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OP Mainnet
OP Stack L2
Live since FEB 2025
#4 of 5 lending protocols
Active Loans
$2.26M
30d +92.9%
Borrow Interest
$65.51K
annualized
Net Interest Margin
42 bps
weighted spread
Utilization
40.6%
loans ÷ deposits
Active Loans 30d Δ
+92.9%
vs 30 days ago
TVL
$3.1M
share 0.9%
Lending TVL on OP Mainnet. Top 5 Protocols
Top 5 lending protocols on OP Mainnet by TVL. 7-day moving average.
EtherFi Borrowing Market
Aave V3
Compound V3
40 Acres
Morpho
Top Markets on OP Mainnet
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| wstETH / WETH95% LLTV | $1.55M | $1.44M | 93.2% | 1.71% | 1.84% | $26.53K |
| WBTC / USDC86% LLTV | $883.07K | $654.53K | 74.1% | 3.85% | 5.23% | $34.26K |
| wstETH / WETH95% LLTV | $108.19K | $97.47K | 90.1% | 1.83% | 2.03% | $1.98K |
| sUSDC / USDC95% LLTV | $60.63K | $49.45K | 81.6% | 3.56% | 4.38% | $2.16K |
| WETH / USDC86% LLTV | $18.16K | $15.1K | 83.2% | 2.95% | 3.56% | $537.15 |
| wstETH / USDC86% LLTV | $1.04K | $850.86 | 81.8% | 3.94% | 4.84% | $41.16 |
| mRe7ETH / WETH95% LLTV | $254.59 | $0 | 0.0% | 0.00% | 0.03% | $0 |
Top Vaults on OP Mainnet
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Gauntlet USDC Prime | Gauntlet | USDC | $962.17K | 3.42% | 10.0% | $301.31 | -$143.1K |
| Moonwell Flagship USDC | Block Analitica | USDC | $14.97K | 0.00% | 15.0% | $0 | +$3.31 |
| UltraYield USDC | UltraYield | USDC | $55.32 | 3.83% | 0.0% | $0 | +$0.22 |
| usdc staging | unattributed | USDC | $10.37 | 3.84% | 0.0% | $0 | +$0.05 |
Curator Presence on OP Mainnet
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Gauntlet | 1 | $962.17K | $3.67K | 3.42% | $593.42M |
| Block Analitica | 1 | $14.97K | $0 | 0.00% | $14.97K |
| UltraYield | 1 | $55.32 | $0 | 3.83% | $707.2K |
Loan Asset Mix. What Morpho Lends on OP Mainnet
- ETH· top WETH$1.7M62.9%
- Stablecoins· top USDC$977.9K37.1%
Stablecoins make up 37.1% of Morpho supply on this chain. Top stable: USDC ($977.9K).
Collateral Mix. What Backs Loans on OP Mainnet
- LSTs· top wstETH$1.8M61.1%
- BTC-pegged· top WBTC$1M35.4%
- Stablecoins· top sUSDC$56.1K1.9%
- ETH· top WETH$47.3K1.6%
Stablecoins make up 1.9% of Morpho supply on this chain. Top stable: sUSDC ($56.1K).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on OP Mainnet: $65.51K
35%
59%
- To Lenders · via vaults$22.94K 35%
- To Lenders · direct supply$38.91K 59%
- To Curators$3.67K 6%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (37.1%)
Supply Rates vs Competitors on OP Mainnet
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