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).

governance

github

twitter

discord

etherscan

website

Lending

Venus

Venus | Data breakdown

# Venus Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is measured as the daily revenue generated per active user within the Venus ecosystem. Revenue derived from interest accruals in lending markets, liquidation fees, and performance fees from the Venus Flux product is incorporated into this metric. ARPU is utilized to evaluate the protocol's monetization efficiency by dividing the total daily USD-denominated revenue by the number of unique active users (daily) interacting with Venus smart contracts.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric
- **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 assets, asset metadata, and reserve factor configurations

## 3. Step-by-step calculation

### Component A: Interest and liquidation revenue tracking

- **Purpose**: To calculate the protocol's share of interest income and liquidation penalties.
- **Logic**: Interest revenue is calculated by parsing `AccrueInterest` events from `vBNB`, `VBep20Delegate`, and `VToken` contracts. The accumulated interest amount is multiplied by the specific market's reserve factor, which defines the protocol's take rate. Liquidation revenue is derived from `LiquidateBorrow` events from the same contracts, where a 5% fee on the seized collateral value is captured by the protocol. Collateral amounts are converted using the relevant exchange rates for the underlying assets.

### Component B: Venus Flux revenue calculation

- **Purpose**: To capture revenue generated by the Venus Flux liquidity layer.
- **Logic**: Daily revenue is determined by calculating the daily change in uncollected revenue reported by liquidity resolver state calls. This delta is adjusted by adding any collected revenue identified in `LogCollectRevenue` events from `FluidLiquidity` contracts. This ensures that both accrued and realized income from the Venus Flux product are accounted for.

### Component C: Active user identification

- **Purpose**: To identify unique daily participants for the denominator of the ARPU calculation.
- **Logic**: Unique user addresses are extracted from the `borrower`, `minter`, `redeemer`, and `payer` fields within `Borrow`, `Mint`, `Redeem`, and `RepayBorrow` events across all supported chains. These addresses are aggregated daily to establish the active users (daily) count for the protocol.

### Component D: USD conversion and ARPU aggregation

- **Purpose**: To normalize all values to USD and calculate the final average.
- **Logic**: Revenue components are normalized by asset decimal precision and multiplied by end-of-day asset price feeds. Total daily revenue is summed across all products and chains. Average revenue per user (ARPU) is then calculated by dividing the total daily protocol revenue by the number of active users (daily). Values are zero-filled for days with no activity to ensure a continuous time series.

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

VenusXVS

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape