# Maple Finance Active loans Methodology

## 1. Overview

Active loans is measured as the total value of user deposits lent out to borrowers through Maple Finance. The portion of deposits that borrowers must pay interest on is tracked, which correlates with the lending project's ability to generate revenue. Active loans are monitored across various products including Maple Finance syrupUSDC, Maple Finance syrupUSDT, Maple Finance syrupUSDG, Maple Institutional, and Other Maple pools. Only active, drawn loans are included, while internal capital allocations and strategy deployments are excluded.

## 2. Data sources

- **Blockchain events**: `LoanFunded` events from `Pool` contracts, and `ClaimedFundsDistributed` and `FundsDistributed` events from `LoanManager` and `FTLoanManager` contracts, combined with daily on-chain state reads of loan principals and borrower metadata, covering Ethereum
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Identification of drawn loans

- **Purpose**: Identify loans that have been successfully funded and drawn by borrowers
- **Logic**: Loans are identified as drawn if a non-zero funding date is recorded in the loan metadata, or if the loan address is present in historical funding and distribution events. These events comprise `LoanFunded` events from V1 `Pool` contracts, as well as `ClaimedFundsDistributed` and `FundsDistributed` events from V2 `LoanManager` and `FTLoanManager` contracts.
- **Key fields**: `loan` address, `date_funded`

### Component B: Principal extraction and filtering

- **Purpose**: Extract outstanding loan principals and filter out internal allocations
- **Logic**: Daily outstanding principal balances are extracted from on-chain state records. Loans that have never been drawn or have a principal balance of zero are excluded. To ensure only real commercial loans are represented, internal capital allocations, strategy deployments, decentralized finance (DeFi) allocations, automated market maker (AMM) positions, and intercompany transfers are filtered out by denylisting known internal borrower addresses.
- **Key fields**: `principal`, `borrower` address

### Component C: Product mapping and normalization

- **Purpose**: Map loans to specific Maple Finance products and normalize the principal values
- **Logic**: Lender addresses (representing loan managers) are mapped to their corresponding products, including Maple Finance syrupUSDC, Maple Finance syrupUSDT, Maple Finance syrupUSDG, Maple Institutional, or classified under Other Maple pools if no direct mapping exists. Raw principal amounts are normalized by decimal precision, applying an 18-decimal divisor for WETH loans and a 6-decimal divisor for USDC, USDT, and USDG loans.
- **Key fields**: `lender` address, `token_address`, `principal_raw`

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

Value of loans currently outstanding to borrowers.

Active loans

Maple Finance

Pool delegates create a pool and attract funding, from which they receive a portion of the establishment fee and the interest accrued. Liquidity providers add liquidity to the pool and receive a portion of the interest (supply-side fees).

Maple is a non-custodial lending protocol built on Ethereum offering undercollateralized loans for institutional borrowers. Maple was founded by Sid Powell and Joe Flanagan and launched in 2021.

MPL token holders govern and own the protocol. They currently take a cut of the establishment fee (revenue). Maple’s investors include Framework Ventures, One Block Capital, Stani Kulechov etc.

Maple FinanceSYRUP

Active loans

Active loans

Competitive landscape

Chain breakdown