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Ethereum
Ethereum L1
Live since JUN 2024
#3 of 15 lending protocols
Active Loans
$1.84B
30d -1.1%
Borrow Interest
$82.86M
annualized
Net Interest Margin
72 bps
weighted spread
Utilization
35.8%
loans ÷ deposits
Active Loans 30d Δ
-1.1%
vs 30 days ago
TVL
$3.33B
share 12.2%
Lending TVL on Ethereum. Top 5 Protocols
Top 5 lending protocols on Ethereum by TVL. 7-day moving average.
Aave V3
Sky Lending
Morpho
SparkLend
Maple
Top Markets on Ethereum
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| cbBTC / USDC86% LLTV | $270.67M | $235.68M | 87.1% | 3.53% | 4.06% | $9.58M |
| wstETH / USDT86% LLTV | $171.72M | $140.73M | 82.0% | 3.35% | 4.11% | $5.78M |
| WBTC / USDC86% LLTV | $143.05M | $124.24M | 86.9% | 3.53% | 4.07% | $5.06M |
| sUSDe / USDtb92% LLTV | $110.33M | $100.09M | 90.7% | 2.45% | 2.71% | $2.71M |
| PRIME / PYUSD86% LLTV | $79.99M | $73.26M | 91.6% | 4.79% | 5.25% | $3.84M |
| kBTC / RLUSD86% LLTV | $79.99M | $59.61M | 74.5% | 1.00% | 1.35% | $805.04K |
| syrupUSDC / PYUSD92% LLTV | $75.06M | $67.39M | 89.8% | 3.71% | 4.15% | $2.79M |
| sUSDS / USDT97% LLTV | $72.05M | $62.81M | 87.2% | 2.86% | 3.28% | $2.06M |
| wstETH / WETH97% LLTV | $67.73M | $60.24M | 88.9% | 1.65% | 1.86% | $1.12M |
| kBTC / PYUSD86% LLTV | $64.18M | $57.38M | 89.4% | 0.47% | 0.52% | $299.2K |
Top Vaults on Ethereum
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Sentora PYUSD | Sentora | PYUSD | $289.88M | 2.43% | 0.0% | $0 | +$47.25M |
| Steakhouse Ethena USDtb | Steakhouse Financial | USDtb | $110.33M | 2.31% | 5.0% | $11.01K | +$23.29M |
| Steakhouse USDC | Steakhouse Financial | USDC | $102.28M | 3.36% | 5.0% | $14.88K | -$28.86M |
| Steakhouse USDT | Steakhouse Financial | USDT | $93.69M | 3.18% | 5.0% | $12.91K | -$31.43M |
| Vault Bridge WBTC | Gauntlet | WBTC | $47.21M | 0.00% | 5.0% | $0.1 | +$9.44M |
| Adpend USDC | unattributed | USDC | $35.3M | 5359.81% | 50.0% | N/A | +$17.01M |
| Gauntlet USDC Prime | Gauntlet | USDC | $33.46M | 3.53% | 0.0% | $0 | -$111.14M |
| Smokehouse USDT | Steakhouse Financial | USDT | $25.43M | 4.52% | 10.0% | $10.53K | -$2.18M |
| Vault Bridge WETH | Gauntlet | WETH | $22.92M | 1.40% | 5.0% | $1.39K | -$10.06M |
| Metronome msUSD Vault | Gauntlet | msUSD | $20.83M | 2.26% | 10.0% | $4.3K | +$5.94M |
Curator Presence on Ethereum
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 35 | $413.53M | $852.76K | 3.17% | $1.07B |
| Sentora | 3 | $289.91M | $0.45 | 2.43% | $289.91M |
| Gauntlet | 29 | $216.77M | $178.41K | 2.34% | $704.46M |
| Hakutora | 2 | $27.6M | $174.26K | 3.57% | $27.6M |
| Yearn | 8 | $21.45M | $27.87K | 2.92% | $43.31M |
| Clearstar | 5 | $10.41M | $71.73K | 55245.09% | $13.81M |
| MEV Capital | 6 | $8.2M | $34.93K | 863.76% | $9.02M |
| AlphaPing | 10 | $3.31M | $18.56K | 5.02% | $3.31M |
| Hyperithm | 5 | $3.01M | $19.71K | 5.89% | $3.78M |
| SparkDAO | 2 | $1.01M | $352.57 | 3.45% | $8.81M |
| SingularV | 3 | $964.46K | $2.66K | 2.48% | $964.46K |
| RE7 Labs | 7 | $831.26K | $2.08K | 1.01% | $1.24M |
| August Digital | 3 | $677.04K | $0 | 0.02% | $677.04K |
| B.Protocol | 3 | $523.04K | $0 | 0.04% | $523.45K |
| Avantgarde | 2 | $402.01K | $95.69 | 0.21% | $402.11K |
| Apostro | 3 | $157.62K | $31.03 | 61897.17% | $460.26K |
| Keyrock | 1 | $95.94K | $0 | 0.00% | $95.94K |
| 9Summits | 4 | $57.23K | $75.95 | 1.73% | $71.84K |
| UltraYield | 3 | $32.87K | $0 | 4.97% | $870.51K |
| KPK | 5 | $17.93K | $0 | 0.64% | $110.64K |
Loan Asset Mix. What Morpho Lends on Ethereum
- Stablecoins· top USDC$2B91.0%
- ETH· top WETH$128.9M5.9%
- BTC-pegged· top WBTC$54.9M2.5%
- Other· top msETH$7.5M0.3%
- LSTs· top wstETH$3.9M0.2%
Stablecoins make up 91.0% of Morpho supply on this chain. Top stable: USDC ($838.7M).
Collateral Mix. What Backs Loans on Ethereum
- BTC-pegged· top cbBTC$1.1B37.3%
- LSTs· top wstETH$770.1M26.1%
- Stablecoins· top sUSDe$764.9M25.9%
- Other· top PRIME$310.3M10.5%
- ETH· top WETH$8.1M0.3%
- LRTs / PTs· top pufETH$68.7K0.0%
- RWA· top ynRWAx$41.3K0.0%
Stablecoins make up 25.9% of Morpho supply on this chain. Top stable: sUSDe ($161.6M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Ethereum: $82.86M
48%
50%
- To Lenders · via vaults$39.94M 48%
- To Lenders · direct supply$41.53M 50%
- To Curators$1.4M 2%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (49.0%)
Supply Rates vs Competitors on Ethereum
Morpho supply APY against the best competing venue, per asset.
USDC+188 bps
Morpho 5.11%
Aave V3 3.23%
USDT+88 bps
Morpho 3.38%
Aave V3 2.50%
DAI+286 bps
Morpho 4.88%
Aave V3 2.02%
WETH+23 bps
Morpho 1.65%
Aave V3 1.42%
As of 2026-06-09 · loan-book metrics from Morpho market/vault state