# Native Relay Active loans Methodology

## 1. Overview

The value of user deposits lent out to borrowers is measured by active loans. For Native Relay, the portion of deposits on which borrowers must pay interest is tracked, which correlates with the lending project's ability to generate revenue. The liquidity drawn from the credit vault by market makers and not yet returned is represented by these loans. The metric is calculated by analyzing the outstanding debt positions of market makers.

## 2. Data sources

- **Blockchain events**: Trader position state records from the vault's position ledger, covering Arbitrum, Base, BSC, Ethereum, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Native Relay trader position extraction

- **Purpose**: Extract raw trader positions from the ledger
- **Logic**: Raw trader positions are extracted from the vault's position ledger. The position values are parsed and cast to numeric values. Since positions are signed, only negative balances (representing amounts owed to the credit vault) are retained by applying a function that isolates negative values and sets positive values (surplus inventory) to zero.
- **Key fields**: `trader_address`, `token_address`, `position_raw`

### Component B: USD conversion and normalization

- **Purpose**: Normalize asset amounts and convert to USD
- **Logic**: Raw active loan 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**: `active_loans`, `price_usd`, `decimals`

### Component C: Daily aggregation and zero-filling

- **Purpose**: Aggregate values and ensure continuous daily data
- **Logic**: Active loan values are aggregated by day, chain, and product. A zero-filling strategy is applied to ensure that days with missing data are populated with zero values, maintaining a continuous daily time series.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `active_loans`

## 4. What is counted
Active loans are defined as the liquidity drawn from the vault by market makers and not yet returned, which is read from the vault's own position ledger, covering Arbitrum, Base, BSC, Ethereum, Monad, Robinhood Chain, and X Layer and no other chain. Because a market maker's position is signed, only the amounts owed are counted, while any surplus held is excluded. These loans are already contained in total value locked, meaning the two metrics must never be added together.

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

Value of loans currently outstanding to borrowers.

Active loans

Exchanges (DEX)

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.

Native Relay

Active loans

Active loans

Chain breakdown