diff --git a/fees/shmonad/index.ts b/fees/shmonad/index.ts
new file mode 100644
index 0000000000..1e3c1946c9
--- /dev/null
+++ b/fees/shmonad/index.ts
@@ -0,0 +1,63 @@
+import { FetchOptions, SimpleAdapter } from "../../adapters/types";
+import { CHAIN } from "../../helpers/chains";
+
+const SHMONAD_CONTRACT = "0x1B68626dCa36c7fE922fD2d55E4f631d962dE19c";
+
+const ABIS = {
+  totalAssets: "uint256:totalAssets",
+  totalSupply: "uint256:totalSupply",
+};
+
+const PROTOCOL_FEE = 0.05; // 5% protocol revenue
+
+const fetch = async (options: FetchOptions) => {
+  const dailyFees = options.createBalances();
+  const dailyProtocolRevenue = options.createBalances();
+  const dailySupplySideRevenue = options.createBalances();
+
+  const [assetsBefore, supplyBefore] = await Promise.all([
+    options.fromApi.call({ target: SHMONAD_CONTRACT, abi: ABIS.totalAssets }),
+    options.fromApi.call({ target: SHMONAD_CONTRACT, abi: ABIS.totalSupply }),
+  ]);
+
+  const [assetsAfter, supplyAfter] = await Promise.all([
+    options.toApi.call({ target: SHMONAD_CONTRACT, abi: ABIS.totalAssets }),
+    options.toApi.call({ target: SHMONAD_CONTRACT, abi: ABIS.totalSupply }),
+  ]);
+
+  // Compute exchange rate
+  const rateBefore = (assetsBefore * 1e18) / supplyBefore;
+  const rateAfter = (assetsAfter * 1e18) / supplyAfter;
+  const netRewards = ((rateAfter - rateBefore) * assetsBefore) / 1e18; 
+
+  const grossRewards = netRewards / (1 - PROTOCOL_FEE); 
+  
+  dailyFees.addGasToken(grossRewards);            
+  dailyProtocolRevenue.addGasToken(grossRewards * PROTOCOL_FEE); 
+  dailySupplySideRevenue.addGasToken(grossRewards * (1 - PROTOCOL_FEE)); 
+
+  return {
+    dailyFees,
+    dailyRevenue: dailyProtocolRevenue,
+    dailyProtocolRevenue,
+    dailySupplySideRevenue,
+  };
+};
+
+const adapter: SimpleAdapter = {
+  version: 2,
+  adapter: {
+    [CHAIN.MONAD]: {
+      fetch,
+      start: "2024-11-01",
+    },
+  },
+  methodology: {
+    Fees: "Fees calculated from exchange rate appreciation (totalAssets / totalSupply), following ERC-4626 standard.",
+    Revenue: "5% of yield goes to protocol, deducted before distributing to shMON holders.",
+    ProtocolRevenue: "5% performance fee collected by the protocol.",
+    SupplySideRevenue: "95% of yield increases shMON value for holders.",
+  },
+};
+
+export default adapter;