# Kamino Lend Active loans Methodology

## 1. Overview

Active loans measures the total value of assets currently borrowed by users from Kamino Lend. This metric represents the interest-bearing portion of the protocol's deposits, which serves as the primary driver for interest income and protocol revenue. Debt levels are tracked on a per-asset and per-reserve basis to reflect the total outstanding principal and accrued interest owed by borrowers.

## 2. Data sources

- **Blockchain events**: `BorrowObligationLiquidity`, `BorrowObligationLiquidityV2`, `LiquidateObligationAndRedeemReserveCollateral`, `LiquidateObligationAndRedeemReserveCollateralV2`, `RepayObligationLiquidity`, `RepayObligationLiquidityV2`, `RepayAndWithdrawAndRedeem`, `RequestElevationGroup`, and `InitReserve` instructions from `Kamino Lend` programs on Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Instruction parsing and obligation identification

- **Purpose**: Identify all transactions that modify the debt state of a borrower's obligation.
- **Logic**: `BorrowObligationLiquidity`, `RepayObligationLiquidity`, `LiquidateObligationAndRedeemReserveCollateral`, and related V2 instructions from `Kamino Lend` programs are parsed to identify changes in debt positions. Obligations are mapped to specific lending markets and reserves using `InitReserve` instructions to ensure accurate asset identification.
- **Key fields**: `lending_market`, `borrow_reserve`, `obligation`, `token_address`

### Component B: Refreshed debt extraction from program logs

- **Purpose**: Capture the exact amount of outstanding debt, including accrued interest, directly from the on-chain program state.
- **Logic**: Debt values are not calculated solely through cumulative transfers but are extracted from Solana program log messages emitted during obligation updates. For regular positions, values are parsed from "Last refreshed borrows (outside elevation group)" logs. For e-mode positions, values are parsed from "Refreshed debt in elevation group" logs. These logs provide the most accurate snapshot of the current debt balance for a specific obligation at a given point in time.
- **Key fields**: `log_messages`, `refreshed_borrows`

### Component C: Elevation group classification

- **Purpose**: Distinguish between regular lending debt and elevated (e-mode) debt for accurate accounting.
- **Logic**: `RequestElevationGroup` instructions are monitored to track which obligations are assigned to specific elevation groups. Obligations with an active elevation group (non-zero) are classified as elevated, while others are treated as regular positions. This classification ensures the correct log parsing logic is applied to each borrow position.
- **Key fields**: `elevation_group`, `is_elevated`

### Component D: Daily snapshotting and fill-forward processing

- **Purpose**: Create a continuous daily time series of active debt levels.
- **Logic**: The latest valid refreshed debt entry for each reserve and obligation is identified for every day. Because debt positions may not be updated in every block, values are filled forward from the last known state to subsequent days until a new update instruction occurs. This ensures that the metric reflects the total outstanding debt on every date, even in the absence of daily borrower activity for a specific reserve.

### Component E: USD conversion and final aggregation

- **Purpose**: Normalize debt amounts across different assets into a single USD-denominated metric.
- **Logic**: Raw debt amounts are normalized by their respective decimal precision based on asset metadata. These normalized values are multiplied by end-of-day price feeds. The final metric is aggregated by summing the USD value of all active loans across all reserves and markets within Kamino Lend.
- **Key fields**: `active_loans`, `price_usd`, `decimals`

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

Value of loans currently outstanding to borrowers.

Active loans