# Kamino Vault Curation Supply-side fees Methodology

## 1. Overview

Supply-side fees are measured as the net interest and yield earned by depositors within Kamino Vault Curation. The portion of total returns generated by the underlying lending strategies that is distributed to liquidity providers after curator performance fees are deducted by Steakhouse Financial is reflected by this metric. These fees are denominated in the underlying vault assets and converted to USD to provide a standardized view of depositor earnings across different curated vaults.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Kamino Vault Curation metadata and configuration

- **Purpose**: Curated vaults are identified and fee parameters are established.
- **Logic**: Curated vault addresses, share mints, and underlying asset mappings are extracted from `InitVault` from `KaminoVault` programs. A performance fee rate of 5% is applied to the gross yield of Steakhouse curated vaults as specified in the vault registry.
- **Key fields**: `vault_address`, `shares_mint`, `performance_fee_rate`

### Component B: Share price and supply tracking

- **Purpose**: The valuation of vault shares and the total quantity held by users are determined.
- **Logic**: Share prices are derived from `Deposit` from `KaminoVault` programs by calculating the ratio of underlying assets transferred to the number of shares minted. Total vault supply is calculated by aggregating Solana account balances for the share mint associated with each vault. Daily share prices are forward-filled for periods without deposit activity to ensure continuity.
- **Key fields**: `amount`, `balance`

### Component C: Kamino Vault Curation USD valuation and yield calculation

- **Purpose**: Vault data is normalized to USD and the rate of return is calculated.
- **Logic**: Total deposits in USD are calculated by multiplying the total shares in circulation by the current share price and the market price of the underlying asset. Daily yield is calculated as the percentage change in the share price between consecutive days. Amounts are normalized by decimal precision and market prices are sourced from end-of-day price feeds.
- **Key fields**: `share_price`, `total_shares`, `price_usd`

### Component D: Supply-side fee derivation

- **Purpose**: The portion of yield flowing to depositors is isolated.
- **Logic**: Supply-side fees are determined by applying the daily net yield to the total deposits in USD. This represents the total value accrued to depositors after performance fees have been accounted for in the share price progression. Values are floored at zero to reflect that yield distributions only occur during periods of positive performance. Values are aggregated daily with UTC day boundaries.
- **Key fields**: `total_deposits_usd`, `daily_yield`

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

Portion of fees distributed to service providers or supply-side participants.

Supply-side 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

Supply-side fees

Supply-side fees

Chain breakdown