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 Total value locked Methodology

## 1. Overview

Total Value Locked (TVL) for Shoebill represents the total USD value of assets deposited in the protocol plus the total value of active loans. This metric combines two components: the cumulative value of deposited assets across all Shoebill markets and the total outstanding loan balances. The calculation answers the business question of how much capital is actively utilized within the Shoebill lending protocol, including both supplied liquidity and borrowed amounts.

## 2. Data sources

The calculation uses several blockchain and external data sources:

- **Manta blockchain events**: Parsed ERC20 `Transfer` events showing token movements to and from Shoebill market contracts
- **Manta transaction traces**: Native ETH transaction traces capturing flows to and from the sbETH market contract  
- **Shoebill protocol events**: Parsed `AccrueInterest` events from four Shoebill markets (sbEth, sbStone, sbUsdc, sbwUsdm) containing updated loan balances
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token symbols, decimal places, and contract addresses for proper amount calculations

## 3. Step-by-step calculation

### Component A: Deposited assets TVL

- **Purpose**: Calculates the cumulative value of assets deposited in Shoebill markets
- **Logic**: 
  - Extracts ERC20 token transfer events where tokens flow to or from Shoebill market contracts on Manta blockchain
  - Assigns positive amounts for transfers to market contracts (deposits) and negative amounts for transfers from market contracts (withdrawals)
  - For the sbETH market specifically, captures native ETH flows using transaction traces instead of token transfers
  - Aggregates net daily flows by market contract and token address
  - Computes running cumulative sum for each market-token pair to track total deposited amounts over time
  - Filters out negative cumulative values, which represent derivative tokens rather than underlying deposited assets
  - Forward-fills missing daily values to ensure continuous time series data
- **Key fields**: `block_timestamp` for timing, `token_address` and `account_address` for market identification, `amount` for transfer values, cumulative `tvl` for total deposited amounts

### Component B: Active loans

- **Purpose**: Captures the total outstanding loan balances across all Shoebill markets  
- **Logic**:
  - Parses `AccrueInterest` events from four Shoebill market contracts, which are emitted when loan interest accrues
  - Extracts the `totalBorrows` field from each event, representing the current total borrowed amount for that market
  - Aggregates multiple daily events per market by taking the average `totalBorrows` value
  - Forward-fills missing daily values to maintain continuous time series
  - Zero-fills any remaining gaps where no loan data exists
- **Key fields**: `block_timestamp` for event timing, `address` for market contract, `totalBorrows` for loan amounts

### Final aggregation

- **Combining components**: Sums the deposited assets TVL and active loans amounts for each day, market, and token
- **Currency conversion**: Applies end-of-day token prices and corrects for token decimal places using the standard Token Terminal conversion methodology  
- **Time aggregation**: Groups data by daily timestamps with forward-filling for TVL and zero-filling for loans to handle missing data
- **Final calculation**: The total TVL equals the sum of all deposited asset values plus all outstanding loan values across all Shoebill markets, converted to USD and aggregated daily

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Shoebill Finance

Total value locked

Total value locked

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