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 Active users (daily) Methodology

## 1. Overview

Daily Active Users (DAU) measures the number of unique user addresses that interact with the Shoebill lending protocol on any given day. This metric provides insight into protocol engagement and user adoption by tracking distinct addresses that perform lending, borrowing, depositing, or withdrawing activities across Shoebill's token markets.

The calculation aggregates user interactions across all Shoebill lending markets on Manta chain, counting each unique user address only once per day regardless of the number of transactions they perform.

## 2. Data sources

The calculation relies on parsed smart contract events from the Shoebill v1 lending protocol on Manta chain:
- **Manta blockchain event logs**: Raw event logs from Shoebill protocol smart contracts
- **Parsed lending events**: Four types of parsed events across four token markets (sbEth, sbStone, sbUsdc, sbwUsdm):
  - `Borrow` events capturing new loan originations
  - `Mint` events capturing token deposits/supplies to lending pools
  - `Redeem` events capturing token withdrawals from lending pools
  - `RepayBorrow` events capturing loan repayments
- **Event metadata**: Block timestamps and transaction hashes for temporal and transactional context

## 3. Step-by-step calculation

### Component A: User interaction collection
- **Purpose**: Identifies all user addresses that interact with Shoebill lending markets
- **Logic**: Collects parsed smart contract events from four Shoebill token markets (sbEth, sbStone, sbUsdc, sbwUsdm) on Manta chain. For each market, captures four event types: `Borrow`, `Mint`, `Redeem`, and `RepayBorrow`. Each event type extracts user addresses from different event parameters - `borrower` for borrow events, `minter` for mint events, `redeemer` for redeem events, and `payer` for repay events. All events are standardized with consistent metadata including chain identifier, market sector classification as lending, and business segment classification as lending.
- **Key fields**: `block_timestamp` for temporal analysis, `transaction_hash` for transaction identification, user addresses extracted from event-specific parameters, `user_type` mapped to business-meaningful categories (Borrower, Depositor, Withdrawer, Repayer)

### Component B: Daily user aggregation
- **Purpose**: Calculates distinct active users per day
- **Logic**: Takes the collected user interactions and truncates the `block_timestamp` to day granularity. Groups all events by the truncated timestamp and applies distinct counting to user addresses. This ensures that each unique user address is counted only once per day, regardless of how many transactions they performed or which markets they interacted with. The aggregation preserves dimensional attributes like chain, user type, and market classifications for potential segmentation analysis.
- **Key fields**: `timestamp` (day-truncated), `user_address` for distinct counting, dimensional attributes for analysis segmentation

### Final aggregation
- **Combining components**: The daily user aggregation directly produces the final DAU metric by counting distinct user addresses per day
- **Currency conversion**: Not applicable - this is a count-based metric measuring user activity
- **Time aggregation**: Daily boundaries are determined by truncating block timestamps to day level using the day granularity function
- **Final calculation**: The DAU value represents the count of unique user addresses that performed at least one interaction (borrow, deposit, withdraw, or repay) with any Shoebill lending market on a given day. Chain availability filters are applied to ensure data completeness and quality.

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

Unique revenue-generating users over a fixed 24-hour window.

Shoebill Finance

Active users (daily)

Active users (daily)

Competitive landscape