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Ethereum
Ethereum L1
Live since JUN 2024
#3 of 15 lending protocols
Active Loans
$1.84B
30d -0.8%
Borrow Interest
$86.85M
annualized
Net Interest Margin
71 bps
weighted spread
Utilization
35.8%
loans ÷ deposits
Active Loans 30d Δ
-0.8%
vs 30 days ago
TVL
$3.33B
share 12.2%
Lending TVL on Ethereum. Top 5 Protocols
Top 5 lending protocols on Ethereum by TVL. 7-day moving average.
Aave V3
Sky Lending
Morpho
SparkLend
Maple
Top Markets on Ethereum
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| cbBTC / USDC86% LLTV | $266.78M | $236.19M | 88.5% | 3.63% | 4.11% | $9.71M |
| wstETH / USDT86% LLTV | $164.13M | $140.58M | 85.7% | 3.62% | 4.24% | $5.95M |
| WBTC / USDC86% LLTV | $140.9M | $124.42M | 88.3% | 3.63% | 4.12% | $5.13M |
| sUSDe / USDtb92% LLTV | $100.32M | $100.17M | 99.8% | 9.17% | 9.19% | $9.2M |
| kBTC / RLUSD86% LLTV | $79.99M | $59.6M | 74.5% | 1.00% | 1.35% | $802.63K |
| PRIME / PYUSD86% LLTV | $79.97M | $73.24M | 91.6% | 4.82% | 5.28% | $3.86M |
| syrupUSDC / PYUSD92% LLTV | $75.04M | $67.37M | 89.8% | 3.71% | 4.15% | $2.79M |
| sUSDS / USDT97% LLTV | $72.26M | $62.8M | 86.9% | 2.84% | 3.27% | $2.05M |
| wstETH / WETH97% LLTV | $67.54M | $60.66M | 89.8% | 1.68% | 1.87% | $1.13M |
| kBTC / PYUSD86% LLTV | $67.46M | $57.39M | 85.1% | 0.43% | 0.50% | $287.72K |
Top Vaults on Ethereum
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Sentora PYUSD | Sentora | PYUSD | $289.81M | 2.43% | 0.0% | $0 | +$47.18M |
| Steakhouse Ethena USDtb | Steakhouse Financial | USDtb | $100.32M | 8.70% | 5.0% | $37.83K | +$13.29M |
| Steakhouse USDC | Steakhouse Financial | USDC | $96.85M | 3.46% | 5.0% | $14.5K | -$34.3M |
| Steakhouse USDT | Steakhouse Financial | USDT | $93.6M | 3.43% | 5.0% | $13.91K | -$31.52M |
| Vault Bridge WBTC | Gauntlet | WBTC | $45.9M | 0.00% | 5.0% | $0.1 | +$8.12M |
| Adpend USDC | unattributed | USDC | $35.5M | 5359.81% | 50.0% | N/A | +$17.21M |
| Gauntlet USDC Prime | Gauntlet | USDC | $33.45M | 3.63% | 0.0% | $0 | -$111.14M |
| Smokehouse USDT | Steakhouse Financial | USDT | $25.42M | 3.77% | 10.0% | $8.77K | -$2.19M |
| Vault Bridge WETH | Gauntlet | WETH | $23.35M | 1.31% | 5.0% | $1.33K | -$9.62M |
| Vault Bridge USDC | Steakhouse Financial | USDC | $21.6M | 3.45% | 5.0% | $3.23K | -$28.01M |
Curator Presence on Ethereum
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Steakhouse Financial | 35 | $399.87M | $1.13M | 4.76% | $1.05B |
| Sentora | 3 | $289.83M | $0.44 | 2.43% | $289.83M |
| Gauntlet | 29 | $216.03M | $176.95K | 2.18% | $704.12M |
| Hakutora | 2 | $27.61M | $151.23K | 3.10% | $27.61M |
| Yearn | 8 | $24.09M | $28.92K | 2.72% | $45.98M |
| Clearstar | 5 | $10.46M | $78.22K | 55425.08% | $13.85M |
| MEV Capital | 6 | $8.19M | $30.58K | 870.23% | $9.01M |
| AlphaPing | 10 | $3.33M | $19.16K | 5.16% | $3.33M |
| Hyperithm | 5 | $3.01M | $19.58K | 5.85% | $3.82M |
| SparkDAO | 2 | $1.01M | $362.15 | 3.54% | $8.74M |
| SingularV | 3 | $953.68K | $2.41K | 2.27% | $953.68K |
| RE7 Labs | 7 | $831.02K | $2.09K | 1.02% | $1.24M |
| August Digital | 3 | $677.14K | $0 | 0.02% | $677.14K |
| B.Protocol | 3 | $522.99K | $0 | 0.04% | $523.4K |
| Avantgarde | 2 | $401.89K | $90.59 | 0.20% | $401.99K |
| Apostro | 3 | $158K | $30.77 | 62086.51% | $462.07K |
| Keyrock | 1 | $95.95K | $0 | 0.00% | $95.95K |
| 9Summits | 4 | $57.23K | $71.57 | 1.63% | $71.8K |
| UltraYield | 3 | $32.87K | $0 | 3.70% | $880.39K |
| KPK | 5 | $18.38K | $0 | 0.82% | $111.1K |
Loan Asset Mix. What Morpho Lends on Ethereum
- Stablecoins· top USDC$2B91.0%
- ETH· top WETH$129.9M6.0%
- BTC-pegged· top WBTC$53.7M2.5%
- Other· top msETH$7.5M0.3%
- LSTs· top wstETH$4M0.2%
Stablecoins make up 91.0% of Morpho supply on this chain. Top stable: USDC ($842.4M).
Collateral Mix. What Backs Loans on Ethereum
- BTC-pegged· top cbBTC$1.1B37.4%
- LSTs· top wstETH$778.5M26.1%
- Stablecoins· top sUSDe$766.2M25.7%
- Other· top PRIME$317M10.6%
- ETH· top WETH$8.1M0.3%
- LRTs / PTs· top pufETH$69.7K0.0%
- RWA· top ynRWAx$41.3K0.0%
Stablecoins make up 25.7% of Morpho supply on this chain. Top stable: sUSDe ($161.6M).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Ethereum: $86.85M
48%
50%
- To Lenders · via vaults$41.65M 48%
- To Lenders · direct supply$43.55M 50%
- To Curators$1.65M 2%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (48.9%)
Supply Rates vs Competitors on Ethereum
Morpho supply APY against the best competing venue, per asset.
USDC+169 bps
Morpho 4.91%
Aave V3 3.23%
USDT+105 bps
Morpho 3.55%
Aave V3 2.50%
DAI+285 bps
Morpho 4.87%
Aave V3 2.02%
WETH+22 bps
Morpho 1.64%
Aave V3 1.42%
As of 2026-06-09 · loan-book metrics from Morpho market/vault state