Fluid acts as a lending, vault, and DEX platform for seamless DeFi interaction.

Fluid is a non-custodial lending, vaults, and DEX protocol built by Instadapp. Instadapp was founded by Samyak Jain & Sowmay Jain and launched in 2018.

FLUID tokenholders own and govern the protocol. They currently earn a cut of the fees generated through Fluid lending, vault and DEX services. Instadapp's investors include Coinbase Ventures, Pantera Capital, Robot Ventures, etc.

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Fluid

# Fluid Active loans Methodology

## 1. Overview

Active loans represents the total outstanding loan balances across Instadapp's lending protocols, including accrued interest. This metric measures the dollar value of loans that users have borrowed but not yet repaid across two main products: Fluid (on Ethereum, Base, and Arbitrum) and Jupiter Lend Fluid (on Solana). The calculation combines real-time loan balances from state calls with complex interest accrual calculations to provide accurate daily outstanding loan amounts.

## 2. Data sources

- **Solana instruction logs**: Jupiter Liquidity program `Operate` instructions containing borrow and supply operations, `UpdateTokenConfig` instructions for fee updates, and `UpdateRateDataV1`/`UpdateRateDataV2` instructions for interest rate model parameters
- **EVM state call data**: Instladapp's liquidity resolver contract responses across Ethereum, Base, and Arbitrum chains containing lending pool state including total borrow amounts, exchange rates, and interest rates
- **End-of-day token price feeds**: Token prices used for USD conversion
- **Token metadata**: Token decimal specifications and address mappings for proper normalization

## 3. Step-by-step calculation

### Component A: Fluid protocol loans
- **Purpose**: Extract active loan balances from Instadapp's Fluid lending protocol across EVM chains
- **Logic**: Parse JSON responses from liquidity resolver state calls to extract the `total_borrow` field (array index 13). Normalize native token addresses by converting the placeholder address `0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee` to the appropriate wrapped token addresses (WETH on Ethereum, WBASE on Base, WARB on Arbitrum, WMATIC on Polygon). Filter records to ensure both `total_supply` and `total_borrow` values are present
- **Key fields**: `total_borrow` represents the aggregate outstanding loan amount for each token market, `token_address` identifies the lending market, `chain` specifies the blockchain

### Component B: Jupiter lend active loans with interest accrual
- **Purpose**: Calculate precise active loan balances including continuously accrued compound interest for Solana-based Jupiter Lend
- **Logic**: Collect all lending events including borrows, repays, supply changes, interest rate updates, and fee changes from Solana instruction logs. Order events chronologically per token with deterministic tie-breaking (rate updates processed before operations at the same timestamp). Forward-fill interest rate parameters so each event includes the current rate model. Process events sequentially using a JavaScript UDF that maintains running loan balances, accrues compound interest between events based on utilization-dependent rate curves, and applies borrowing/repayment operations to update balances. Extract the final daily balance using the last recorded value per day
- **Key fields**: `active_loan_balance` represents the outstanding loan amount including accrued interest, `borrow_amount` and `supply_amount` from operations affect loan balances and utilization, rate model parameters determine interest accrual rates

### Final aggregation
- **Combining components**: Union the Fluid total borrow amounts with Jupiter Lend active loan balances, both representing daily outstanding loan positions
- **Gap filling**: Apply forward-fill logic to handle missing daily values, ensuring continuous time series data for consistent reporting
- **Data cleaning**: Filter out negative loan amounts that can occur due to token rebase events or other edge cases
- **Currency conversion**: Convert all loan amounts to USD using end-of-day token prices and correct for token-specific decimal places
- **Time aggregation**: Use daily boundaries with the last recorded value per day for Jupiter Lend to capture end-of-day balances including all accrued interest
- **Final calculation**: Sum all USD-denominated active loan balances across both protocols to produce the total active loans metric, applying chain availability filters and schema validation

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

Value of loans currently outstanding to borrowers.

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Active loans

Active loans

Competitive landscape

Chain breakdown