# Seamless ILMs Active loans Methodology

## 1. Overview

The value of user deposits lent out to borrowers is measured by Active loans for Seamless ILMs. This metric tracks the specific portion of capital utilized within Integrated Liquidity Manager (ILM) strategies, representing assets that are actively generating interest. Active loans is utilized as a key indicator of the protocol's capital efficiency and its capacity to generate revenue through automated liquidity management strategies.

## 2. Data sources

- **Blockchain events**: Debt and collateral state records from Seamless ILM strategy contracts, covering Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Seamless ILMs debt state extraction

- **Purpose**: Retrieve the outstanding debt balances for Integrated Liquidity Manager strategies.
- **Logic**: Debt values are extracted from state snapshots associated with specific Seamless ILM account addresses. Only records with a positive debt value are selected for the calculation. The identified debt represents the borrowed component of the automated strategies managed by the protocol.
- **Key fields**: `debt_value`, `account_address`, `timestamp`

### Component B: Daily average aggregation

- **Purpose**: Calculate the representative debt balance for each day.
- **Logic**: Active loan amounts are aggregated at a daily granularity. The final daily value is determined by calculating the average of all debt balance observations recorded within a UTC-aligned calendar day. This averaging process ensures that intra-day fluctuations in strategy utilization are accurately reflected.

### Component C: Normalization and USD conversion

- **Purpose**: Standardize debt values into a common currency for reporting.
- **Logic**: Debt amounts are normalized based on the decimal precision of the underlying assets using metadata. These normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value. Gap-filling logic is applied to ensure a continuous time series for all active strategies.

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

Value of loans currently outstanding to borrowers.

Active loans

Lending

Seamless ILMs

Active loans

Active loans

Chain breakdown