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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Lending

Shoebill Finance

# Shoebill Finance Expenses Methodology

## 1. Overview

Shoebill expenses represent the protocol's costs related to token incentive programs offered to users. The metric measures the USD value of tokens distributed as rewards or incentives to encourage user participation in the protocol's lending markets. Currently, Shoebill does not operate any active token incentive programs, so expenses are consistently zero across all time periods and markets.

## 2. Data sources

- **Token metadata**: Protocol token information for market identification and symbol resolution
- **End-of-day token price feeds**: USD conversion rates for potential future token incentive calculations
- **Manta blockchain event logs**: `AccrueInterest` events from Shoebill's four lending markets (sbEth, sbStone, sbUsdc, sbwUsdm) that provide the underlying data structure
- **Reserve factor events**: `NewReserveFactor` events that support the fees calculation framework inherited by expenses

## 3. Step-by-step calculation

### Component A: Token incentives identification
- **Purpose**: Identify any token rewards or incentives distributed by the protocol
- **Logic**: The calculation explicitly sets token incentives to zero for all records, indicating Shoebill currently has no active token incentive programs. The data structure inherits timestamps and dimensional attributes from the fees calculation to maintain consistency across metrics
- **Key fields**: `timestamp` (daily grain), `chain_id` (Manta), `product_id`, and `token_incentives` (hardcoded to 0)

### Component B: Data structure inheritance  
- **Purpose**: Maintain consistent dimensional framework across all protocol metrics
- **Logic**: The expenses metric inherits its timestamp grain, chain identification, and product structure from the fees calculation. This ensures expenses data aligns with other protocol metrics even when values are zero. The underlying structure comes from interest accrual events across Shoebill's four lending markets on Manta
- **Key fields**: Daily timestamps from blockchain events, Manta chain identifier, market-specific product identifiers

### Final aggregation
- **Combining components**: Since token incentives are zero, no aggregation of different incentive types is necessary. The metric simply carries forward the zero values with proper dimensional attributes
- **Currency conversion**: No USD conversion occurs since incentive amounts are zero, though the framework supports future conversion if incentives are introduced
- **Time aggregation**: Daily time boundaries are maintained consistent with other protocol metrics, using day-truncated timestamps from blockchain events
- **Final calculation**: Expenses equal token incentives, which are currently zero for all time periods and markets. The final output includes standardized metadata fields and gap-filled daily records with zero values

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

Total project operating and incentive expenses.

Shoebill Finance

Expenses

Expenses

Competitive landscape