta blockchain event logs**: Parsed `AccrueInterest` events from four Shoebill lending markets (sbEth, sbStone, sbUsdc, sbwUsdm) that capture protocol interest earnings
- **Reserve factor events**: Parsed `NewReserveFactor` events from Shoebill contracts that determine the protocol's revenue share versus supplier rewards
- **User interaction events**: Parsed lending events including `Borrow`, `Mint` (deposits), `Redeem` (withdrawals), and `RepayBorrow` from all Shoebill markets on Manta
- **End-of-day token price feeds**: Daily price data for USD conversion of multi-token revenue streams
- **Token metadata**: Market identification data linking contract addresses to token symbols and market names

## 3. Step-by-step calculation

### Component A: Protocol revenue calculation

- **Purpose**: Calculate the protocol's share of interest earnings from lending activities
- **Logic**: Interest accrual events are captured from parsed `AccrueInterest` events across four Shoebill lending markets on Manta. Each accrual event contains the total interest earned by the market. Reserve factor updates from `NewReserveFactor` events determine what percentage of this interest goes to the protocol versus liquidity suppliers. The calculation applies the appropriate reserve factor percentage to each interest accrual based on timing - using the most recent reserve factor that was active when the interest was accrued. Revenue is calculated only for events that occur after a reserve factor has been set.
- **Key fields**: `interestAccumulated` (raw interest amount), `newReserveFactorMantissa` (protocol share percentage), `block_timestamp` (event timing), `account_address` (market contract)

### Component B: Daily active user counting

- **Purpose**: Count unique users interacting with Shoebill lending markets each day
- **Logic**: User activity is tracked from four types of lending interactions across all Shoebill markets: borrowing (via `Borrow` events), depositing (via `Mint` events), withdrawing (via `Redeem` events), and loan repayments (via `RepayBorrow` events). Each event captures the user address performing the action. Users are categorized by interaction type (Borrower, Depositor, Withdrawer, Repayer) but deduplicated at the daily level using HyperLogLog algorithms to count unique active addresses regardless of how many different interaction types they performed.
- **Key fields**: `borrower`, `minter`, `redeemer`, `payer` (user addresses from different event types), `block_timestamp` (for daily aggregation)

### Component C: Revenue USD conversion and formatting

- **Purpose**: Convert multi-token revenue amounts to USD and apply decimal corrections
- **Logic**: Raw revenue amounts from interest accruals are converted from blockchain decimal format (typically 18 decimals) to standard format. Each market's revenue is then converted to USD using end-of-day token price feeds that correspond to the underlying token (ETH, STONE, USDC, wUSDM). Revenue is aggregated daily across all markets to produce total protocol revenue per day.
- **Key fields**: `amount` (corrected revenue amounts), `token_address` (for price lookup), `timestamp` (daily aggregation boundary)

### Final aggregation

- **Combining components**: Daily revenue totals are joined with daily active user counts by timestamp. Both metrics are aggregated at the protocol level (across all chains and markets) for the same time period.
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day price feeds, ensuring consistent currency denomination across different underlying tokens
- **Time aggregation**: Both revenue and user metrics are aggregated to daily grain, with missing days filled with zeros to maintain continuous time series
- **Final calculation**: ARPU is calculated by dividing total daily revenue in USD by the total daily active user count. Days with zero users result in null ARPU values to avoid division by zero errors.

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

Shoebill Finance

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape