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Ethereum
Ethereum L1
Live since JUN 2024
#4 of 15 lending protocols
Active Loans
$2.22B
30d +12.5%
Borrow Interest
$109.7M
annualized
Net Interest Margin
63 bps
weighted spread
Utilization
34.9%
loans ÷ deposits
Active Loans 30d Δ
+12.5%
vs 30 days ago
TVL
$4.42B
share 12.1%
Lending TVL on Ethereum. Top 5 Protocols
Top 5 lending protocols on Ethereum by TVL. 7-day moving average.
Aave V3
Sky Lending
SparkLend
Morpho
Maple
Top Markets on Ethereum
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| cbBTC / USDC86% LLTV | $336.16M | $303.27M | 90.2% | 4.27% | 4.75% | $14.4M |
| PRIME / PYUSD86% LLTV | $197.29M | $174.86M | 88.6% | 4.39% | 4.96% | $8.68M |
| kBTC / RLUSD86% LLTV | $189.16M | $165.41M | 87.4% | 2.65% | 3.03% | $5.02M |
| kBTC / PYUSD86% LLTV | $134.34M | $118.75M | 88.4% | 3.03% | 3.43% | $4.08M |
| WBTC / USDC86% LLTV | $123.54M | $111.41M | 90.2% | 4.25% | 4.72% | $5.26M |
| wstETH / USDT86% LLTV | $109.46M | $99.16M | 90.6% | 3.59% | 3.98% | $3.94M |
| weETH / RLUSD86% LLTV | $106.6M | $96.25M | 90.3% | 3.81% | 4.23% | $4.07M |
| wstETH / WETH97% LLTV | $92.53M | $80.95M | 87.5% | 1.68% | 1.92% | $1.56M |
| sUSDe / PYUSD92% LLTV | $88.79M | $81.67M | 92.0% | 5.76% | 6.28% | $5.13M |
| PT-reUSD-10DEC2026 / USDC92% LLTV | $83.3M | $75.98M | 91.2% | 10.02% | 11.04% | $8.39M |
Top Vaults on Ethereum
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Adpend USDC | unattributed | USDC | $249.24M | 5359.81% | 50.0% | N/A | +$119.99M |
| 1337 USDC | unattributed | USDC | $132.97M | 297995.80% | 0.0% | N/A | +$64.03M |
| Steakhouse USDT | Steakhouse Financial | USDT | $88.5M | 3.32% | 5.0% | $12.71K | -$2.77M |
| Steakhouse USDC | Steakhouse Financial | USDC | $67.63M | 4.02% | 5.0% | $11.78K | -$8M |
| Steakhouse ETH | Steakhouse Financial | WETH | $29.5M | 1.60% | 5.0% | $2.04K | +$5.98M |
| Gauntlet USDC Prime | Gauntlet | USDC | $28.7M | 4.25% | 0.0% | $0 | +$1.18M |
| Vault Bridge WBTC | Gauntlet | WBTC | $27.93M | 0.00% | 5.0% | $0 | +$2.41M |
| Smokehouse USDT | Steakhouse Financial | USDT | $23.24M | 4.57% | 10.0% | $9.72K | +$2.83K |
| Hakutora USDC | Hakutora | USDC | $19.9M | 3.62% | 15.0% | $10.49K | +$2.5M |
| Vault Bridge WETH | Gauntlet | WETH | $18.48M | 1.43% | 5.0% | $1.15K | +$6.15M |
Curator Presence on Ethereum
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 35 | $253.23M | $614.57K | 3.59% | $520.58M |
| Gauntlet | 30 | $157.52M | $105.67K | 2.35% | $593.42M |
| Yearn | 8 | $34.12M | $56.66K | 4.34% | $38.55M |
| Hakutora | 2 | $26.18M | $161.45K | 3.48% | $26.18M |
| SparkDAO | 3 | $10.49M | $4.48K | 4.60% | $316.47M |
| MEV Capital | 12 | $8.1M | $23.01K | 17844.41% | $9.72M |
| Clearstar | 5 | $4.58M | $31.89K | 2.07% | $6.39M |
| Hyperithm | 5 | $2.15M | $17.15K | 7.14% | $2.57M |
| Waterline | 2 | $1.53M | $3.94K | 5.57% | $1.53M |
| AlphaPing | 10 | $948.2K | $26.42K | 2.79% | $948.2K |
| RE7 Labs | 10 | $848.34K | $0 | 0.00% | $1.13M |
| August Digital | 3 | $674.56K | $0 | 0.09% | $674.56K |
| Apostro | 3 | $580.07K | $4.86 | 120480.72% | $1.11M |
| Avantgarde | 2 | $343.17K | $0.03 | 0.00% | $343.25K |
| SingularV | 3 | $155.8K | $291.71 | 1.68% | $155.8K |
| 9Summits | 4 | $54.65K | $83.37 | 2.02% | $73.55K |
| Keyrock | 1 | $44.43K | $0 | 22.74% | $44.43K |
| Sentora | 3 | $20.52K | $0.8 | 9.43% | $20.52K |
| KPK | 6 | $17.79K | $0 | 1.75% | $41.47K |
| B.Protocol | 2 | $13.08K | $0 | 12.96% | $13.71K |
| UltraYield | 3 | $1.47K | $0 | 4.21% | $707.2K |
| K3 Capital | 1 | $1.12K | $0 | 670.65% | $22.87K |
| Pangolins | 2 | $812.36 | $2.51 | 2.77% | $11.87M |
Loan Asset Mix. What Morpho Lends on Ethereum
- Stablecoins· top USDC$2.3B91.8%
- ETH· top WETH$149.8M5.9%
- BTC-pegged· top WBTC$35.5M1.4%
- Other· top msETH$20.8M0.8%
- LSTs· top wstETH$533.5K0.0%
Stablecoins make up 91.8% of Morpho supply on this chain. Top stable: USDC ($948M).
Collateral Mix. What Backs Loans on Ethereum
- BTC-pegged· top cbBTC$1.7B44.1%
- LSTs· top wstETH$885.2M23.2%
- Stablecoins· top PT-reUSD-10DEC2026$711.6M18.7%
- Other· top PRIME$526.3M13.8%
- ETH· top WETH$11.3M0.3%
- LRTs / PTs· top PT-fxSAVE-29OCT2026$156.8K0.0%
- RWA· top ynRWAx$170.10.0%
Stablecoins make up 18.7% of Morpho supply on this chain. Top stable: PT-reUSD-10DEC2026 ($105.3M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Ethereum: $109.7M
35%
64%
- To Lenders · via vaults$38.18M 35%
- To Lenders · direct supply$70.47M 64%
- To Curators$1.05M 1%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (35.1%)
Supply Rates vs Competitors on Ethereum
Morpho supply APY against the best competing venue, per asset.
USDC+229 bps
Morpho 5.52%
Aave V3 3.23%
USDT+115 bps
Morpho 3.65%
Aave V3 2.50%
DAI+303 bps
Morpho 5.05%
Aave V3 2.02%
WETH+28 bps
Morpho 1.70%
Aave V3 1.42%
As of 2026-09-07 · loan-book metrics from Morpho market/vault state