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 Token incentives Methodology

## 1. Overview

Token incentives represent the USD value of governance tokens or protocol tokens distributed to users as rewards for participating in the protocol. For Shoebill protocol, this metric is consistently zero as the protocol does not distribute token incentives to users. The calculation maintains the same temporal and market structure as other Shoebill metrics to ensure consistency across the metrics suite, but explicitly sets all token incentive values to zero.

## 2. Data sources

The calculation leverages the existing Shoebill market and temporal framework, which is built from:
- **Parsed Shoebill events**: `AccrueInterest` events from lending market contracts on Manta network to establish market activity periods
- **Token metadata**: Shoebill market token information for proper market identification and naming
- **Protocol configuration data**: Allowlisted Shoebill market contracts and their associated tokens
- **Chain configuration**: Supported blockchain networks and their availability periods

## 3. Step-by-step calculation

### Component A: Market and temporal structure establishment
- **Purpose**: Establish the complete time series structure for all Shoebill markets to ensure consistency with other metrics
- **Logic**: Reference the fees metric calculation which tracks all Shoebill lending markets across daily time periods. This provides the foundational structure of timestamps, market identifiers, and chain information. The fees calculation itself is built from interest accrual events from four main Shoebill lending markets: sbEth, sbStone, sbUsdc, and sbwUsdm contracts on Manta network. These events establish when markets are active and need metric coverage
- **Key fields**: `timestamp` (daily boundaries), `timestamp_grain` (set to 'day'), `product_id` (Shoebill market identifiers), `chain_id` (blockchain network identifier)

### Component B: Zero incentives assignment  
- **Purpose**: Explicitly set token incentives to zero for all markets and time periods
- **Logic**: For every market and time period identified in the structural framework, assign a token incentives value of exactly zero. This reflects the fact that Shoebill protocol does not distribute governance tokens, protocol tokens, or any other token-based rewards to users. The zero assignment is applied uniformly across all markets regardless of their activity levels or fee generation
- **Key fields**: `token_incentives` (set to 0 for all records)

### Final aggregation
- **Combining components**: The market structure from the fees calculation provides the complete framework of markets and time periods, while the zero assignment logic ensures all token incentive values are set to zero
- **Data validation**: Apply schema validation to ensure proper data types and required fields are present. Validate that product IDs correspond to legitimate Shoebill markets and chain IDs represent supported networks
- **Time series completion**: Use forward-fill logic with zeros to ensure no gaps exist in the time series. Any missing periods for active markets are filled with zero token incentives to maintain complete temporal coverage
- **Chain filtering**: Apply availability filters to ensure only supported blockchain networks appear in the final output, removing any records for unsupported or deprecated chains
- **Final calculation**: The result is a complete time series of zero token incentives for all Shoebill markets across all supported time periods, maintaining consistency with other protocol metrics while accurately representing that no token rewards are distributed

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

Value of native tokens distributed as incentives.

Shoebill Finance

Token incentives

Token incentives

Competitive landscape