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 Fees Methodology

## 1. Overview

The Shoebill fees metric measures the total fees generated by Shoebill's lending protocol on Manta blockchain. This includes both protocol revenue (fees retained by the protocol) and supply-side fees (fees paid to liquidity providers/lenders). The metric captures the economic value created by the lending platform through interest rate spreads and is calculated by analyzing interest accrual events and applying protocol-specific fee splits based on reserve factors.

## 2. Data sources

- **Blockchain events**: Parsed Manta blockchain `AccrueInterest` events from Shoebill lending contracts (sbEth, sbStone, sbUsdc, sbwUsdm) that capture interest accumulation
- **Configuration events**: Parsed Manta blockchain `NewReserveFactor` events from Shoebill lending contracts that track protocol fee percentage updates
- **Token metadata**: Token symbol and contract information for market identification and naming
- **External data**: End-of-day token price feeds for USD conversion of fee amounts

## 3. Step-by-step calculation

### Component A: Interest accrual data extraction
- **Purpose**: Captures raw interest accumulation events from Shoebill lending markets
- **Logic**: Extracts `AccrueInterest` events from four Shoebill lending contracts on Manta blockchain (sbEth, sbStone, sbUsdc, sbwUsdm). Each event contains the total interest accumulated since the last accrual for a specific market. Events are standardized with lending business line classification and market metadata.
- **Key fields**: `block_timestamp` for timing, `account_address` for market identification, `amount` containing accumulated interest in native token units, `transaction_hash` and `log_index` for event deduplication

### Component B: Reserve factor configuration tracking
- **Purpose**: Tracks protocol fee percentages that determine revenue splits over time
- **Logic**: Extracts `NewReserveFactor` events from the same Shoebill lending contracts. Reserve factors represent the percentage of accrued interest retained by the protocol as revenue. Uses lead window functions to determine the validity period of each reserve factor setting, creating time ranges for proper fee calculation.
- **Key fields**: `block_timestamp` for configuration timing, `account_address` for market identification, `reserve_factor` as decimal percentage (converted from mantissa format by dividing by 10^18)

### Component C: Market definition and allowlisting
- **Purpose**: Defines the approved Shoebill lending markets and adds market metadata
- **Logic**: Maintains a hardcoded allowlist of valid Shoebill market contracts since they are not factory-created. Maps market contract addresses to underlying token addresses and adds token symbols for identification. Joins with token metadata to populate market names and symbols.
- **Key fields**: `account_address` for market contracts, `token_address` for underlying assets, `account_name` and `token_symbol` for display names

### Component D: Fee splitting calculation
- **Purpose**: Splits total accrued interest into protocol revenue and supply-side fees
- **Logic**: Joins interest accrual events with time-appropriate reserve factors based on event timestamps. Uses conditional logic to ensure correct reserve factor application - events must occur after a reserve factor update and before the next update (if any). Calculates protocol revenue as reserve factor multiplied by accrued interest, and supply-side fees as (1 minus reserve factor) multiplied by accrued interest.
- **Key fields**: `revenue` representing protocol fees, `fees_supply_side` representing lender fees, both calculated from `accrued_interest` and `reserve_factor`

### Final aggregation
- **Combining components**: Sums protocol revenue and supply-side fees to calculate total fees per market per day
- **Currency conversion**: Applies decimal correction (dividing by 10^18 for token precision) and converts to USD using end-of-day price feeds matched by token address and date
- **Time aggregation**: Truncates event timestamps to daily boundaries and aggregates all fee amounts within each day
- **Final calculation**: Total daily fees equal the sum of (reserve_factor × accrued_interest) + ((1 - reserve_factor) × accrued_interest) = total accrued interest, converted to USD and aggregated by day, market, and chain

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Shoebill Finance

Fees

Fees

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