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 Revenue Methodology

## 1. Overview

Revenue measures the portion of fees retained by Venus, representing the protocol's share of interest paid by borrowers and a portion of liquidation penalties. These earnings are determined by specific protocol parameters, such as the reserve factor, which defines the percentage of interest redirected from supply-side participants to the protocol treasury. Revenue is captured from both the core lending markets and Venus Flux across multiple blockchain networks.

## 2. Data sources

- **Blockchain events**: `AccrueInterest`, `NewReserveFactor`, and `LiquidateBorrow` events from `vBNB`, `VBep20Delegate`, and `VToken` contracts, plus `LogCollectRevenue` events from `FluidLiquidity` contracts, exchange rates, and liquidity resolver state data, covering BNB Chain, Ethereum, Arbitrum, Base, Unichain, and 3 other chains
- **External data**: End-of-day price feeds for collateral and borrowed assets

## 3. Step-by-step calculation

### Component A: Interest-based revenue

- **Purpose**: To calculate the protocol's share of interest income generated from lending markets.
- **Logic**: `AccrueInterest` events are parsed from `vBNB`, `VBep20Delegate`, and `VToken` contracts to extract the total accumulated interest for each market. Reserve factors, representing the protocol's take rate, are retrieved from `NewReserveFactor` events emitted by the same contracts. Protocol revenue is then calculated for each transaction by multiplying the accumulated interest by the applicable reserve factor.
- **Key fields**: `interestAccumulated`, `newReserveFactorMantissa`, `lending_market_address`

### Component B: Liquidation revenue

- **Purpose**: To capture the protocol's portion of penalties collected during borrower liquidations.
- **Logic**: `LiquidateBorrow` events are parsed from `VBep20Delegate`, `vBNB`, and `VToken` contracts to identify the quantity of collateral assets seized. Specific transaction hashes associated with documented security exploits are filtered and excluded from the calculation. The seized collateral amount is converted to the underlying asset value using exchange rates and multiplied by a protocol-defined 5% take rate.
- **Key fields**: `seizeTokens`, `vTokenCollateral`, `exchange_rate`

### Component C: Venus Flux revenue tracking

- **Purpose**: To calculate revenue generated from the Venus Flux product.
- **Logic**: State data is parsed from the `FluidLiquidityResolver` to monitor the running balance of uncollected revenue. Daily revenue is derived by calculating the daily change in these uncollected balances. Any revenue distributions identified via `LogCollectRevenue` events from `FluidLiquidity` contracts are added to this delta to ensure total earned revenue is captured regardless of collection status.
- **Key fields**: `revenue`, `amount` (from collection events), `token_address`

### Component D: USD conversion and final aggregation

- **Purpose**: To normalize revenue values across different assets and chains into a single USD metric.
- **Logic**: All raw revenue amounts are normalized by decimal precision based on asset metadata. These values are converted to USD using end-of-day price feeds. Daily totals are aggregated by summing all interest-based and liquidation-based revenue components across all supported products and chains. Daily granularity is maintained using UTC day boundaries.

*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.

VenusXVS

Revenue

Revenue

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Chain breakdown