Borrowers deposit tokenized equities into per-asset escrow vaults and borrow USDT from a single borrowable USDT vault; suppliers of USDT earn the interest borrowers pay. There are no origination fees — borrowers only pay the interest rate set by a Kink interest rate model — and the USDT vault takes a 25% interest fee. An automated keeper fetches stock prices from Chainlink Data Streams, applies Ondo's share conversion rate, validates them through a circuit breaker and cumulative deviation cap, and pushes them to Poppie's oracle contracts, which Euler reads for borrowing capacity and liquidations. All parameter changes route through a timelock with a minimum delay of one day.

Poppie is a decentralized lending protocol on BNB Smart Chain built specifically for tokenized equities. Users deposit Ondo Global Markets tokenized stocks and ETFs as collateral and borrow USDT against them without KYC, accounts or approvals. The protocol is deployed on Euler V2, using ERC-4626 vaults with isolated per-asset risk and reverse Dutch auction liquidations, and adds an equity-specific oracle stack with market-hour awareness and per-asset pausing.

Poppie is built and operated by the team at Oku Trade, which manages the protocol's configuration on Euler V2. It serves holders of tokenized equities who want liquidity without selling, DeFi users seeking equity exposure, professional investors and institutions, and USDT lenders supplying the borrowable vault to earn interest.

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Lending

Poppie

# Active addresses (weekly) Methodology

## Overview

Active addresses (weekly) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Weekly active addresses are measured on a 7-day rolling basis.

## Data sources

- On-chain transaction records (sender addresses, receiver addresses, and timestamps)
- Program instructions and transaction metadata
- Asset metadata for chain and project identification

## Common calculation approaches

### Transaction sender identification
Sender addresses are extracted from transaction records across blockchains including Ethereum, BNB Chain, and Polygon. Unique initiators are identified from sender address fields and aggregated over a rolling 7-day period to measure network activity.

### Signer and instruction tracking
On Solana, active accounts are identified by extracting unique signers from program instructions. Data is aggregated from both successful and failed transactions to provide a comprehensive view of account activity and network demand.

### Delegated action handling
For networks with specific account abstraction features, such as NEAR Protocol, transaction initiators are identified by distinguishing between standard actions and delegate actions. For meta transactions on NEAR Protocol, the receiver account is identified as the active user to accurately represent user engagement.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

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

Unique active addresses over a rolling 7-day window.

Poppie

Active addresses (weekly)

Active addresses (weekly)

Competitive landscape