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Monad
Monad L1
Live since NOV 2025
#1 of 2 lending protocols
Active Loans
$57.6M
30d -51.5%
Borrow Interest
$2.92M
annualized
Net Interest Margin
66 bps
weighted spread
Utilization
38.3%
loans ÷ deposits
Active Loans 30d Δ
-51.5%
vs 30 days ago
TVL
$103.42M
share 34.0%
Lending TVL on Monad. Top 2 Protocols
Top 2 lending protocols on Monad by TVL. 7-day moving average.
Morpho
Euler V2
Top Markets on Monad
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| wstETH / WETH95% LLTV | $26.5M | $23.81M | 89.9% | 1.54% | 1.72% | $409.56K |
| aHYPER / USDC77% LLTV | $11.23M | $10.21M | 90.9% | 8.14% | 8.98% | $917.44K |
| WBTC / AUSD86% LLTV | $4.3M | $4.25M | 98.7% | 16.35% | 16.59% | $704.25K |
| earnAUSD / USDC92% LLTV | $4.21M | $3.67M | 87.2% | 5.44% | 6.26% | $230.01K |
| mHyperBTC / cbBTC77% LLTV | $3.13M | $2.64M | 84.4% | 1.40% | 1.66% | $43.88K |
| wsrUSD / USD192% LLTV | $3.12M | $2.74M | 88.0% | 1.78% | 2.02% | $55.42K |
| mHYPER / USDC77% LLTV | $2.38M | $2.14M | 89.9% | 5.62% | 6.27% | $134.37K |
| syzUSD / USDC92% LLTV | $2.29M | $2.03M | 89.0% | 5.73% | 6.47% | $131.51K |
| aHyperBTC / cbBTC77% LLTV | $2.16M | $427.7 | 0.0% | 0.00% | 0.03% | $0.11 |
| triBTC / cbBTC86% LLTV | $1.97M | $1.78M | 90.3% | 1.40% | 1.56% | $27.62K |
Top Vaults on Monad
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Grove x Steakhouse High Yield AUSD | Steakhouse Financial | AUSD | $2.51M | 18.83% | 0.0% | $0 | -$15.38M |
| Steakhouse High Yield AUSD | Steakhouse Financial | AUSD | $12.94K | 17.07% | 10.0% | $17.35 | -$905.96K |
| Steakhouse High Yield USDC | Steakhouse Financial | USDC | $11.81K | 6.11% | 10.0% | $4.04 | +$52.3 |
| Steakhouse Prime ETH | Steakhouse Financial | WETH | $9.48K | 3.89% | 10.0% | $1.2 | -$4.58K |
| Steakhouse High Yield USDT0 | Steakhouse Financial | USDT0 | $2.54K | 4.34% | 10.0% | $0.43 | +$9.58 |
| Steakhouse High Yield USD1 | Steakhouse Financial | USD1 | $689.52 | 0.00% | 10.0% | $0 | +$0.29 |
| Pocky's High Yield AUSD | unattributed | AUSD | $100.39 | 18.84% | 0.0% | $0 | +$0.35 |
| Hyperithm USDC Apex | Hyperithm | USDC | $23.25 | 2.38% | 10.0% | $0 | -$16.69K |
| Unified Labs RWA USDC | unattributed | USDC | $5.75 | 2.41% | 10.0% | $0 | +$0.01 |
| Kedao USDT0 Vault | unattributed | USDT0 | $2.02 | 3.35% | 0.0% | $0 | N/A |
Curator Presence on Monad
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 10 | $2.55M | $280.12 | 18.69% | $1.07B |
| Hyperithm | 3 | $24.53 | $0 | 2.40% | $3.78M |
| August Digital | 2 | $1.25 | $0 | 4.70% | $677.04K |
Loan Asset Mix. What Morpho Lends on Monad
- Stablecoins· top USDC$32.3M48.9%
- ETH· top WETH$26.5M40.1%
- BTC-pegged· top cbBTC$7.3M11.0%
- Other· top WMON$00.0%
Stablecoins make up 48.9% of Morpho supply on this chain. Top stable: USDC ($22.8M).
Collateral Mix. What Backs Loans on Monad
- LSTs· top wstETH$26.7M31.6%
- Stablecoins· top vUSD$22.6M26.8%
- Other· top aHYPER$21.5M25.5%
- BTC-pegged· top WBTC$13.3M15.8%
- ETH· top WETH$269.7K0.3%
Stablecoins make up 26.8% of Morpho supply on this chain. Top stable: vUSD ($14.4M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Monad: $2.92M
96%
- To Lenders · via vaults$112.74K 4%
- To Lenders · direct supply$2.81M 96%
- To Curators$280.12 0%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (3.9%)
Supply Rates vs Competitors on Monad
Morpho supply APY against the best competing venue, per asset.
No assets with both a Morpho market and a competitor market on this chain
As of 2026-06-09 · loan-book metrics from Morpho market/vault state