ETH: Money Markets

Lending on Ethereum, read from the protocols’ own contracts by our node: how much is supplied and borrowed in total, by protocol and by asset, what borrowers and lenders pay and earn in ETH and stablecoins, how full each market is, and how much debt sits close to liquidation.

Ethereum Money Markets

Money markets let depositors lend assets and borrowers draw against collateral. Borrowing rates rise as a market fills up, so the utilisation and APY charts move together.

The health-factor charts show how much debt would be liquidated if prices fell: a large block near a health factor of one is collateral at risk from a modest drop.

Figures are read from the lending protocols’ contracts on Ethereum mainnet only.

ETH: Lending: Total Supplied

The USD value supplied to Ethereum's largest lending markets, Aave, Spark, Compound, Maker (Sky) and Morpho Blue, at the end of each period, collateral included. Deposits in lending markets are the base of on-chain credit: they are what borrowers can borrow and what backs their loans, so their size tracks demand for leverage and for yield on idle assets. Rises with deposits and with the prices of the assets deposited, so compare with the ETH price: a rise at a steady price means new deposits. The gap to Lending: Total Borrowed is mostly collateral that is not lent out.

ETH: Lending: Total Borrowed

The USD value borrowed from Ethereum's largest lending markets, Aave, Spark, Compound, Maker (Sky) and Morpho Blue, at the end of each period, with accrued interest. Outstanding loans measure on-chain leverage: borrowers take stablecoins against crypto collateral to buy more, or borrow ether to stake it again, so rising debt means rising leverage and, in a sharp drop, more liquidations. Stablecoin debt changes with demand for leverage; ether and bitcoin debt also moves with their prices. Compare with Lending: Total Supplied for how much of the deposits is lent out.

ETH: Lending: Supplied by Protocol

The USD value supplied to each lending protocol: Aave v3, Aave v2, Spark, Compound v3, Maker (Sky) and Morpho Blue. Shows where on-chain deposits sit and how they move between protocols. The bands add up to Lending: Total Supplied. Aave v3 has been the largest; Morpho Blue holds many separate markets, each with one loan asset and one collateral asset.

ETH: Lending: Borrowed by Protocol

The USD value borrowed from each lending protocol: Aave v3, Aave v2, Spark, Compound v3, Maker (Sky) and Morpho Blue. Shows which protocols carry on-chain leverage and how borrowing moves between them, for example to cheaper rates. The bands add up to Lending: Total Borrowed.

ETH: Lending: Supplied by Asset

The USD value supplied to the covered lending markets by asset: ether, ether staking tokens, bitcoin tokens, USDC, USDT, DAI and USDS, other dollar stablecoins and other assets. Shows what backs on-chain credit: ether and its staking tokens are the main collateral, stablecoins the main asset lent. The bands add up to Lending: Total Supplied. ETH staking tokens are wstETH, weETH, rETH, cbETH and the other tokens priced from ether; bitcoin tokens are WBTC, cbBTC, tBTC, LBTC and others priced from bitcoin.

ETH: Lending: Borrowed by Asset

The USD value borrowed from the covered lending markets by asset: ether, ether staking tokens, bitcoin tokens, USDC, USDT, DAI and USDS, other dollar stablecoins and other assets. Shows what borrowers take: stablecoin borrowing is leverage on crypto prices; ether borrowing mostly funds staking loops, which earn the staking yield on borrowed ether. The bands add up to Lending: Total Borrowed. Maker's vault debt is in DAI and USDS.

ETH: USDC Borrow APY by Lending Protocol

The annual percentage yield paid to borrow USDC on each covered lending protocol. Borrow rates are the price of on-chain leverage and move with demand for it; differences between protocols show where borrowing is cheapest. Rates jump when a market's utilisation rises above its target, for example when deposits are withdrawn in stress. Compare with USDC Supply APY by Lending Protocol.

