← Chains
Monad
Monad L1
Live since NOV 2025
#3 of 4 lending protocols
Active Loans
$121.74M
30d +17.1%
Borrow Interest
$6.69M
annualized
Net Interest Margin
65 bps
weighted spread
Utilization
41.4%
loans ÷ deposits
Active Loans 30d Δ
+17.1%
vs 30 days ago
TVL
$180.09M
share 19.9%
Lending TVL on Monad. Top 5 Protocols
Top 5 lending protocols on Monad by TVL. Morpho overtook Aave V3 in Jul 2026 and now leads by 0.6x. 7-day moving average.
Aave V3
Euler V2
Morpho
Curvance
Reservoir Protocol
Top Markets on Monad
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| wstETH / WETH95% LLTV | $46.51M | $41.97M | 90.2% | 1.66% | 1.84% | $772.28K |
| aHYPER / USDC77% LLTV | $38.99M | $34.96M | 89.7% | 8.27% | 9.27% | $3.24M |
| PT-USDat-14JAN2027 / USDC92% LLTV | $11.63M | $10.47M | 90.1% | 4.92% | 5.47% | $573.01K |
| PT-AUSD-8OCT2026 / mUSD92% LLTV | $9.3M | $8.65M | 93.0% | 7.14% | 7.70% | $665.79K |
| PT-AUSD-8OCT2026 / USDC92% LLTV | $7.9M | $6.83M | 86.5% | 3.64% | 4.23% | $288.54K |
| PT-earnAUSD-8OCT2026 / USDC92% LLTV | $6.61M | $5.99M | 90.6% | 7.26% | 8.04% | $481.46K |
| mHyperBTC / cbBTC77% LLTV | $3.8M | $3.42M | 90.0% | 2.40% | 2.67% | $91.36K |
| aHyperBTC / cbBTC77% LLTV | $3.39M | $1.69M | 49.9% | 0.16% | 0.32% | $5.44K |
| cbBTC / USDC77% LLTV | $2.36M | $2.29M | 97.0% | 7.09% | 7.31% | $167.53K |
| naccUSDC / AUSD86% LLTV | $1.58M | $1.37M | 86.6% | 6.69% | 7.76% | $106.37K |
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 | $256.17K | 3.00% | 0.0% | $0 | -$81.24K |
| Steakhouse High Yield AUSD | Steakhouse Financial | AUSD | $13.16K | 2.89% | 10.0% | $1.08 | +$72.43 |
| Steakhouse High Yield USDC | Steakhouse Financial | USDC | $11.96K | 4.07% | 10.0% | $4.26 | +$47.82 |
| Steakhouse High Yield USDT0 | Steakhouse Financial | USDT0 | $2.59K | 12.28% | 10.0% | $2.93 | +$46.42 |
| Steakhouse High Yield USD1 | Steakhouse Financial | USD1 | $691.4 | 0.00% | 10.0% | $0 | -$0.14 |
| Steakhouse Prime ETH | Steakhouse Financial | WETH | $290.16 | 2.96% | 10.0% | $0.04 | +$65.99 |
| Pocky's High Yield AUSD - Personal Vault | unattributed | AUSD | $101.39 | 3.08% | 0.0% | $0 | +$0.29 |
| Hyperithm USDC Apex | Hyperithm | USDC | $23.26 | 0.00% | 10.0% | $0 | +$0.01 |
| Unified Labs RWA USDC | unattributed | USDC | $5.75 | 0.18% | 10.0% | $0 | +$0 |
| Kedao USDT0 Vault | unattributed | USDT0 | $2.02 | 3.35% | 0.0% | $0 | +$0 |
Curator Presence on Monad
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 10 | $284.87K | $100.96 | 3.12% | $520.58M |
| Hyperithm | 3 | $24.54 | $0 | 0.14% | $2.57M |
| August Digital | 2 | $1.25 | $0 | 4.70% | $674.56K |
Loan Asset Mix. What Morpho Lends on Monad
- Stablecoins· top USDC$83.8M60.9%
- ETH· top WETH$46.5M33.8%
- BTC-pegged· top cbBTC$7.2M5.2%
- Other· top WMON$00.0%
Stablecoins make up 60.9% of Morpho supply on this chain. Top stable: USDC ($71.6M).
Collateral Mix. What Backs Loans on Monad
- Other· top aHYPER$52M33.1%
- LSTs· top wstETH$46.6M29.7%
- Stablecoins· top PT-AUSD-8OCT2026$42.8M27.2%
- BTC-pegged· top aHyperBTC$15.5M9.9%
- ETH· top WETH$77.9K0.0%
Stablecoins make up 27.2% of Morpho supply on this chain. Top stable: PT-AUSD-8OCT2026 ($17.8M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Monad: $6.69M
100%
- To Lenders · via vaults$13.88K 0%
- To Lenders · direct supply$6.68M 100%
- To Curators$100.96 0%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (0.2%)
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 2026-09-07 · loan-book metrics from Morpho market/vault state