Protocol revenue generated by Neverland (treasury interest spread + liquidation fee revenue + flash loan fee revenue)
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Neverland generates revenue from three sources, all of them real:
Net Interest Income: Portion of total interest paid by borrowers that accrues to the Neverland treasury rather than to suppliers. The exact share varies by market and is set by each market's reserve factor.
Liquidation Fees: Portion of the liquidation penalty collected for the Neverland treasury. The large majority of the penalty is paid out to liquidators, so treasury-side liquidation revenue is small relative to interest.
Flash Loan Fees: Portion of flash loan fees collected for the Neverland treasury. Volume is small but non-zero — unlike some lending protocols that charge no flash loan fees at all.
Net interest income (treasury_interest_usd) collected by the Neverland treasury
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Net interest income / average interest-bearing (borrow) assets, 30 day MA
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Portion of the liquidation penalty collected for Neverland's treasury
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Net interest generated for depositors (gross interest less Neverland's treasury take)
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Portion of flash loan fees collected for Neverland's treasury
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Income and expenses from tracked operations
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Onchain cash flows
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Neverland balance sheet snapshot
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