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

BENQI is a non-custodial lending protocol built on Avalanche. BENQI was founded by an international team of software developers and launched in 2021.

 QI tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). BENQI’s investors include Dragonfly Capital, Mechanism Capital, Spartan, etc.

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Lending

BENQI

# BENQI Active loans Methodology

## 1. Overview

The active loans metric measures the total outstanding loan amounts across all BENQI lending markets on Avalanche, expressed in USD. This metric tracks the aggregate borrowing activity by summing the `totalBorrows` values reported in `AccrueInterest` events from BENQI market contracts. The calculation captures daily snapshots of total borrowed amounts across all supported lending markets.

## 2. Data sources

- **Blockchain events**: Parsed Avalanche `AccrueInterest` events from BENQI v1 market contracts, which contain `totalBorrows` amounts representing outstanding loan balances
- **Token metadata**: Token reference data providing symbols, decimal precision, and contract addresses for underlying tokens and market contracts
- **External data**: End-of-day token price feeds for USD conversion of loan amounts
- **Market configuration**: Hardcoded allowlist of legitimate BENQI market contract addresses and their corresponding underlying token addresses

## 3. Step-by-step calculation

### Component A: Loan event extraction
- **Purpose**: Extracts total borrow amounts from BENQI market interest accrual events
- **Logic**: Collects `AccrueInterest` events emitted by BENQI market contracts on Avalanche. These events are triggered when interest accrues on loans and contain the `totalBorrows` parameter representing the current outstanding loan balance for that market. Events are filtered to only include legitimate BENQI v1 markets and standardized with lending business line metadata.
- **Key fields**: `totalBorrows` amount from events, `address` as the market contract address, `block_timestamp` for timing, transaction identifiers for uniqueness

### Component B: Market metadata joining
- **Purpose**: Maps market contracts to their underlying token addresses and symbols
- **Logic**: Joins loan events with an allowlist of 12 approved BENQI market contracts on Avalanche. Each market contract address is mapped to its underlying token address (e.g., WAVAX, USDC, WBTC). Token metadata is retrieved to get symbols and decimal precision for both the market contract and underlying token.
- **Key fields**: `account_address` as market contract identifier, `token_address` for underlying token, `token_symbol` and `account_name` for display purposes

### Component C: Daily aggregation
- **Purpose**: Aggregates loan amounts to daily totals per market
- **Logic**: Groups events by day using timestamp truncation, then averages the `totalBorrows` amounts for each market per day. This handles cases where multiple `AccrueInterest` events occur within the same day for a single market.
- **Key fields**: Daily `timestamp`, `active_loans` as averaged borrow amount per market

### Component D: Time series filling
- **Purpose**: Ensures continuous daily time series without gaps
- **Logic**: Applies fill-forward logic to propagate the last known loan amount for any missing days in the time series. This maintains continuity since loan balances persist until explicitly repaid or modified.
- **Key fields**: Filled `active_loans` values across complete date ranges

### Final aggregation
- **Combining components**: All market loan amounts are summed together to get total active loans across the entire BENQI protocol
- **Currency conversion**: Loan amounts are converted from native token denominations to USD using end-of-day price feeds, with proper decimal correction applied based on token specifications
- **Time aggregation**: Daily boundary logic ensures consistent day-over-day comparisons with timestamp truncation to day level
- **Final calculation**: The metric represents the total USD value of outstanding loans across all BENQI markets, calculated as the sum of individual market loan balances converted to USD and aggregated daily

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of loans currently outstanding to borrowers.

BENQIQI

Active loans

Active loans

Competitive landscape