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

Shoebill Finance is a non-custodial lending protocol built on Manta Pacific. Shoebill Finance was founded by the pseudonymous Paguinfo and launched in 2023.

Shoebill Finance’s team own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Shoebill Finance

# Shoebill Finance Active loans Methodology

## 1. Overview

Active loans measures the total outstanding borrowed amounts across all Shoebill lending markets on Manta chain. This metric tracks the current debt obligations of borrowers in the Shoebill lending protocol, representing the total value of active loans that have been issued but not yet repaid. The calculation aggregates loan balances from multiple token markets (ETH, STONE, USDC, wUSDM) and presents them as a daily time series in USD.

## 2. Data sources

- **Blockchain events**: Parsed Manta blockchain `AccrueInterest` events from four Shoebill lending market contracts (sbEth, sbStone, sbUsdc, sbwUsdm)
- **Token metadata**: Token symbol and metadata repository for mapping contract addresses to human-readable names
- **External data**: End-of-day token price feeds for converting loan amounts to USD across different underlying assets

## 3. Step-by-step calculation

### Component A: Active loan event extraction
- **Purpose**: Extract active loan balances from Shoebill lending market contracts
- **Logic**: Parse `AccrueInterest` events from four lending market contracts on Manta chain. Each event contains a `totalBorrows` field representing the current outstanding loan amount for that specific market. Events are filtered to include block timestamp, transaction hash, log index, contract address, and the loan amount. All records are tagged with lending business line categorization and version v1
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `account_address` (contract), `totalBorrows` (active loan amount)

### Component B: Market metadata enrichment
- **Purpose**: Add human-readable market names and token information
- **Logic**: Join loan events with an allowlist of four approved Shoebill markets on Manta chain. Each market is defined by its contract address and associated token address. Token metadata is retrieved to provide symbols for both the underlying token and the market name. This creates a mapping from contract addresses to readable market names like ETH, STONE, USDC, and wUSDM markets
- **Key fields**: `token_address`, `token_symbol`, `account_name` (market identifier)

### Component C: Daily aggregation
- **Purpose**: Calculate daily average active loan amounts per market
- **Logic**: Truncate timestamps to daily boundaries and group events by day, chain, business categorization, and market identifiers. Calculate the average `totalBorrows` amount across all `AccrueInterest` events within each day for each market. This smooths out any intra-day fluctuations and provides a representative daily value
- **Key fields**: `timestamp` (daily), `active_loans` (averaged amount)

### Component D: Gap filling
- **Purpose**: Ensure complete daily time series without missing dates
- **Logic**: Apply forward-fill logic to populate any missing days in the time series. For each market dimension combination, if a day is missing data, use the last known active loan value from the previous day. This maintains continuity in the metric and prevents gaps in reporting
- **Key fields**: Forward-filled `active_loans` values

### Final aggregation
- **Combining components**: All market-level daily loan amounts are maintained as separate records, preserving granularity by market
- **Currency conversion**: Convert loan amounts to USD using end-of-day token price feeds, applying appropriate decimal corrections based on each token's precision (18 decimals for ETH, varying for other tokens)
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with averaging applied within each day
- **Final calculation**: The final metric represents daily active loan amounts in USD for each Shoebill lending market, with forward-filled values for missing dates and zero-filled values where no lending activity has occurred

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

Value of loans currently outstanding to borrowers.

Shoebill Finance

Active loans

Active loans

Competitive landscape