# Kamino Vault Curation Fees Methodology

## 1. Overview

Fees measures the total economic value generated by Kamino Vault Curation. This metric represents the gross yield earned by the underlying assets within the curated vaults before any performance fee deductions. It reflects the productivity of the capital managed within the vaults and the total interest or yield generated for depositors. Fees are denominated in the underlying vault assets and converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: `InitVault` and `Deposit` instructions from `KaminoVault` programs, plus SPL token `Transfer` and `Mint` instructions, covering Solana
- **External data**: End-of-day price feeds for underlying vault assets

## 3. Step-by-step calculation

### Component A: Kamino Vault Curation identification

- **Purpose**: Identify and categorize the specific curated vaults managed by Steakhouse Financial.
- **Logic**: `InitVault` instructions from `KaminoVault` programs are parsed to identify vaults on Solana. These are filtered against a registry of known Steakhouse Financial vault addresses, including USDC Prime, USDC High Yield, USDG Prime, USDG High Yield, and USD1 High Yield. Metadata such as the underlying asset address and the performance fee rate, which is set at 5%, is associated with each identified vault.
- **Key fields**: `vault_address`, `underlying_token_address`, `performance_fee_rate`

### Component B: Share price and balance tracking

- **Purpose**: Determine the value of vault shares and the total supply of capital.
- **Logic**: Vault share prices are derived by parsing `Deposit` instructions. The ratio of the amount of assets transferred to the vault account (tracked via SPL token `Transfer` instructions) to the number of shares minted (tracked via SPL token `Mint` instructions) is calculated to determine the share price. Daily holder balances are tracked using SPL token balance changes to aggregate the total supply of shares for each vault.
- **Key fields**: `amount`, `post_balance`, `share_price`

### Component C: Yield and fee calculation

- **Purpose**: Calculate the gross fees generated by the vaults.
- **Logic**: Daily TVL is calculated as the product of the total shares in circulation, the current share price, and the end-of-day USD price of the underlying asset. Daily yield is determined by the percentage change in the share price between consecutive days. Gross fees are then calculated by applying this daily yield to the total deposits and grossing up the value to account for the 5% performance fee rate. This ensures the metric captures the total value generated before the curator's share is deducted.
- **Key fields**: `total_deposits_usd`, `daily_yield`, `performance_fee_rate`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize all fee values to USD for reporting.
- **Logic**: Fee amounts are normalized by the decimal precision of the underlying asset. Values are multiplied by end-of-day asset prices to arrive at a USD value. Data is aggregated to a daily granularity using UTC day boundaries.
- **Key fields**: `price_usd`, `timestamp`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Risk curators

Steakhouse earns performance fees on the yield generated within their curated vaults. Depositors supply capital to Steakhouse-curated vaults, which deploy it into selected lending markets. The curator fee is taken as a percentage of gross vault yield, with the remainder passed through to depositors as supply-side fees.

Steakhouse Financial operates as a risk curator, offering vault products across multiple DeFi lending protocols. They curate yield strategies for institutional and retail depositors, managing risk parameters, collateral selection, and allocation across vaults.

Steakhouse Financial is a blockchain-focused financial services company that provides institutional-grade DeFi infrastructure and advisory services for the emerging stablecoin economy.

Kamino Vault Curation

Fees

Fees

Chain breakdown