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).

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Shoebill Finance

# Shoebill Finance Earnings Methodology

## 1. Overview

Shoebill earnings represents the protocol's net profit from lending operations, calculated as revenue minus expenses. Since Shoebill currently has no token incentive expenses, earnings equals the protocol's revenue share from interest earned on lending markets. The metric measures the protocol's daily profitability from its lending business on the Manta blockchain.

## 2. Data sources

The calculation uses the following raw data sources:
- **Manta blockchain event logs**: Parsed `AccrueInterest` events from four Shoebill lending market contracts that track interest accumulation
- **Manta blockchain event logs**: Parsed `NewReserveFactor` events that set the revenue split between protocol and lenders
- **Token metadata**: Token registry data providing symbols and contract addresses for market identification
- **End-of-day price feeds**: Token price data for USD conversion of calculated amounts

## 3. Step-by-step calculation

### Component A: Interest accrual tracking
- **Purpose**: Captures all interest earned across Shoebill's lending markets
- **Logic**: Extract `AccrueInterest` events from four market contracts (sbEth, sbStone, sbUsdc, sbwUsdm) on Manta blockchain. Each event contains the `interestAccumulated` amount representing total interest earned in that transaction. Events are filtered to only include valid lending market addresses from an allowlist of known Shoebill contracts.
- **Key fields**: `interestAccumulated` (raw interest amount), `address` (market contract), `block_timestamp` (event timing)

### Component B: Reserve factor management  
- **Purpose**: Determines the protocol's revenue share percentage for each market
- **Logic**: Extract `NewReserveFactor` events that update the revenue split configuration. Each market has a reserve factor (percentage) that determines how much of the accrued interest goes to the protocol versus lenders. Use lead/lag timestamp logic to match each interest accrual event with the applicable reserve factor based on when the event occurred relative to reserve factor updates.
- **Key fields**: `newReserveFactorMantissa` (reserve factor as 18-decimal fixed point), `address` (market contract), `block_timestamp` (update timing)

### Component C: Revenue calculation
- **Purpose**: Calculates the protocol's share of accrued interest
- **Logic**: For each interest accrual event, multiply the `interestAccumulated` amount by the applicable `reserve_factor` to get the protocol's revenue share. The remaining portion (1 - reserve_factor) represents supply-side fees paid to lenders. Only include events where the accrual timestamp falls within the valid range for each reserve factor (after the reserve factor was set and before the next update).
- **Key fields**: `revenue` (protocol's share), `fees_supply_side` (lenders' share), calculated as reserve_factor × accrued_interest

### Component D: Token incentives (expenses)
- **Purpose**: Tracks protocol expenses from token incentive programs  
- **Logic**: Currently set to zero for all periods, indicating Shoebill does not operate token incentive programs. The model structure supports adding actual token incentive data if introduced in the future.
- **Key fields**: `token_incentives` (always 0)

### Final aggregation
- **Combining components**: Revenue amounts are aggregated daily across all markets and converted to USD using end-of-day price feeds with proper decimal correction. Token incentives (expenses) are also aggregated daily but remain zero.
- **Currency conversion**: Use end-of-day token price feeds to convert native token amounts to USD, applying proper decimal correction based on each token's decimal precision
- **Time aggregation**: Truncate all timestamps to daily boundaries and sum amounts within each day
- **Final calculation**: Calculate earnings as revenue minus expenses. Since expenses are currently zero, earnings equals the daily revenue amount in USD.

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

Shoebill Finance

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