# On-Chain Private Credit: Active Loans by Protocol

> Tokenized private credit by protocol and chain: active loans, principal outstanding, average rates, repayments, impairments and defaults, with sources named.

Markdown copy of https://voltfincrypto.com/apps/onchain-private-credit

**Question:** How much private credit do on-chain protocols lend by protocol and chain, and at what rates?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa)
- Chains: Multi-chain, Ethereum, Base, Arbitrum, Polygon, Avalanche, Solana
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Private credit protocols lend stablecoins to businesses that are vetted off-chain: trading firms, fintech lenders, trade and invoice finance companies and funds. The loans are recorded on-chain as they are funded and repaid, so outstanding principal, rates and losses can be read from the protocols' contracts. This dashboard puts Maple, Centrifuge, Goldfinch, Clearpool, Wildcat and Huma side by side on those measures.

Protocols record loans in different ways. Some fund each loan from a pool and emit an event for every payment; some issue fund shares whose price reflects a loan book kept elsewhere; some let borrowers open their own credit markets on their own terms. The dashboard maps each one onto the same columns (active principal, rate, term and status) and says which columns are read directly and which come from the protocol's own reports.

A large share of what is reported as tokenized private credit is recorded on chains this dashboard does not read, notably the home equity lines Figure records on its own Provenance blockchain. Those loans appear only as a separate, labelled line taken from Figure's published reports and are never mixed with the loans read on-chain.

## Blueprint

### Overview

Active principal, rates and losses by protocol and chain.

- **Active principal** (USD): Principal outstanding on loans read on-chain across the selected protocols and chains.
- **Average contracted rate** (%): The principal-weighted average contracted rate of active loans whose rates are on-chain.
- **Impaired or in default** (USD): Principal on loans marked impaired, written down or past their grace period.
- **Reported on other chains** (USD): Private credit recorded on chains not read here, from issuers' reports, kept apart from the on-chain total.
- **Active principal by protocol** (USD): Active principal by protocol by day, from each protocol's own contracts.

### Loans

Every active loan or credit pool, with its terms and status.

- **Newly lent, 30 days** (USD): Principal funded on new loans over the last 30 days.
- **Repaid, 30 days** (USD): Principal repaid over the last 30 days, from payment events.
- **Principal by borrower sector**: Active principal by borrower sector, from dated protocol disclosures, marked issuer-reported.
- **Every active loan or pool**: Each active loan or credit pool with protocol, chain, borrower label, principal, rate, term, status and receipt.

Filters: Protocol (All protocols, or one of Maple, Centrifuge, Goldfinch, Clearpool, Wildcat and Huma); Chain (Every covered chain, or all chains).

## How it will be measured

- Active principal is read per protocol from its own contracts at day-end blocks: Maple loan manager events, Centrifuge credit pool shares and prices, Goldfinch and Clearpool pool balances, Wildcat market debt and Huma pool assets.
- Rates are each loan's contracted rate where it is on-chain, or the pool's realized yield from share-price growth between two pinned blocks where it is not, and the column says which.
- Repayments, impairments and defaults are each protocol's own payment, impairment and write-down events, valued in the loan's stablecoin.
- Borrower sectors and collateral come from each protocol's published loan disclosures, recorded with their source and date, because they are not on-chain.
- Loans recorded on chains not read here are shown as a labelled line from their issuers' reports and are never added to the on-chain total.

## Data it needs

- `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels.
- Source: Maple loan manager funding, payment and impairment events
- Source: Centrifuge credit pool share supply and posted price per share
- Source: Goldfinch and Clearpool pool balances and repayment events
- Source: Wildcat market debt, rates and withdrawal events
- Source: Huma pool assets on Solana
- Source: Protocols' published loan disclosures, and Figure's reports for loans on Provenance, recorded with their source and date

## Questions

### What is on-chain private credit?

Loans to businesses that are funded and repaid in stablecoins through smart contracts. Lenders deposit into a pool or buy a fund token while a protocol or manager vets the borrowers off-chain. Repayments flow back through the contracts, where anyone can check them.

### How is on-chain private credit different from DeFi lending?

DeFi lending markets lend against crypto collateral that is liquidated automatically. Private credit lends to named borrowers on negotiated terms, often with off-chain collateral or none, so the risk is the borrower's ability to repay rather than a price feed.

### Which protocols are included?

Maple, Centrifuge, Goldfinch, Clearpool, Wildcat and Huma to start, each on the chains where it lends. A protocol is added when its loans can be read from its contracts; one that only publishes reports appears in the labelled off-chain line.

### What rates do on-chain credit protocols pay?

Rates depend on the borrower, the term and the collateral. The dashboard shows the contracted rate of each active loan where it is on-chain and the realized yield of each pool from its share price, so quoted and earned rates can be compared.

### How are defaults recorded?

As each protocol records them: an impairment that marks a loan down, a write-down of a pool's assets or a missed payment past its grace period. Each appears with its transaction, and any recovery is shown beside the loss it offsets.

### Why do published private credit totals differ?

Totals depend on what is counted: loans read on-chain, loans recorded on an issuer's own chain or a fund's reported assets. This dashboard keeps them apart, so its on-chain total covers only what the contracts show.

## Glossary

- **Active principal**: The amount lent and not yet repaid on loans that are still open.
- **Underwriter**: The party that vets borrowers and sets loan terms for a credit pool, often the protocol's own team or an outside manager.
- **Write-down**: Reducing the recorded value of a loan or a pool's assets when repayment in full looks unlikely.

## Related apps

- [Maple Finance: syrupUSDC, syrupUSDT and the Loan Book](https://voltfincrypto.com/apps/maple-finance-syrupusdc-loans)
- [Centrifuge Tokenized Funds: JTRSY, JAAA and Pools by Chain](https://voltfincrypto.com/apps/centrifuge-tokenized-funds)
- [Tokenized RWA Market Size by Chain](https://voltfincrypto.com/apps/tokenized-rwa-market-size-by-chain)
- [Tokenized Treasuries Tracker: BUIDL, BENJI, USYC, OUSG](https://voltfincrypto.com/apps/tokenized-treasuries-tracker)
- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [Tokenized Gold Supply: XAUT vs PAXG](https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F