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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Lending

Venus

Venus | Data breakdown

# Venus Fees Methodology

## 1. Overview

Fees is measured as the total value paid by users to utilize the Venus protocol. For the core lending product, these are primarily comprised of interest paid by borrowers and a portion of collateral seized during liquidations. For Venus Flux, fees are derived from the protocol's integration with the Instadapp Fluid liquidity layer. Total economic value generated by the suite of products under the Venus ecosystem is represented by this metric.

## 2. Data sources

- **Blockchain events**: `AccrueInterest` and `LiquidateBorrow` events from `vBNB`, `VBep20Delegate`, and `VToken` contracts, `LogCollectRevenue` events from `FluidLiquidity` contracts, and `get_overall_tokens_data` state calls from the Instadapp liquidity resolver, covering BNB Chain, Ethereum, zkSync Era, Unichain, and 4 other chains
- **External data**: End-of-day price feeds for all supported collateral and debt assets

## 3. Step-by-step calculation

### Component A: Interest accrual tracking

- **Purpose**: Interest paid by borrowers across all lending markets is captured.
- **Logic**: `AccrueInterest` events are parsed from `vBNB`, `VBep20Delegate`, and `VToken` contracts. The accumulated interest amount is extracted from each event and associated with the specific lending market and underlying asset. Known mapping corrections are applied to ensure specific assets, such as CAKE and BNB, are correctly identified.
- **Key fields**: `interestAccumulated` (interest amount), `address` (lending market identification).

### Component B: Liquidation fee extraction

- **Purpose**: Protocol fees generated during the liquidation of undercollateralized positions are calculated.
- **Logic**: `LiquidateBorrow` events are parsed from `vBNB`, `VBep20Delegate`, and `VToken` contracts. The amount of seized collateral is extracted. A fee of 10% is applied to the seized value, which is further adjusted by the current exchange rate of the specific market. Transactions associated with identified security exploits are explicitly excluded from the calculation.
- **Key fields**: `seizeTokens` (collateral seized), `vTokenCollateral` (market identification), `transaction_hash` (used for denylisting).

### Component C: Venus Flux revenue tracking

- **Purpose**: Fees generated by the Venus Flux product are accounted for.
- **Logic**: Daily revenue is determined by tracking the change in the cumulative revenue balance recorded in the Instadapp liquidity resolver. This is calculated as the difference between the current and previous day's stored revenue. To ensure accuracy, the amounts from `LogCollectRevenue` events are added back to the daily delta to account for revenue that was collected during that interval.
- **Key fields**: `revenue` (stored revenue balance), `amount` (collected revenue).

### Component D: USD conversion and final aggregation

- **Purpose**: All fee components are normalized into a single currency for reporting.
- **Logic**: All extracted fee amounts are normalized based on asset-specific decimal precision. These quantities are multiplied by end-of-day asset prices to determine the USD value. The resulting values are aggregated by date, chain, and product (Venus or Venus Flux) using UTC day boundaries. Daily values are zero-filled for any dates where no activity is recorded.

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

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

VenusXVS

Fees

Fees

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