Lenders deposit funds into Venus and receive interest payments from borrowers (supply-side fees).

Venus is a non-custodial lending protocol built on BNB chain. Venus was founded by Joselito Lizarondo and launched in 2020.

XVS tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Venus

Venus | Data breakdown

# Venus Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the fees paid per active user over a fixed 24-hour window. This metric reflects the average daily cost incurred by an individual user for utilizing the lending and liquidity services provided by Venus and Venus Flux. It is calculated by dividing the total daily fees generated by the protocol by the number of unique active users (daily).

## 2. Data sources

- **Blockchain events**: `AccrueInterest`, `LiquidateBorrow`, `Borrow`, `Mint`, `Redeem`, and `RepayBorrow` events from `vBNB`, `VBep20Delegate`, and `VToken` contracts, plus `LogCollectRevenue` events from `FluidLiquidity` contracts, covering BSC, Ethereum, Arbitrum, Base, and 4 other chains
- **External data**: End-of-day price feeds for underlying assets
- **Fees**: Derived from the Fees metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Interest and liquidation fee extraction

- **Purpose**: Captures the primary sources of fee generation from the lending protocol
- **Logic**: Interest is identified via `AccrueInterest` events from `vBNB`, `VBep20Delegate`, and `VToken` contracts, where the accumulated interest field is extracted for each market. Liquidation fees are captured from `LiquidateBorrow` events across the same contracts. The liquidation fee is calculated by multiplying the amount of seized collateral tokens by the current exchange rate and applying a 10% fee factor. Specific transactions associated with known exploits are excluded from the calculation.
- **Key fields**: `interestAccumulated`, `seizeTokens`, `exchange_rate`

### Component B: Venus Flux revenue tracking

- **Purpose**: Captures fees generated by the Venus Flux liquidity layer
- **Logic**: Revenue is tracked using `LogCollectRevenue` events and state data from the liquidity resolver. Uncollected revenue is calculated as the daily delta of the protocol's revenue balance. Total daily fees for Venus Flux are determined by summing these deltas with any actual revenue collections processed during the 24-hour window.
- **Key fields**: `revenue`, `amount`

### Component C: Active user identification

- **Purpose**: Identifies the unique daily participants within the Venus ecosystem
- **Logic**: User activity is parsed from `Borrow`, `Mint`, `Redeem`, and `RepayBorrow` events across all supported lending markets. The unique addresses of borrowers, depositors, withdrawers, and repayers are aggregated to determine the total number of active users (daily).
- **Key fields**: `borrower`, `minter`, `redeemer`, `payer`

### Component D: USD conversion and normalization

- **Purpose**: Normalizes all fee components into a common currency for comparison
- **Logic**: Fee amounts are normalized by the decimal precision of the respective underlying assets. These values are then multiplied by end-of-day asset prices to arrive at a USD-denominated value.

### Component E: Final AFPU aggregation

- **Purpose**: Calculates the final average fee paid per user
- **Logic**: Total daily fees from lending interest, liquidations, and Venus Flux are summed at the project level. This total is divided by the number of unique active users (daily) identified during the same 24-hour period. Daily granularity is maintained using UTC day boundaries. Any days with missing data are filled with zeros to ensure a continuous time series.

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

VenusXVS

Average fees per user (AFPU)

Average fees per user (AFPU)

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