ETH: USDC Supply APY by Lending Protocol

The annual percentage yield earned by supplying USDC to each covered lending protocol. Supply rates are what lenders earn on idle USDC: they follow borrow demand and set the on-chain benchmark for yield. A supply rate is lower than the borrow rate because only the borrowed share of the deposits earns interest and the protocol keeps a reserve share. Compare with USDC Borrow APY by Lending Protocol.

ETH: USDC Utilisation by Lending Protocol

The share of the USDC supplied to each covered lending protocol that is lent out. Utilisation drives the rates: near 100% lenders may be unable to withdraw until borrowers repay or new deposits arrive, which is why rates rise steeply above a target. Read with the borrow and supply APY charts of USDC: a market running above its target utilisation pays more to attract deposits and charges more to discourage borrowing.

ETH: ETH Borrow APY by Lending Protocol

The annual percentage yield paid to borrow ETH on each covered lending protocol. Borrow rates are the price of on-chain leverage and move with demand for it; differences between protocols show where borrowing is cheapest. Rates jump when a market's utilisation rises above its target, for example when deposits are withdrawn in stress. Compare with ETH Supply APY by Lending Protocol.

ETH: ETH Supply APY by Lending Protocol

The annual percentage yield earned by supplying ETH to each covered lending protocol. Supply rates are what lenders earn on idle ETH: they follow borrow demand and set the on-chain benchmark for yield. A supply rate is lower than the borrow rate because only the borrowed share of the deposits earns interest and the protocol keeps a reserve share. Compare with ETH Borrow APY by Lending Protocol.

ETH: ETH Utilisation by Lending Protocol

The share of the ETH supplied to each covered lending protocol that is lent out. Utilisation drives the rates: near 100% lenders may be unable to withdraw until borrowers repay or new deposits arrive, which is why rates rise steeply above a target. Read with the borrow and supply APY charts of ETH: a market running above its target utilisation pays more to attract deposits and charges more to discourage borrowing.

ETH: Lending Debt by Health Factor

The USD value of the debt of every open borrowing position on the covered lending protocols, by the position's health factor. The health factor says how far a loan is from liquidation: debt with a factor close to 1 is liquidated by a small adverse price move, so this chart shows how fragile on-chain leverage is. More debt in the bands just above 1 means a market closer to a liquidation cascade. Much of the debt between 1 and 1.1 is ether borrowed against ether staking tokens, which falls with them and is not at risk from the ETH price (see Lending Collateral at Risk from an ETH Price Drop).

ETH: Lending Collateral at Risk from an ETH Price Drop

The USD value of the collateral of loans on the covered lending protocols that would become liquidatable if ETH fell by 5%, 10% and so on up to 50%, by size of the drop. This is the liquidation map of on-chain lending: collateral that becomes liquidatable is usually sold by liquidators, so large bands close to the current price show where a fall could accelerate. Each band is the collateral that becomes liquidatable within that 5-point step of the drop; the bands add up to everything liquidatable within a 50% drop. Read the stack from the bottom: the first bands are the nearest liquidation levels.

ETH: Lending Liquidations

The number of loans liquidated on Ethereum's largest lending protocols, Aave, Compound and Maker (Sky), in each period. A loan is liquidated when its collateral falls below the protocol's required value, usually after a price drop, so liquidations measure forced deleveraging of on-chain borrowers. Liquidations cluster on sharp market declines (for example 12 March 2020, 19 May 2021 and 5 August 2024); quiet periods show few. Liquidations can also add selling pressure as liquidators sell the seized collateral.

ETH: Lending Liquidations by Protocol

The number of loans liquidated on each protocol: Aave v2 and v3, Compound v2 and v3, and Maker (Sky). Shows where on-chain leverage is being unwound and how lending activity has moved between protocols. The bands add up to Lending Liquidations. A protocol's count depends on how many borrowers it has and on its liquidation rules (for example, how much of a loan one liquidation may repay).