Users deposit stablecoins (USDC, DAI) to earn interest and receive transferable fTokens (fUSDC, fDAI) representing claims on principal plus accrued interest.

Flux Finance is a decentralized lending protocol that enables users to lend and borrow stablecoins against tokenized US Treasuries (OUSG). Built as a fork of Compound v2, the protocol is governed by the Ondo DAO and has been audited by Trail of Bits, OpenZeppelin, Certora, and Code4rena.

Investors seeking yield on stablecoins, institutional users, DAO treasuries, and hardware wallet holders.

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Lending

Flux Finance

# Flux Finance Active loans Methodology

## 1. 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. For Flux Finance, the outstanding debt across all allowlisted lending markets is measured.

## 2. Data sources

- **Blockchain events**: `AccrueInterest` events from `FToken` contracts, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Market filtering and raw loan extraction

- **Purpose**: Identify allowlisted lending markets and extract raw borrow balances
- **Logic**: `AccrueInterest` events are parsed from `FToken` contracts. These events are filtered using an allowlist of active lending markets (such as fDAI, fFRAX, fOUSG, fUSDC, and fUSDT) to map each market to its underlying asset. The `totalBorrows` field is extracted from each event to represent the point-in-time active loan balance.
- **Key fields**: `totalBorrows` (raw borrow balance), `address` (lending market address)

### Component B: Daily snapshotting and decimal normalization

- **Purpose**: Determine the daily active loan balance and normalize asset decimals
- **Logic**: To resolve multiple updates within a single day, only the last event of each day is retained based on block number and log index. The raw active loan balances are normalized by the decimal precision of each underlying asset. Daily changes in active loans are calculated by taking the difference between the current day's balance and the previous day's balance.
- **Key fields**: `active_loans` (normalized balance), `delta_active_loans` (daily change)

### Component C: Cumulative aggregation and balance continuation

- **Purpose**: Reconstruct the continuous daily active loan balance
- **Logic**: Daily changes in active loans are aggregated and summed cumulatively over time to compute the active loan balance for each day. For days without any event activity, the last known active loan balance is carried forward to maintain a continuous daily record.
- **Key fields**: `delta_active_loans` (daily change), `active_loans` (cumulative balance)

### Component D: USD conversion

- **Purpose**: Convert normalized active loan balances to USD
- **Logic**: The daily active loan balances are multiplied by end-of-day asset prices. If primary price feeds are unavailable, backup price feeds or asset-level price metrics are applied to ensure complete valuation.
- **Key fields**: `active_loans` (USD-denominated balance)

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

Value of loans currently outstanding to borrowers.

Flux Finance

Active loans

Active loans

Competitive landscape