DeFi Protocol Index
Bitcoin DeFi Lending by Protocol
By Steven Han and Michael Song
Each DeFi protocol runs several wrapped-Bitcoin lending markets. This rolls them up into one line per protocol: total value locked, average variable borrow rate, utilization, collateral pledged, and total borrowed, across 25 markets on 11 protocols. Updated daily at 14:00 UTC.
Last snapshot: Oct 12, 2026 at 14:00 UTC · Updated daily
Total TVL
$8.16B
11 protocols
Total borrowed
$7.43B
outstanding debt
Total collateral
$11.92B
pledged on-chain
Avg borrow APR
5.10%
variable · USDC, TVL-weighted
Utilization
91%
25 markets
| Protocol | Avg APR | Total TVL | 30d TVL | Utilization | Collateral | Borrowed |
|---|---|---|---|---|---|---|
4 markets · Ethereum, Base · pooled | 5.02%var | $5.32B | 92% | $6.91B | $4.90B | |
4 markets · Base, Ethereum · isolated | 5.15%var | $2.09B | 90% | $3.99B | $1.89B | |
3 markets · Base, Ethereum · isolated | 5.23%var | $391.5M | 90% | $508.9M | $353.7M | |
2 markets · BNB Chain · pooled | 5.11%var | $174.7M | 76% | $227.1M | $133.3M | |
2 markets · Solana · pooled | 6.14%var | $120.4M | 94% | $156.5M | $113.4M | |
3 markets · Ethereum · isolated | 9.87%var | $22.2M | 57% | $22.9M | $12.6M | |
1 market · Avalanche · pooled | 7.20%var | $16.8M | 90% | $21.8M | $15.0M | |
1 market · stacks · configurable | 3.36%var | $10.2M | 72% | $52.9M | $7.3M | |
1 market · stacks · isolated | 1.49%var | $5.0M | 25% | $10.6M | $1.2M | |
1 market · Arbitrum · pooled | 8.77%var | $3.7M | 76% | $4.8M | $2.8M | |
3 markets · Ethereum · configurable | 6.19%var | $2.6M | 88% | $3.4M | $2.3M | |
| All protocols | 5.10%var | $8.16B | 91% | $11.92B | $7.43B |
How these metrics have tracked
Market-wide daily totals across every protocol. 111 days of history so far; the charts deepen with each daily snapshot.
Cite this data
Bitcoin DeFi lending by protocol: $8.2B total TVL across 11 protocols and 25 wrapped-BTC markets, 5.1% average variable USDC APR, 91% utilization. borrow/on/bitcoin, Oct 12, 2026. https://borrowonbitcoin.com/defi-loans/protocols
Free to cite with attribution and a link. Media inquiries welcome.
How this is calculated
- Avg APR is the TVL-weighted average variable borrow rate across a protocol's USDC markets. DeFi rates are always variable and move with utilization.
- Total TVL sums the USD size of each market's loan-asset pool. Total collateral sums the wrapped Bitcoin pledged; total borrowed sums outstanding debt.
- Utilization is total borrowed divided by total supplied across all of a protocol's markets, not a simple average of per-market figures.
- Figures are snapshotted daily at 14:00 UTC. On-protocol interfaces show real-time values; this page shows the latest daily capture. We track each market historically so trends accrue over time.
Aggregated on-chain data, not financial advice. See the full DeFi methodology, the DeFi Rate Index, and CeFi vs DeFi Bitcoin loans.
Reporters and researchers: this dataset is free to cite with attribution and a link to borrowonbitcoin.com. Machine-readable feeds at /defi-protocol-index.json and /defi-protocol-index.csv. Media inquiries welcome.