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

Radiant Capital is a non-custodial omni-chain lending protocol built on Layer Zero. Radiant Capital was founded by an anonymous team and launched in 2022 on Arbitrum.

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

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Radiant Capital

# Radiant Capital Active loans Methodology

## 1. Overview

The Radiant active loans metric measures the total USD value of outstanding loan positions across all supported assets in the Radiant protocol on any given day. Radiant is a lending protocol that operates across multiple blockchains (Arbitrum, BSC, Ethereum) with different protocol versions (v1, v2).

The metric tracks the real-time outstanding debt by monitoring variable debt token mint and burn events, applying Radiant's compound interest calculations through liquidity indices, and aggregating across all markets to provide a comprehensive view of total lending activity.

## 2. Data sources

The calculation relies on several key data sources:

- **Radiant protocol events**: Parsed `VariableDebtToken` `Mint` and `Burn` events from Radiant v1 and v2 contracts deployed on Arbitrum, BSC, and Ethereum. These events track when users borrow funds (mint) or repay loans (burn)
- **Protocol configuration data**: Radiant `LendingPoolConfigurator` `ReserveInitialized` events for v1 markets, plus hardcoded market configurations for v2 deployments across all supported chains
- **End-of-day token price feeds**: USD pricing data for all underlying lending assets including WBTC, WETH, USDC, USDT, DAI, ARB, wstETH, BTCB, WBNB, BUSD, sDAI, and rETH
- **Token metadata**: Symbol, decimal place, and address information for proper token identification and amount normalization

## 3. Step-by-step calculation

### Component A: VToken event extraction
- **Purpose**: Extract all borrowing and repayment events from Radiant protocol contracts
- **Logic**: Collect `VariableDebtToken` `Mint` and `Burn` events from Radiant protocol deployments across Arbitrum, BSC, and Ethereum for both v1 and v2 versions. Mint events represent new borrows with fields including `index` (liquidity index) and `value`/`amount` (debt amount). Burn events represent loan repayments with similar structure. The liquidity index is normalized by dividing by 10^27 to handle Radiant's 27-decimal precision standard
- **Key fields**: `block_timestamp`, `vtoken_address` (debt token contract), `index_value` (normalized liquidity index), `amount` (debt amount in native token units)

### Component B: Supply change calculation  
- **Purpose**: Combine mint and burn events to track net changes in debt token supply
- **Logic**: Union mint events (positive amounts) with burn events (negative amounts) to create a comprehensive timeline of debt token supply changes. This creates a complete audit trail of all borrowing activity for each variable debt token across all supported chains and protocol versions
- **Key fields**: `amount` (positive for mints, negative for burns), `index_value`, `vtoken_address`, `block_timestamp`

### Component C: Debt scaling and outstanding calculation
- **Purpose**: Convert raw event amounts to actual outstanding debt using Radiant's compound interest mechanism
- **Logic**: Apply Radiant's debt scaling formula: divide the sum of `amount` plus half the `index_value` by the full `index_value`. This accounts for compound interest accrual. Calculate cumulative running sums partitioned by chain, version, and vtoken address, ordered chronologically. Multiply the cumulative scaled debt by the current `index_value` to determine actual outstanding borrow amounts at each point in time
- **Key fields**: Scaled `amount` (debt adjusted for interest), cumulative outstanding debt per vtoken

### Component D: Daily aggregation
- **Purpose**: Aggregate intraday fluctuations to daily loan values
- **Logic**: Truncate timestamps to daily boundaries and calculate the average outstanding amount per vtoken address within each day. This smooths out intraday borrowing and repayment activity to provide stable daily measurements
- **Key fields**: Daily `timestamp`, average `amount` per vtoken

### Component E: Missing day interpolation
- **Purpose**: Ensure continuous time series without data gaps
- **Logic**: Apply forward-fill logic to populate missing days with the most recent available values, maintaining data consistency across the complete time series for each combination of chain, version, and vtoken address
- **Key fields**: Filled `active_loans` amounts across continuous daily timeline

### Component F: Asset mapping
- **Purpose**: Map variable debt token addresses to underlying lending assets  
- **Logic**: Join debt token data with market dimension tables to retrieve underlying asset information. For v1 markets, use parsed `ReserveInitialized` events combined with token metadata. For v2 markets, use hardcoded configurations that map each `variable_debt_token_address` to its corresponding asset symbol and address across all supported chains
- **Key fields**: `contract_name` (asset symbol), `token_address` (underlying asset address)

### Final aggregation
- **Combining components**: All processed loan amounts are aggregated by asset and converted to a standardized format with consistent business line categorization as 'Lending'
- **Currency conversion**: Outstanding loan amounts in native tokens are converted to USD using end-of-day price feeds and adjusted for proper decimal places based on each token's specification
- **Time aggregation**: Final values represent daily outstanding loan balances averaged across the day to account for intraday variations
- **Final calculation**: The metric represents the total USD value of active loans across all Radiant markets, calculated as the sum of all outstanding debt positions after applying compound interest calculations, currency conversion, and temporal aggregation

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

Value of loans currently outstanding to borrowers.

Radiant CapitalRDNT

Archived

Active loans

Active loans

Competitive landscape

Chain breakdown