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 Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the portion of interest earned by lenders (liquidity providers) in the Shoebill lending protocol on Manta. When borrowers pay interest on their loans, this interest is split between the protocol (as revenue) and lenders (as supply-side fees) based on a configurable reserve factor. The metric calculates the daily USD value of fees distributed to lenders across all Shoebill lending markets.

## 2. Data sources

- **Interest accrual events**: Parsed Manta blockchain `AccrueInterest` events from four Shoebill lending markets (sbEth, sbStone, sbUsdc, sbwUsdm) that record when interest is accumulated on outstanding loans
- **Reserve factor events**: Parsed Manta blockchain `NewReserveFactor` events that track changes to the protocol's fee split parameters for each market
- **Token metadata**: Token symbols and contract addresses for market identification and labeling
- **End-of-day price feeds**: Token price data for USD conversion of fee amounts

## 3. Step-by-step calculation

### Component A: Interest accrual extraction
- **Purpose**: Collect all interest accumulation events across Shoebill lending markets
- **Logic**: Extract interest accrual events from four lending markets on Manta (sbEth, sbStone, sbUsdc, sbwUsdm). Each `AccrueInterest` event contains the total interest accumulated since the last accrual. The events are standardized with consistent business line categorization as "Lending" and include the accumulated interest amount from the `interestAccumulated` field
- **Key fields**: `block_timestamp` for timing, `address` for market identification, `interestAccumulated` for the gross interest amount

### Component B: Reserve factor tracking
- **Purpose**: Track the protocol's fee split configuration over time for each market
- **Logic**: Extract `NewReserveFactor` events from each lending market that indicate changes to the reserve factor parameter. The reserve factor determines what percentage of interest goes to the protocol versus lenders. Raw mantissa values are converted to decimal format by dividing by 10^18. Each reserve factor update includes a lead timestamp to define the period when that factor was active
- **Key fields**: `block_timestamp` for when the change occurred, `address` for market identification, `newReserveFactorMantissa` converted to decimal `reserve_factor`

### Component C: Market metadata enrichment
- **Purpose**: Add market identification and token information
- **Logic**: Join interest and reserve factor data with an allowlist of four approved Shoebill markets on Manta. Each market is defined by its account address and underlying token address. Token metadata is added to provide human-readable market names and symbols for reporting purposes
- **Key fields**: `account_address` for market contracts, `token_address` for underlying assets, `account_name` and `token_symbol` for display

### Final aggregation
- **Combining components**: Interest accrual events are joined with reserve factor data using timestamp-based matching to determine which reserve factor applies to each accrual. Only events that occur after a reserve factor is set and before the next change are included in calculations
- **Fee split calculation**: Supply-side fees are calculated as (1 - reserve_factor) × accrued_interest, representing the portion of interest that goes to lenders rather than the protocol
- **Currency conversion**: Fee amounts are converted to USD using end-of-day price feeds with proper decimal correction for each token
- **Time aggregation**: Events are aggregated daily by truncating timestamps to day boundaries, summing all supply-side fees within each day
- **Final calculation**: The daily supply-side fees metric represents the total USD value of interest distributed to lenders across all Shoebill markets on that day

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

Portion of fees distributed to service providers or supply-side participants.

Shoebill Finance

Supply-side fees

Supply-side fees

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