Native Relay streams Core prices to wallets and aggregators and routes their orders into Native, while Native Pro exposes the Core matching engine to institutions over direct, exchange-grade interfaces. Trades settle non-custodially through NativeRouter and CreditVault contracts deployed on each supported EVM chain. Native applies standard maker and taker fees on Native Core: 0% on stablecoin and softpeg markets, 0.1% taker and 0.02% maker on majors and RWAs, and 0.001% taker with 0% maker on selected markets. Integration partners routing through Native Relay negotiate a customized additional Relay fee, typically set at zero or minimal, on top of the standard maker and taker rates.

Native is a non-custodial trading infrastructure for on-chain spot markets that decouples pricing logic from asset settlement. Native Core is an on-chain sovereign state machine where price discovery and central limit order book matching are finalized, while Native Pool consists of distributed smart contracts on EVM chains that custody assets and enforce settlement. Rather than pricing trades through AMM pools, Native matches orders in its own engine and exports the resulting liquidity to integrating chains and distribution surfaces.

Native serves wallets, aggregators and intent platforms that route order flow into Native to source on-chain liquidity, institutions and professional market makers that integrate through Native Pro, and liquidity providers that supply the permissionless vaults used for settlement.

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# Native Active loans Methodology

## 1. Overview

Active loans is defined as the value of user deposits that are lent out to borrowers. For Native Relay, the liquidity that has been drawn from the credit vault by market makers and has not yet been returned is tracked. This metric is utilized to represent the portion of deposits on which interest must be paid by borrowers, which is correlated with the lending project's ability to generate revenue. By monitoring these active debt positions, the utilization efficiency of the vault's capital is assessed.

## 2. Data sources

- **Blockchain events**: Position ledger states are parsed from Native Relay credit vaults, covering Arbitrum, Base, BSC, Ethereum, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata are integrated

## 3. Step-by-step calculation

### Component A: Position extraction and debt isolation

- **Purpose**: Raw trader positions are extracted and outstanding debt is isolated.
- **Logic**: Raw trader positions are retrieved from the credit vault's position ledger. Because positions are signed, positive values representing inventory held by traders are excluded, and only negative values representing outstanding debt owed to the vault are isolated and converted to positive values. Invalid or failed reads are discarded.
- **Key fields**: `position_raw`, `trader_address`, `token_address`

### Component B: Decimal normalization and USD conversion

- **Purpose**: Asset amounts are normalized and converted to USD values.
- **Logic**: Raw debt amounts are normalized by the decimal precision of each respective asset using asset metadata. The normalized amounts are then multiplied by end-of-day asset prices to determine the USD value of the active loans.
- **Key fields**: `amount`, `decimals`, `price_usd`

### Component C: Aggregation and zero-filling

- **Purpose**: Daily active loans are aggregated and continuous time-series data is ensured.
- **Logic**: Active loan values are aggregated by day, chain, and product. A zero-filling strategy is applied to ensure that days with no activity are populated with zero values, maintaining a continuous daily time series. Chain availability filters are applied to restrict data to active periods.

## What is counted
Active loans are defined as the liquidity that has been drawn from the vault by market makers and has not yet been returned. These values are read directly from the vault's own position ledger, covering Arbitrum, Base, BSC, Ethereum, Monad, Robinhood Chain, and X Layer, and no other chains. Because a market maker's position is signed, only the negative balances (representing the amounts owed to the vault) are counted, while any positive surplus held by the trader is excluded. These active loans are already contained within the total value locked metric, meaning the two metrics must never be added together to avoid double-counting.

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

Value of loans currently outstanding to borrowers.

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