Protocol revenue from net interest income and vault performance fees
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Loopscale is a fixed-term lending protocol on Solana with an order-book lending market and curated vaults that lend into it. This tab charts the following, all from the protocol's financials ledger:
Protocol Revenue: Everything the protocol keeps: net interest income and vault performance fees. The Source view splits the two.
Net Interest Income: The treasury's share of the interest paid by borrowers, after suppliers are paid. Loopscale charges almost no fee on loan interest, so this is very small.
Net Interest Margin (NIM): Net interest income divided by the average outstanding borrow balance, annualised and smoothed over 30 days. It is a small fraction of a basis point. Markets and assets are blank while their borrow balance is under $100,000.
Vault Performance Fees: Fee charged on the yield of vaults curated by Loopscale, recognised when it is claimed, so it arrives in lumps rather than daily. Vault strategies are suppliers, so the fee comes out of supplier interest: it is a split of gross interest, not an addition to it.
Loopscale charges no origination fee, and liquidation penalties go entirely to liquidators, so neither is protocol revenue.
Gross Interest Accrued: All interest paid by borrowers before it is split. It equals Net Interest Income plus Net Interest Accrued.
Net Interest Accrued: The part of that interest passed through to suppliers, including vault strategies. It is not protocol revenue.
Protocol's retained share of borrower interest
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Net interest income / average interest-bearing assets, 30 day MA
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Performance fees Loopscale collects on yield from the vaults it curates
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Total interest paid by borrowers before the supplier and protocol split
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Borrower interest accruing to suppliers after the protocol's share
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Gross fees, amounts passed through and protocol revenue
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Onchain cash flows
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Loopscale lending balance sheet snapshot
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