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Base
OP Stack L2
Live since JUN 2024
#1 of 6 lending protocols
Active Loans
$2.12B
30d +4.8%
Borrow Interest
$144.37M
annualized
Net Interest Margin
65 bps
weighted spread
Utilization
34.9%
loans ÷ deposits
Active Loans 30d Δ
+4.8%
vs 30 days ago
TVL
$4.03B
share 86.4%
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 7.7x. 7-day moving average.
Morpho
Aave V3
40 Acres
Compound V3
Fluid Lending
Top Markets on Base
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| cbBTC / USDC86% LLTV | $1.55B | $1.39B | 90.0% | 4.30% | 4.79% | $66.65M |
| USDe / USDC92% LLTV | $338.24M | $304.41M | 90.0% | 3.60% | 4.01% | $12.19M |
| RSS / USDC77% LLTV | $200.88M | $200.88M | 100.0% | 23.25% | 23.25% | $46.71M |
| WETH / USDC86% LLTV | $89.95M | $80.91M | 89.9% | 4.31% | 4.80% | $3.88M |
| cbXRP / USDC63% LLTV | $51.81M | $46.35M | 89.5% | 5.50% | 6.17% | $2.86M |
| mGLO / USDC92% LLTV | $24.3M | $21.88M | 90.0% | 4.99% | 5.56% | $1.22M |
| RSS / USDC77% LLTV | $16.7M | $16.7M | 100.0% | 49.45% | 49.45% | $8.26M |
| cbETH / USDC77% LLTV | $11.57M | $10.42M | 90.0% | 4.34% | 4.83% | $503.1K |
| cbETH / WETH95% LLTV | $11.55M | $10.39M | 90.0% | 1.50% | 1.67% | $173.08K |
| wstETH / WETH95% LLTV | $6.41M | $5.77M | 90.0% | 1.56% | 1.73% | $99.85K |
Top Vaults on Base
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Gauntlet USDC Prime | Gauntlet | USDC | $418.7M | 4.30% | 0.0% | $0 | -$11.09M |
| Spark USDC Vault | SparkDAO | USDC | $305.98M | 3.86% | 10.0% | $108.12K | +$299.47M |
| Steakhouse USDC | Steakhouse Financial | USDC | $133.33M | 3.21% | 25.0% | $117.8K | -$33.02M |
| Grove x Steakhouse USDC High Yield | Steakhouse Financial | USDC | $95.31M | 4.30% | 0.0% | $0 | +$7.27M |
| Froge's USDC | unattributed | USDC | $26.82M | 4.30% | 0.0% | $0 | -$2.3M |
| Steakhouse Prime USDC | Steakhouse Financial | USDC | $20.79M | 4.08% | 5.0% | $3.67K | -$4.56M |
| Pangolins USDC | Pangolins | USDC | $11.87M | 3.86% | 10.0% | $4.2K | -$9.18M |
| Metronome msETH Vault | Gauntlet | msETH | $5.59M | 0.01% | 5.0% | $1.93 | +$882.81K |
| Moonwell Flagship USDC | Anthias Labs | USDC | $4.66M | 3.86% | 15.0% | $2.48K | -$3.78M |
| Moonwell Flagship ETH | Anthias Labs | WETH | $3.81M | 1.50% | 15.0% | $747.88 | -$3.14M |
Curator Presence on Base
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Gauntlet | 13 | $428.3M | $9.78K | 4.23% | $593.42M |
| SparkDAO | 1 | $305.98M | $1.32M | 3.86% | $316.47M |
| Steakhouse Financial | 14 | $253.4M | $1.48M | 3.71% | $520.58M |
| Pangolins | 1 | $11.87M | $51.05K | 3.86% | $11.87M |
| Anthias Labs | 5 | $10.28M | $43.77K | 2.60% | $10.28M |
| Yearn | 3 | $3.36M | $14.2K | 4.62% | $38.55M |
| Clearstar | 4 | $1.8M | $20.67K | 3.49% | $6.39M |
| UltraYield | 1 | $703.26K | $0 | 5.28% | $707.2K |
| Apostro | 4 | $533.57K | $47.57 | 71227.52% | $1.11M |
| RE7 Labs | 11 | $244.53K | $0 | 0.00% | $1.13M |
| MEV Capital | 2 | $52.99K | $3.7 | 0.06% | $9.72M |
| 9Summits | 2 | $18.9K | $0 | 0.00% | $73.55K |
| B.Protocol | 1 | $622.94 | $0 | 0.00% | $13.71K |
Loan Asset Mix. What Morpho Lends on Base
- Stablecoins· top USDC$2.3B98.7%
- ETH· top WETH$21.7M0.9%
- Other· top msETH$6.4M0.3%
- BTC-pegged· top cbBTC$1.5M0.1%
Stablecoins make up 98.7% of Morpho supply on this chain. Top stable: USDC ($2.3B).
Collateral Mix. What Backs Loans on Base
- BTC-pegged· top cbBTC$2.9B78.2%
- Stablecoins· top USDe$345.2M9.2%
- Other· top cbXRP$263.4M7.0%
- ETH· top WETH$190M5.1%
- LSTs· top wstETH$17.5M0.5%
- LRTs / PTs· top PT-LBTC-scaled18-25SEP2025$17.50.0%
Stablecoins make up 9.2% of Morpho supply on this chain. Top stable: USDe ($342.7M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Base: $144.37M
44%
54%
- To Lenders · via vaults$63.15M 44%
- To Lenders · direct supply$78.27M 54%
- To Curators$2.95M 2%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (44.7%)
Supply Rates vs Competitors on Base
Morpho supply APY against the best competing venue, per asset.
USDC+296 bps
Morpho 6.21%
Aave V3 3.26%
WETH+2 bps
Morpho 1.56%
Aave V3 1.54%
As of 2026-09-07 · loan-book metrics from Morpho market/vault state