# Kamino Vault Curation Revenue Methodology

## 1. Overview

Revenue is measured as the portion of fees that a project retains, as determined by its take rate. For Kamino Vault Curation, these earnings are derived from performance fees applied to the gross yield generated by curated vaults. The income earned by Steakhouse Financial from providing curation and risk management services on Solana is represented by this metric. The remaining fees are distributed to supply-side participants, such as lenders or liquidity providers.

## 2. Data sources

- **Blockchain events**: `InitVault` and `Deposit` instructions from the `Kamino Vault` program, SPL token `Transfer` and `Mint` 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 discovery and configuration

- **Purpose**: Identify Steakhouse-managed vaults and their associated fee parameters
- **Logic**: Steakhouse-managed vaults are identified by parsing `InitVault` instructions from the `Kamino Vault` program. Metadata, including the underlying asset and a performance fee rate of 5%, is associated with each identified vault account.
- **Key fields**: `vault_address`, `underlying_token_address`, `performance_fee_rate`

### Component B: Share price derivation

- **Purpose**: Determine the daily value of vault shares relative to the underlying asset
- **Logic**: Share prices are derived from `Deposit` instructions by calculating the ratio of assets transferred to the vault account against the number of shares minted in the same transaction. These prices are forward-filled to provide a continuous daily series for each vault account.
- **Key fields**: `amount`, `transaction_id`, `share_price`

### Component C: Asset balance and TVL tracking

- **Purpose**: Calculate the total value of assets managed within curated vaults
- **Logic**: Daily share balances are aggregated from Solana account balances for all holders of the vault's share mint. Total assets are determined by multiplying the total share supply by the daily share price. These values are then converted to USD using end-of-day price feeds for the underlying asset.
- **Key fields**: `balance`, `total_shares`, `price_usd`

### Component D: Revenue calculation and USD conversion

- **Purpose**: Calculate the performance fees retained by the protocol
- **Logic**: Daily yield is calculated as the percentage change in the vault's share price. Gross yield is estimated by dividing the net daily yield by the complement of the performance fee rate, with negative values treated as zero. Revenue is determined by applying the 5% performance fee to the gross yield and multiplying by the total deposits in USD. Amounts are normalized by decimal precision and aggregated using UTC day boundaries.
- **Key fields**: `daily_yield`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Chain breakdown