Lending
Borrowers post credit tokens. Lenders supply the stablecoins.
Isolated markets · Kamino and Morpho history backfilled; Euler, Loopscale start 9 Nov
About this data
Source: Euler, Kamino, Loopscale, Morpho position reads.
Who borrows against what
| Token | Venues | Market type | Backing loans | Deposited onlyCredit tokens in a venue that back no loan. | Borrowed | Fixed rate | Avg LTVLoan-to-value: the loan as a share of the collateral behind it. | Max LTVThe highest limit among the variable-rate markets where the token is posted, as on its token page. Fixed-term loans set their own. | Priced by |
|---|---|---|---|---|---|---|---|---|---|
| USD3 | M | Isolated + pooled | $66.9M$66,886,615 | $42.6K$42,642 | $53.4M$53,357,666 | from 7.00%7.0038% M | 79.8%79.7733% | 91.5% | Fixed |
| reUSD | EKM | Isolated + pooled | $206M$206,365,838 | $2.0M$1,992,808 | $168M$168,094,630 | from 5.70%5.701% M | 81.5%81.4547% | 97% | Market |
| nOPAL | KM | Isolated + pooled | $16.6M$16,600,806 | $36.5K$36,511 | $11.2M$11,187,706 | — | 67.4%67.3926% | 86% | Market |
| ACRED | L | Isolated | $1.5M$1,536,429 | $0 | $1.2M$1,218,871 | 5.00%5% L | 79.3%79.3314% | — | Market |
| syrupUSDC | AEKLM | Isolated + pooled | $197M$196,509,633 | $261.0K$261,045 | $172M$172,476,475 | 5.25%5.2492% L | 87.8%87.77% | 91.5% | NAV |
| syrupUSDT | AEM | Isolated + pooled | $204M$204,341,563 | $390.0K$389,996 | $165M$164,688,663 | — | 80.6%80.5948% | 95% | NAV |
| JAAA | A | Pooled | $47.0M$46,951,943 | $158 | $39.2M$39,240,433 | — | 83.6%83.5757% | 88% | NAV |
| mGLOBAL | A | Pooled | $30.8M$30,808,689 | $152 | $23.1M$23,072,314 | — | 74.9%74.889% | 88% | NAV |
| gAUSD | E | Isolated | $25.0M$24,971,458 | $0 | $14.5M$14,504,788 | — | 58.1%58.0855% | 75% | NAV |
| vUSD | EM | Isolated | $80.1M$80,091,748 | $0 | $16.4M$16,371,697 | — | 20.4%20.4412% | 94.5% | NAV |
Lenders
| Earn vault | Lends against | To credit | % of vault | Lend rate | % lent |
|---|---|---|---|---|---|
| Wintermute USDC Select · Morpho · Ethereum | reUSD, USD3 | $9.8M$9,772,515 | 23.5%23.5497% | 5.78%5.782% | 88.5%88.5473% |
| RockawayX USPC ecosystem vault · Morpho · Ethereum | USPC | $9.7M$9,661,316 | 88.2%88.1572% | 4.97%4.9668% | 88.2%88.1574% |
| Plume x Re7 USDC · Kamino · Solana | nOPAL | $7.7M$7,665,344 | 85.6%85.6172% | 8.84%8.8409% | 85.6%85.6161% |
| Re Ecosystem Vault · Morpho · Ethereum | reUSD | $7.5M$7,509,410 | 88.6%88.6452% | 6.73%6.7312% | 88.6%88.6453% |
| Gauntlet USDC Frontier · Morpho · Ethereum | reUSD, AA_FalconXUSDC +3 | $6.6M$6,599,111 | 28%28.0336% | 5.63%5.6251% | 89%88.9948% |
| Pendle Ecosystem USDC · Morpho · Ethereum | reUSD | $5.8M$5,848,464 | 28.7%28.7462% | 6.49%6.4901% | 89.1%89.0583% |
| Aerie x Plume USDC Core · Morpho · Ethereum | nOPAL, nALPHA | $5.8M$5,819,687 | 89.4%89.4485% | 12.18%12.1823% | 90.8%90.8468% |
| Smokehouse USDT · Morpho · Ethereum | reUSD | $5.6M$5,613,994 | 27.8%27.7965% | 4.63%4.6319% | 89.8%89.7843% |
| Smokehouse USDC · Morpho · Ethereum | mF-ONE, reUSD | $5.5M$5,461,067 | 50.1%50.1381% | 5.64%5.6361% | 85.9%85.9061% |
| Allez USDC · Kamino · Solana | ONyc | $5.2M$5,242,946 | 50.1%50.1224% | 5.47%5.4662% | 91.6%91.5858% |
Can I withdraw?
9Euler, Kamino, Morpho · 9 Nov, 22:53 UTC of the last 30 days above 90%. Free cash per token:
Over 90% lent: withdrawals may wait until borrowers repay.
Have lenders lost money?
Covers Morpho, Euler, Aave, Kamino. Bad debt excludes Euler and Kamino, where no bad-debt figure can be read.
21,874Kamino · 10 Nov, 00:00 UTC fixed-term loans closed at maturity (not liquidations)
How is the collateral priced?
Issuer NAV: if the token trades lower on the market, the lending market won’t see it. No liquidation happens, and lenders carry the loss.
How we count
Backing loans: credit tokens enabled as collateral, with an LTV above zero, in a position with debt. Deposited only: every other credit token in the venue.
Borrowed: in an isolated market, the market’s borrowing. In a pooled market, the debt of positions holding credit tokens, split across mixed collateral by value at the market’s own oracle.
Pooled markets show lender figures for the whole pool, because that money is not set aside for credit borrowers. Lend rate is weighted by supply, borrow rate by debt.
Loopscale is borrowed only: its lender supply cannot be read, so it is left out of supplied, % lent and free. Fluid and Jupiter Lend are not covered yet. Markets with no collateral and no debt are hidden; turn them on in Filters.
Left out because the market’s oracle fails or is broken: Morpho PRIME / USDC on ethereum (0xec10f939836409ccc1e82979b34a06591b8e7476fcca1cb0b94d33d68e6d6526): its oracle is broken, it values one PRIME at $1.069e+12 against Morpho's $1.069; debt 1 USDC; Morpho muBOND / USDC on ethereum (0x6cf7e63f37d7f2ca2b86d1415eeedd4173b30f9974e8a706016e1f798b479b03): its oracle reverts; debt 219326 USDC; Morpho syrupUSDC / ARGt on base (0x8e15587c793b308b5769e0b3830336cef90e8bff486a46047d385db850111422): its oracle reverts; debt 1095 ARGt; Morpho syrupUSDC / ARGt on base (0xc2431f2ab85339427c371b337fc75e0388b93d5b98b4f8603d60d206f255c9a7): its oracle reverts; debt 0 ARGt.
Each market is read at its own block or slot. Morpho and Kamino days before the dataset began are backfilled from their own history APIs; borrowed, supplied and rates only, so collateral starts when positions were first read.