Lenders deposit funds into Moonwell and receive interest payments from borrowers (supply-side fees).

Moonwell is a non-custodial lending protocol built on multiple blockchains.

WELL tokenholders own and govern the protocol. They currently take a cut of the total interest + liquidation fees paid by borrowers (revenue).

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Lending

Moonwell

# Moonwell Active loans Methodology

## 1. Overview

Active loans represents the total dollar value of outstanding borrowings across all Moonwell lending markets. This metric answers the question: "What is the current total value of active loans on Moonwell?" The calculation leverages blockchain events that track interest accruals, as these events contain the most up-to-date total borrow amounts for each lending market. The metric aggregates these amounts across all markets and converts to USD for standardized reporting.

## 2. Data sources

- **Blockchain events**: Parsed `CToken_AccrueInterest_event` events from Base and Optimism chains containing current total borrow amounts and interest accrual data
- **Market configuration data**: Moonwell market definitions that map lending market contract addresses to their underlying token addresses
- **Token metadata**: Symbol, decimal precision, and other identifying information for tokens used in Moonwell lending markets
- **External data**: End-of-day token price feeds for USD conversion

## 3. Step-by-step calculation

### Component A: Interest accrual events extraction
- **Purpose**: Extract the most current total borrow amounts from blockchain events
- **Logic**: Query `CToken_AccrueInterest_event` events from Base and Optimism chains. These events are emitted whenever interest accrues on a lending market and contain the updated `totalBorrows` amount. Filter events to only include addresses that correspond to valid Moonwell market contracts. Extract key fields including block timestamp, market contract address, `totalBorrows` amount, and `interestAccumulated` amount.
- **Key fields**: `totalBorrows` represents the current total borrowed amount in the market's native token, `interestAccumulated` shows the interest that accrued in this event, `address` identifies the specific lending market contract

### Component B: Market metadata enrichment  
- **Purpose**: Add market and token context to the raw event data
- **Logic**: Join the interest accrual events with market dimension data that maps market contract addresses to their underlying token addresses. Further join with token metadata to obtain human-readable token symbols, decimal precision, and other token details. This enrichment allows aggregation by token type and proper decimal handling for USD conversion.
- **Key fields**: `token_address` identifies the underlying token being borrowed, `account_name` provides the market symbol, `token_address_decimals` enables proper decimal correction

### Component C: Daily aggregation
- **Purpose**: Aggregate multiple interest accrual events within each day to get daily active loan balances
- **Logic**: Group events by day, chain, and market contract address. Average the `totalBorrows` amounts within each day to handle cases where multiple `AccrueInterest` events occur on the same day. This averaging approach captures the most representative daily balance while smoothing out intraday fluctuations. Further aggregate across all markets to get total active loans by token and day.
- **Key fields**: Daily averaged `active_loans` amounts representing the outstanding borrow balance for each token

### Component D: Time series continuity
- **Purpose**: Ensure complete daily time series with no gaps
- **Logic**: Apply forward-fill logic to populate missing days in the time series. If no new interest accrual events occur on a given day for a market, carry forward the last known active loan balance. This approach assumes loan balances remain constant until the next interest accrual event updates them.
- **Key fields**: Gap-filled `active_loans` values ensuring continuous daily reporting

### Final aggregation
- **Combining components**: Sum active loan amounts across all tokens and markets to get total protocol-level active loans
- **Currency conversion**: Convert token amounts to USD using end-of-day price feeds and correct for token decimal precision. Raw blockchain amounts are adjusted by dividing by 10^decimals to get actual token quantities, then multiplied by USD prices
- **Time aggregation**: Daily timestamp boundaries are used with day-level truncation of event timestamps
- **Final calculation**: The final active loans value represents the sum of all outstanding borrow balances across Moonwell markets, converted to USD and aggregated at the protocol level

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

Value of loans currently outstanding to borrowers.

MoonwellWELL

Active loans

Active loans

Competitive landscape

Chain breakdown