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

ZeroLend is a non-custodial lending protocol built on Ethereum and other adjacent blockchains.

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

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ZeroLend

# ZeroLend Revenue Methodology

## 1. Overview

ZeroLend revenue measures the daily USD revenue earned by the ZeroLend protocol from its lending operations. The metric combines two primary revenue streams: interest revenue from lending activities and fee revenue from flash loans. This metric answers how much revenue the protocol generates daily across its supported chains (Ethereum, Blast, Manta, zkSync Era, Base, and Linea) and provides insight into the protocol's overall financial performance.

## 2. Data sources

The calculation relies on several data sources:
- **Blockchain events**: Parsed `FlashLoan` events from ZeroLend lending pool contracts capturing flash loan premiums
- **Treasury events**: Parsed `MintedToTreasury` events from ZeroLend lending pool contracts tracking protocol treasury mints
- **Configuration events**: Parsed `ReserveFactorChanged` events from ZeroLend pool configurator contracts defining revenue sharing ratios
- **External state data**: ZeroLend treasury accruals data from the protocol's external states system
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal correction
- **Multi-chain coverage**: Data spans Ethereum (including specialized BtcLrt, EthLrt, and RwaStablecoin pools), Blast, Manta, zkSync Era, Base, and Linea (including Main, Foxy, and Croak pools)

## 3. Step-by-step calculation

### Component A: Lending interest revenue
- **Purpose**: Calculates the protocol's share of interest revenue generated from lending activities
- **Logic**: Treasury accruals from the external ZeroLend states system are combined with on-chain `MintedToTreasury` events to compute cumulative interest amounts. The system calculates daily interest revenue by taking the difference between consecutive days using a LAG function. Reserve factors from `ReserveFactorChanged` events (converted from basis points by dividing by 10000) determine the protocol's revenue share versus the supply-side share. A special case applies a 0.5 reserve factor for Manta chain on April 2, 2024. The daily revenue calculation uses the formula: (treasury_mints + treasury_accruals) - previous_day_amount
- **Key fields**: `treasury_accruals` from states data, `amount` from treasury mint events, `reserve_factor` from configuration events, `daily_revenue` as the computed difference

### Component B: Flash loan fee revenue  
- **Purpose**: Captures revenue generated from flash loan fees across all ZeroLend pools
- **Logic**: `FlashLoan` events are parsed from multiple lending pool contracts across all supported chains. Each event contains a `premium` field representing the fee paid for the flash loan. The protocol applies a fixed fee split of 0.0004 (0.04%) to determine the protocol's revenue share from each flash loan premium. Flash loans are aggregated daily by chain and token address
- **Key fields**: `premium` from FlashLoan events, `amount` calculated as premium * 0.0004 fee split

### Final aggregation
- **Combining components**: Both lending interest revenue and flash loan fee revenue are combined using a UNION ALL operation, creating a unified dataset with standardized fields including timestamp, chain, business line classification, and revenue amounts
- **Currency conversion**: All revenue amounts are converted to USD using end-of-day token price feeds, with proper decimal correction applied based on token metadata to ensure accurate USD values
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with flash loan data truncated to daily granularity and interest revenue already calculated on a daily basis  
- **Final calculation**: The metric represents the sum of daily USD-converted interest revenue (protocol share based on reserve factors) plus daily USD-converted flash loan fee revenue (premium amounts multiplied by 0.0004 fee split), aggregated across all supported chains and tokens

*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.

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Revenue

Revenue

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Chain breakdown