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Base
OP Stack L2
Live since JUN 2024
#1 of 7 lending protocols
Active Loans
$1.33B
30d +0.4%
Borrow Interest
$60.2M
annualized
Net Interest Margin
55 bps
weighted spread
Utilization
34.8%
loans ÷ deposits
Active Loans 30d Δ
+0.4%
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% | $54.11M |
| WETH / USDC86% LLTV | $69.33M | $61.16M | 88.2% | 4.01% | 4.55% | $2.78M |
| cbXRP / USDC63% LLTV | $32.18M | $28.13M | 87.4% | 5.20% | 5.97% | $1.68M |
| wstETH / WETH95% LLTV | $9.48M | $8.16M | 86.1% | 1.58% | 1.83% | $149.71K |
| cbBTC / EURC86% LLTV | $5.9M | $5.28M | 89.5% | 0.89% | 1.00% | $52.74K |
| cbETH / USDC86% LLTV | $4.6M | $4.11M | 89.4% | 4.12% | 4.61% | $189.81K |
| wsuperOETHb / msETH95% LLTV | $3.82M | $3.44M | 90.0% | 2.36% | 2.63% | $90.35K |
| cbETH / USDC77% LLTV | $3.11M | $2.78M | 89.3% | 4.11% | 4.62% | $128.31K |
| SOL / USDC63% LLTV | $2.72M | $2.37M | 87.0% | 4.18% | 4.82% | $114.09K |
| cbDOGE / USDC63% LLTV | $2M | $1.75M | 87.4% | 5.22% | 5.99% | $104.72K |
Top Vaults on Base
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Gauntlet USDC Prime | Gauntlet | USDC | $442.49M | 4.00% | 0.0% | $0 | +$90.71M |
| Steakhouse Prime USDC | Steakhouse Financial | USDC | $329.03M | 3.80% | 5.0% | $54.13K | -$139.7M |
| Steakhouse USDC | Steakhouse Financial | USDC | $287.12M | 2.99% | 25.0% | $236.17K | -$4.03M |
| Pangolins USDC | Pangolins | USDC | $27.93M | 4.00% | 0.0% | $0 | +$1.38M |
| Moonwell Flagship USDC | Anthias Labs | USDC | $9.14M | 4.31% | 15.0% | $4.51K | -$721.12K |
| Spark USDC Vault | SparkDAO | USDC | $7.73M | 3.60% | 10.0% | $2.55K | -$1.4M |
| Moonwell Flagship ETH | Anthias Labs | WETH | $6.86M | 1.79% | 15.0% | $1.29K | -$3.93M |
| Metronome msETH Vault | Gauntlet | msETH | $5.32M | 1.90% | 5.0% | $437.38 | -$2.36M |
| Steakhouse High Yield USDC v1.1 | Steakhouse Financial | USDC | $3.82M | 4.82% | 0.0% | $0 | +$416.48K |
| Clearstar USDC Reactor | Clearstar | USDC | $2.34M | 3.24% | 15.0% | $1.1K | -$529.45K |
Curator Presence on Base
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 14 | $622.45M | $3.54M | 3.43% | $1.05B |
| Gauntlet | 16 | $453.32M | $14.8K | 3.95% | $704.12M |
| Pangolins | 1 | $27.93M | $0 | 4.00% | $27.93M |
| Anthias Labs | 5 | $18.51M | $72.53K | 2.99% | $18.51M |
| SparkDAO | 1 | $7.73M | $30.98K | 3.60% | $8.74M |
| Yearn | 3 | $4.07M | $15.59K | 4.55% | $45.98M |
| Clearstar | 4 | $3.32M | $18.53K | 3.33% | $13.85M |
| UltraYield | 1 | $643.33K | $0 | 3.94% | $880.39K |
| RE7 Labs | 3 | $408.45K | $468.34 | 1.03% | $1.24M |
| Apostro | 4 | $304.07K | $15.82 | 17554.13% | $462.07K |
| MEV Capital | 2 | $52.59K | $0.01 | 0.00% | $9.01M |
| 9Summits | 2 | $14.57K | $0 | 0.00% | $71.8K |
| B.Protocol | 1 | $406 | $0 | 0.00% | $523.4K |
Loan Asset Mix. What Morpho Lends on Base
- Stablecoins· top USDC$1.5B98.5%
- ETH· top WETH$13.9M0.9%
- 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$2.1B89.5%
- Other· top cbXRP$110.9M4.8%
- ETH· top WETH$108.6M4.7%
- LSTs· top wstETH$17.7M0.8%
- Stablecoins· top yoUSD$3.1M0.1%
- RWA· top WXRWA1$4900.0%
- LRTs / PTs· top PT-LBTC-scaled18-25SEP2025$12.80.0%
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: $60.2M
71%
23%
- To Lenders · via vaults$42.81M 71%
- To Lenders · direct supply$13.69M 23%
- 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 (75.8%)
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+9 bps
Morpho 1.63%
Aave V3 1.54%
As of 2026-06-09 · loan-book metrics from Morpho market/vault state