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 Revenue Methodology

## 1. Overview

Shoebill revenue represents the protocol's share of interest earned from lending activities across its markets on Manta. The metric calculates how much of the total interest paid by borrowers is retained by the Shoebill protocol versus distributed to lenders (supply-side participants). Revenue is determined by multiplying accrued interest by each market's reserve factor, which acts as the protocol's fee percentage.

## 2. Data sources

- **Manta blockchain events**: Parsed `AccrueInterest` and `NewReserveFactor` events from four Shoebill lending market contracts (sbEth, sbStone, sbUsdc, sbwUsdm)
- **Token metadata**: Contract addresses, symbols, and decimal information for underlying tokens and market contracts
- **End-of-day price feeds**: Token prices for USD conversion of revenue amounts
- **Market configuration**: Allowlist of specific Shoebill lending market contracts and their associated tokens

## 3. Step-by-step calculation

### Component A: Interest accrual tracking
- **Purpose**: Capture total interest generated by borrowing activity across all Shoebill markets
- **Logic**: Extract `AccrueInterest` events from four lending market contracts on Manta (sbEth, sbStone, sbUsdc, sbwUsdm). Each event contains an `interestAccumulated` field representing the total interest earned by the protocol during that accrual period. Events are filtered to lending business line and tagged with market metadata including contract addresses and token information.
- **Key fields**: `interestAccumulated` amount, `block_timestamp` for timing, contract `address` for market identification

### Component B: Reserve factor tracking
- **Purpose**: Track the protocol fee percentage for each market over time
- **Logic**: Extract `NewReserveFactor` events from the same four lending markets. These events update the reserve factor (protocol fee percentage) for each market. Convert reserve factors from mantissa format by dividing by 10^18 to get decimal percentages. Track timestamps to know when each reserve factor was active.
- **Key fields**: `newReserveFactorMantissa` converted to `reserve_factor` percentage, `block_timestamp` for effective timing

### Component C: Time-based reserve factor matching
- **Purpose**: Match each interest accrual with the correct reserve factor that was active at that time
- **Logic**: For each interest accrual event, identify the reserve factor that was active at that timestamp. Use the reserve factor's timestamp and lead timestamp (next update time) to create time windows. Only apply a reserve factor to interest accruals that occurred after the reserve factor was set and before the next update (if any).
- **Key fields**: Matched `reserve_factor` with `accrued_interest` based on timestamp ranges

### Component D: Market identification and token mapping  
- **Purpose**: Add market names and token information to revenue events
- **Logic**: Join interest accrual events with market configuration data to add token addresses, market names, and token symbols. Use an allowlist of four specific Shoebill markets on Manta since these are not factory-deployed contracts. Map each market contract address to its corresponding underlying token.
- **Key fields**: `account_name` (market symbol), `token_address` for underlying token, market contract identification

### Final aggregation
- **Combining components**: Calculate protocol revenue by multiplying accrued interest by the corresponding reserve factor for each event: revenue = reserve_factor × accrued_interest. The remaining portion (1 - reserve_factor) × accrued_interest represents fees distributed to supply-side participants
- **Currency conversion**: Convert token amounts to USD using end-of-day price feeds and correct for each token's decimal places using standard Token Terminal macros
- **Time aggregation**: Group revenue by day using timestamp truncation to daily boundaries, summing all revenue events within each day
- **Final calculation**: Daily revenue totals are aggregated across all markets and tokens, converted to USD, with zero-filling applied for missing days to ensure continuous time series data

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Shoebill Finance

Revenue

Revenue

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