Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

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Curve

# Curve Active loans Methodology

## 1. Overview

The Curve active loans metric measures the total outstanding debt positions across Curve's LlamaLend lending protocol. This metric quantifies the total value of loans that borrowers have taken out and have not yet fully repaid, providing insight into the lending activity and utilization within Curve's decentralized lending ecosystem. The calculation aggregates individual debt positions from all active borrowers and converts them to USD for standardized reporting.

## 2. Data sources

The metric relies on the following raw data sources:
- **Lending position state data**: Curve LlamaLend debt position snapshots capturing outstanding loan balances for individual accounts across supported blockchain networks
- **Token metadata**: Reference data providing decimal precision information for proper token amount calculations
- **End-of-day price feeds**: Daily token price data used for USD conversion of native token amounts
- **Chain configuration data**: Protocol configuration specifying which blockchain networks are currently supported and available for reporting

## 3. Step-by-step calculation

### Component A: Active loan position extraction
- **Purpose**: Identifies and extracts all active debt positions from Curve's LlamaLend protocol
- **Logic**: The system queries Curve LlamaLend debt state data to retrieve individual borrower positions. It filters for records where the loan `amount` field contains valid numeric values, excluding any null or invalid entries. The calculation uses a standardized token address for crvUSD (`0xf939e0a03fb07f59a73314e73794be0e57ac1b4e`) to ensure consistent token identification across all positions. Each position includes the borrower's account address, timestamp, blockchain network identifier, and debt amount.
- **Key fields**: `timestamp` for daily aggregation boundaries, `account_address` for borrower identification, `amount` representing the outstanding loan balance in native token units, and `chain` identifying the blockchain network

### Component B: Market classification and standardization
- **Purpose**: Applies consistent business categorization and prepares data for metric processing
- **Logic**: The system adds standardized market classifications to each loan position, setting the market sector as "lending" and business segment as "lending" to properly categorize the activity type. The product identifier is set to "llamalend" to distinguish this specific lending protocol within Curve's broader ecosystem. The timestamp grain is standardized to "day" level aggregation to ensure consistent time-based reporting.
- **Key fields**: `market_sector_id` and `business_segment_id` for business categorization, `product_id` for protocol identification, `timestamp_grain` for aggregation level specification

### Component C: USD conversion and decimal correction
- **Purpose**: Converts native token amounts to USD values and applies proper decimal precision
- **Logic**: The system performs currency conversion using end-of-day price feeds to transform native token amounts into USD equivalents. This process also applies decimal correction based on token metadata to ensure amounts are properly scaled according to each token's decimal precision. The conversion uses the most recent available price data for each daily timestamp to maintain consistency across reporting periods.
- **Key fields**: `active_loans` representing the USD-converted loan amounts with proper decimal scaling applied

### Final aggregation
- **Combining components**: The system combines all processed loan position data while maintaining individual account-level granularity for the active loans calculation
- **Currency conversion**: USD conversion occurs using end-of-day price feeds with decimal precision correction applied based on token metadata
- **Time aggregation**: Data is aggregated at daily boundaries using the timestamp field, with gap-filling logic applied to ensure continuous time series data
- **Final calculation**: The final metric value represents the sum of all outstanding loan positions in USD, filtered to include only supported blockchain networks as determined by chain availability configuration. Gap periods are filled with zero values to maintain time series continuity, indicating periods with no active lending activity.

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

Value of loans currently outstanding to borrowers.

CurveCRV

Active loans

Active loans

Competitive landscape

Chain breakdown