Active loans

Overview

Active loans measures the value of user deposits that are lent out to borrowers. It tracks the portion of deposits that borrowers have to pay interest on, which means that it tends to correlate with the lending project's ability to generate revenue.

Data sources

• Smart contract events and program instructions representing borrow, repay, and interest accrual activity
• Token price feeds for USD valuation
• Asset metadata for decimal normalization

Common calculation approaches

Debt token balance observation

Mint and Burn events are emitted by debt-bearing token contracts to represent borrowing and repayment activity. Outstanding debt positions are observed from Aave V3 contracts to maintain a running total of active loans.

Interest accrual and index factoring

Total borrow amounts are updated through AccrueInterest events and state data. In protocols such as Compound, interest indices are factored into scaled principal balances to establish the current value of outstanding loans including accrued interest.

Instruction-based activity analysis

On Solana, borrow and repayment activity is retrieved from program instructions. For instance, BorrowObligationLiquidity instructions from Kamino and Operate instructions from Jupiter Lend are utilized to establish real-time loan balances.

Loan funding and principal analysis

For institutional lending platforms, active loans are recognized through specific funding events. Drawn loan amounts are obtained from LoanFunded events in projects like Maple Finance, ensuring only active debt is included in the metric.

Note: The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.