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Base
OP Stack L2
Live since JUN 2024
#1 of 7 lending protocols
Active Loans
$1.32B
30d +0.3%
Borrow Interest
$60.13M
annualized
Net Interest Margin
56 bps
weighted spread
Utilization
35.0%
loans ÷ deposits
Active Loans 30d Δ
+0.3%
vs 30 days ago
TVL
$2.54B
share 83.8%
Lending TVL on Base. Top 5 Protocols
Top 5 lending protocols on Base by TVL. Morpho overtook Aave V3 in Jul 2024 and now leads by 6.9x. 7-day moving average.
Morpho
Aave V3
Moonwell
Compound V3
Fluid Lending
Top Markets on Base
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| cbBTC / USDC86% LLTV | $1.35B | $1.19B | 88.2% | 4.00% | 4.55% | $54.07M |
| WETH / USDC86% LLTV | $69.28M | $61.01M | 88.1% | 4.00% | 4.55% | $2.78M |
| cbXRP / USDC63% LLTV | $32.36M | $28.11M | 86.9% | 5.14% | 5.95% | $1.67M |
| wstETH / WETH95% LLTV | $9.62M | $8.23M | 85.5% | 1.56% | 1.83% | $150.44K |
| cbBTC / EURC86% LLTV | $5.89M | $5.28M | 89.6% | 0.90% | 1.00% | $52.79K |
| cbETH / USDC86% LLTV | $4.63M | $4.11M | 88.9% | 4.08% | 4.60% | $189.07K |
| wsuperOETHb / msETH95% LLTV | $3.79M | $3.41M | 90.0% | 2.36% | 2.63% | $89.66K |
| cbETH / USDC77% LLTV | $3.13M | $2.78M | 88.8% | 4.08% | 4.60% | $127.85K |
| SOL / USDC63% LLTV | $2.74M | $2.35M | 85.7% | 4.08% | 4.77% | $112.2K |
| cbDOGE / USDC63% LLTV | $2.01M | $1.74M | 86.4% | 5.12% | 5.95% | $103.46K |
Top Vaults on Base
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Gauntlet USDC Prime | Gauntlet | USDC | $442.34M | 4.00% | 0.0% | $0 | +$90.55M |
| Steakhouse Prime USDC | Steakhouse Financial | USDC | $333.94M | 3.80% | 5.0% | $54.93K | -$134.78M |
| Steakhouse USDC | Steakhouse Financial | USDC | $286.64M | 2.99% | 25.0% | $235.74K | -$4.51M |
| Pangolins USDC | Pangolins | USDC | $27.91M | 4.00% | 0.0% | $0 | +$1.36M |
| Moonwell Flagship USDC | Anthias Labs | USDC | $9.19M | 4.29% | 15.0% | $4.53K | -$669.64K |
| Spark USDC Vault | SparkDAO | USDC | $7.8M | 3.59% | 10.0% | $2.56K | -$1.34M |
| Moonwell Flagship ETH | Anthias Labs | WETH | $6.88M | 1.79% | 15.0% | $1.29K | -$3.91M |
| Metronome msETH Vault | Gauntlet | msETH | $5.28M | 1.90% | 5.0% | $434.25 | -$2.4M |
| Steakhouse High Yield USDC v1.1 | Steakhouse Financial | USDC | $3.73M | 4.71% | 0.0% | $0 | +$331.11K |
| Clearstar USDC Reactor | Clearstar | USDC | $2.34M | 3.24% | 15.0% | $1.1K | -$525.54K |
Curator Presence on Base
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 14 | $626.81M | $3.54M | 3.43% | $1.07B |
| Gauntlet | 16 | $453.25M | $14.88K | 3.95% | $704.46M |
| Pangolins | 1 | $27.91M | $0 | 4.00% | $27.91M |
| Anthias Labs | 5 | $18.57M | $72.79K | 2.98% | $18.57M |
| SparkDAO | 1 | $7.8M | $31.16K | 3.59% | $8.81M |
| Yearn | 3 | $4.05M | $15.34K | 4.52% | $43.31M |
| Clearstar | 4 | $3.33M | $18.54K | 3.32% | $13.81M |
| UltraYield | 1 | $633.45K | $0 | 3.92% | $870.51K |
| RE7 Labs | 3 | $408.93K | $615.69 | 1.35% | $1.24M |
| Apostro | 4 | $302.64K | $15.81 | 17545.62% | $460.26K |
| MEV Capital | 2 | $52.58K | $0.01 | 0.00% | $9.02M |
| 9Summits | 2 | $14.61K | $0 | 0.00% | $71.84K |
| B.Protocol | 1 | $407.15 | $0 | 0.00% | $523.45K |
Loan Asset Mix. What Morpho Lends on Base
- Stablecoins· top USDC$1.5B98.5%
- ETH· top WETH$14.1M0.9%
- Other· top msETH$6.6M0.4%
- BTC-pegged· top cbBTC$1.5M0.1%
Stablecoins make up 98.5% of Morpho supply on this chain. Top stable: USDC ($1.5B).
Collateral Mix. What Backs Loans on Base
- BTC-pegged· top cbBTC$2B89.5%
- Other· top cbXRP$110.2M4.9%
- ETH· top WETH$108.7M4.8%
- LSTs· top wstETH$17.7M0.8%
- Stablecoins· top yoUSD$3.1M0.1%
- RWA· top WXRWA1$4900.0%
- LRTs / PTs· top PT-LBTC-scaled18-25SEP2025$12.70.0%
Stablecoins make up 0.1% of Morpho supply on this chain. Top stable: yoUSD ($1.5M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Base: $60.13M
71%
22%
- To Lenders · via vaults$42.95M 71%
- To Lenders · direct supply$13.49M 22%
- To Curators$3.69M 6%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (76.1%)
Supply Rates vs Competitors on Base
Morpho supply APY against the best competing venue, per asset.
USDC+78 bps
Morpho 4.04%
Aave V3 3.26%
WETH+7 bps
Morpho 1.62%
Aave V3 1.54%
As of 2026-06-09 · loan-book metrics from Morpho market/vault state