# Seamless Lending Active loans Methodology

## 1. Overview

Active loans for Seamless Lending measures the total value of user deposits that are currently lent out to borrowers. This metric represents the portion of supplied liquidity that is actively utilized and generating interest for the protocol and its lenders. By tracking the outstanding balances of both stable and variable debt, Active loans serves as a primary indicator of the protocol's credit demand and its capacity to generate revenue from interest spreads.

## 2. Data sources

- **Blockchain events**: `SToken_Mint`, `SToken_Burn`, `VToken_Mint`, and `VToken_Burn` events from debt token contracts, plus `ReserveInitialized` events from `LendingPoolConfigurator` contracts, covering Base
- **External data**: End-of-day price feeds for underlying assets and asset metadata

## 3. Step-by-step calculation

### Component A: Market identification

- **Purpose**: Map underlying assets to the corresponding debt-tracking contracts for Seamless Lending
- **Logic**: `ReserveInitialized` events are parsed from `LendingPoolConfigurator` contracts to identify the relationship between underlying assets and their associated stable debt tokens (`SToken`) and variable debt tokens (`VToken`). This mapping ensures that borrowing activity is correctly attributed to the specific asset being lent.
- **Key fields**: `underlying_token_address`, `stoken_address`, `vtoken_address`

### Component B: Stable debt tracking

- **Purpose**: Calculate the volume of outstanding stable-rate loans
- **Logic**: `Mint` and `Burn` events from `SToken` contracts are aggregated to track changes in the total supply of stable debt. The `total_supply` value is extracted from these events, and a daily average is calculated to represent the stable debt balance for each asset.
- **Key fields**: `total_supply`, `block_timestamp`

### Component C: Variable debt tracking

- **Purpose**: Calculate the volume of outstanding variable-rate loans
- **Logic**: `Mint` and `Burn` events from `VToken` contracts are captured to extract the transaction `amount` and the current `index_value`. Borrow amounts are scaled by the liquidity index at the time of the transaction to maintain a consistent accounting base. These scaled amounts are aggregated as a cumulative sum to determine the total scaled debt, which is then multiplied by the current liquidity index to calculate the actual outstanding variable debt balance.
- **Key fields**: `amount`, `index_value`, `block_timestamp`

### Component D: Normalization and USD conversion

- **Purpose**: Standardize loan values into a single currency for cross-asset aggregation
- **Logic**: Stable and variable debt balances are summed for each asset and daily timestamp. All quantities are normalized by the decimal precision defined in the asset metadata. Final values are converted to USD by multiplying the normalized asset amounts by end-of-day price feeds.
- **Key fields**: `active_loans`, `price_usd`, `decimals`

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

Value of loans currently outstanding to borrowers.

Active loans

Lending

Seamless Lending

Active loans

Active loans

Chain breakdown