What each oracle network secures on Ethereum
Every lending market trusts a price feed. CryptoKeyhole traces each Aave, Spark, Compound, Morpho and Sky market on Ethereum to the feed its contracts actually read, on its own node, and adds up the deposits and collateral each oracle network secures.
- Value secured, Ethereum lending we read
- $38.95BAave, Spark, Compound, Morpho and Sky, last hour of the latest day
- Largest network
- Chainlink73% of the value we can trace, $28.32B
- Priced without an oracle
- $2.20BFixed at $1 by the protocol, mostly stablecoin reserves
The price feeds behind the money
Deposits and collateral in the largest Ethereum lending markets, split by the oracle network their prices come from. Adapters are followed down to the network they rely on.
Protocol by protocol
The same money split by the protocol holding it. Aave relies on Chainlink almost entirely, Spark on an aggregate of Chronicle and Chainlink, Sky on Chronicle.
| Protocol | Chainlink | Chronicle and Chainlink, aggregated | Chronicle | RedStone | Pyth | Fixed $1 (no oracle) | Other adapters | Total |
|---|---|---|---|---|---|---|---|---|
| Aave | $22.06B | $201M | $19M | $22.28B | ||||
| Spark | $181M | $5.25B | $2.00B | $3M | $7.43B | |||
| Morpho | $4.65B | $195 | $66M | $1M | $1.16B | $5.88B | ||
| Sky | $1.73B | $1.73B | ||||||
| Compound | $1.42B | $204M | $1.63B |
Day by day
Each column is one day at its last hour, stacked by network. Each market's price feed is read as of today: if a market changed oracle during the period, its earlier days show today's network.
How it is read
From the contracts. For each market our node asks the protocol which feed prices each asset, then follows that feed: a Chainlink proxy, a Chronicle contract, a RedStone or Pyth adapter, or an adapter that wraps one of those. Some adapters only reveal their underlying feeds in their code, so those are read from there.
What counts as secured. Deposits and collateral held by the market, valued at the market's own prices at the last hour of each day. Debt is not added on top.
Left out. Morpho markets with bad debt, where worthless collateral is priced by name alone; perpetuals and other users of oracles; other networks. A dollar priced at exactly $1 by the protocol is shown on its own line because no oracle secures it.
The figures are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
What does "value secured" mean here?
The value of deposits and collateral held in lending markets whose prices come from that oracle network. If a feed reports a wrong price, those are the funds at risk: borrowers can be liquidated, or borrow more than they should.
How do you know which oracle a market uses?
From the contracts themselves, on our own Ethereum node. Aave and Spark name each asset's price source, Compound lists a feed per collateral, and Sky's vaults read a price contract with its own source. We follow each feed down through its adapters until we reach a network we can name.
Why are Spark's stablecoins shown as a fixed price?
Some protocols price certain stablecoins at exactly $1 and do not read an oracle for them. That money is real, but no oracle network secures it, so it is shown on its own line rather than credited to a network.
Is Morpho counted?
Yes, market by market: each Morpho Blue market names its own oracle, and CryptoKeyhole traces every one on its own node to the feed beneath it. Markets flagged with bad debt are left out: anyone can create a Morpho market with any collateral, so a market carrying worthless collateral could otherwise add billions of nothing.
Is this all of Ethereum?
It covers the largest lending markets on Ethereum: Aave v2 and v3, Spark, Compound v3 and Sky's vaults. Oracles also secure perpetuals, stablecoins and other networks, which are not counted here.