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Lending

Kamino

# Kamino Active loans Methodology

## 1. Overview

Active loans measures the total value of assets borrowed by users from Kamino Lend. This metric tracks the portion of deposited liquidity that is currently utilized and generating interest income for the protocol and its lenders. It accounts for both regular borrowing positions and elevated positions (E-mode) across all lending markets.

## 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 classification

- **Purpose**: Identify on-chain operations that modify or refresh borrow positions.
- **Logic**: Borrow, repay, and liquidation instructions are parsed from `Kamino Lend` programs. These instructions are associated with specific lending markets, obligation accounts, and reserve accounts. Positions are classified as "elevated" or "regular" by checking if the obligation has been assigned to an elevation group via the `RequestElevationGroup` instruction. Asset metadata is retrieved via `InitReserve` instructions to map liquidity accounts to their corresponding mint addresses.

### Component B: Log-based balance extraction

- **Purpose**: Capture the current state of debt balances directly from program logs.
- **Logic**: Program logs within transactions are parsed to extract high-precision debt balances refreshed during instruction execution. For elevated positions, debt values are extracted from logs referencing "Refreshed debt in elevation group." For regular positions, values are extracted from logs referencing "Last refreshed borrows (outside elevation group)." Extracted values are mapped to specific instructions by matching the index of the log entry with the instruction's relative order within the transaction.

### Component C: State tracking and forward filling

- **Purpose**: Maintain a continuous record of active loans across all markets.
- **Logic**: The most recent refreshed debt balance for each reserve and lending market is captured daily. Because borrow balances are only emitted during active transactions, values are filled forward to subsequent days where no activity occurs. This ensures that the metric accurately reflects the total outstanding debt at the close of each UTC day.

### Component D: Normalization and USD conversion

- **Purpose**: Convert raw on-chain debt amounts into a standardized USD value.
- **Logic**: Debt quantities are normalized by the decimal precision of the underlying asset. The resulting amounts are multiplied by end-of-day price feeds to determine the total USD value. Daily values are then aggregated across all markets and reserves to produce the protocol-level metric.

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

Value of loans currently outstanding to borrowers.

KaminoKMNO

Active loans

Active loans

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