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Polygon
Polygon PoS
Live since FEB 2025
#4 of 5 lending protocols
Active Loans
$1.12M
30d -5.7%
Borrow Interest
$71.1K
annualized
Net Interest Margin
247 bps
weighted spread
Utilization
22.9%
loans ÷ deposits
Active Loans 30d Δ
-5.7%
vs 30 days ago
TVL
$3.82M
share 2.2%
Lending TVL on Polygon. Top 5 Protocols
Top 5 lending protocols on Polygon by TVL. 7-day moving average.
Aave V3
Aave V2
Compound V3
Morpho
Fluid Lending
Top Markets on Polygon
| Market | Total Supply | Active Loans | Utilization | Supply APY | Borrow APY | Borrow Interest |
|---|---|---|---|---|---|---|
| WBTC / USDC86% LLTV | $872.93K | $734.59K | 84.2% | 3.05% | 3.63% | $26.68K |
| MaticX / USDT077% LLTV | $189.14K | $171.84K | 90.8% | 14.82% | 16.43% | $28.23K |
| WETH / USDC86% LLTV | $52.73K | $46.65K | 88.5% | 9.42% | 10.71% | $5K |
| WPOL / USDT077% LLTV | $40.46K | $29.65K | 73.3% | 2.89% | 3.97% | $1.18K |
| WBTC / USDT086% LLTV | $38.23K | $33.22K | 86.9% | 10.62% | 12.32% | $4.09K |
| WBTC / JPYC86% LLTV | $33.55K | $33.52K | 99.9% | 3.86% | 3.86% | $1.3K |
| WETH / JPYC86% LLTV | $30.95K | $30.95K | 100.0% | 3.86% | 3.86% | $1.19K |
| WBTC / WPOL77% LLTV | $10.75K | $8.76K | 81.4% | 8.38% | 10.39% | $909.79 |
| WPOL / USDC77% LLTV | $7.48K | $6.58K | 88.0% | 7.87% | 8.99% | $591.77 |
| MaticX / WPOL92% LLTV | $7.05K | $1.59K | 22.5% | 0.76% | 3.43% | $54.52 |
Top Vaults on Polygon
| Name | Curator | Asset | TVL | Net APY | Fee | Curator Fees 30d | 30d Δ TVL |
|---|---|---|---|---|---|---|---|
| Compound USDC | Gauntlet | USDC | $931.85K | 2.69% | 10.0% | $229.54 | +$542.19 |
| Compound WETH | Gauntlet | WETH | $258.35K | 0.01% | 10.0% | $0.14 | +$55.94K |
| Compound USDT | Gauntlet | USDT0 | $196.65K | 1.32% | 10.0% | $23.76 | -$528.45 |
| Compound POL | Gauntlet | WPOL | $27.87K | 2.58% | 10.0% | $6.57 | -$1.25K |
| Steakhouse High Yield USDC | Steakhouse Financial | USDC | $27.58K | 0.00% | 0.0% | $0 | -$2.68K |
| Re7 wPOL | RE7 Labs | WPOL | $2.25K | 0.00% | 10.0% | $0 | +$457.8 |
| Steakhouse High Yield USDT0 | Steakhouse Financial | USDT0 | $2.05K | 0.00% | 0.0% | $0 | -$14.26K |
| Gondor Growth v1.e | unattributed | USDC | $527.47 | 0.00% | 0.0% | $0 | +$0.16 |
| Brazilian Power House | unattributed | BRLA | $303.79 | 0.05% | 0.0% | $0 | +$0.62 |
| Gondor Moderate v1.e | unattributed | USDC | $248.09 | 0.00% | 0.0% | $0 | +$0.08 |
Curator Presence on Polygon
| Curator | Vaults Here | TVL on Chain | Curator Fees (Ann.) | Weighted Net APY | Global TVL |
|---|---|---|---|---|---|
| Gauntlet | 4 | $1.41M | $3.16K | 2.01% | $593.42M |
| Steakhouse Financial | 12 | $29.69K | $0.03 | 0.00% | $520.58M |
| RE7 Labs | 1 | $2.25K | $0 | 0.00% | $1.13M |
| MEV Capital | 1 | $8.75 | $0 | 0.00% | $9.72M |
| Clearstar | 3 | $2.88 | $0.02 | 5.34% | $6.39M |
| Unified Labs | 1 | $0.01 | $0 | 0.01% | $0.01 |
Loan Asset Mix. What Morpho Lends on Polygon
- Stablecoins· top USDC$1.5M80.3%
- ETH· top WETH$258.4K14.2%
- Other· top JPYC$100.4K5.5%
Stablecoins make up 80.3% of Morpho supply on this chain. Top stable: USDC ($1M).
Collateral Mix. What Backs Loans on Polygon
- BTC-pegged· top WBTC$1.9M62.8%
- Other· top MaticX$939.7K30.6%
- ETH· top WETH$193.8K6.3%
- Stablecoins· top USDC$9.2K0.3%
- LSTs· top wstETH$1.1K0.0%
Stablecoins make up 0.3% of Morpho supply on this chain. Top stable: USDC ($8.2K).
Interest Flow Attribution
Annualized borrow interest paid by borrowers on Polygon: $71.1K
76%
19%
- To Lenders · via vaults$54.12K 76%
- To Lenders · direct supply$13.82K 19%
- To Curators$3.16K 4%
- To Morpho DAO (fee switch off)$0 0%
Lender yield = borrow interest − curator fees − protocol fees · vault/direct split by vault supply share (79.7%)
Supply Rates vs Competitors on Polygon
Morpho supply APY against the best competing venue, per asset.
USDC-6 bps
Morpho 3.22%
Aave V3 3.27%
WETH-29 bps
Morpho 0.01%
Aave V3 0.30%
As of 2026-09-07 · loan-book metrics from Morpho market/vault state