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: Aug 4, 2026 at 14:00 UTC · Updated daily
Total TVL
$8.04B
11 protocols
Total borrowed
$7.19B
outstanding debt
Total collateral
$11.74B
pledged on-chain
Avg borrow APR
4.21%
variable · USDC, TVL-weighted
Utilization
89%
25 markets
| Protocol | Avg APR | Total TVL | 30d TVL | Utilization | Collateral | Borrowed |
|---|---|---|---|---|---|---|
4 markets · Base, Ethereum · pooled | 3.91%var | $5.38B | 90% | $7.00B | $4.87B | |
4 markets · Ethereum, Base · isolated | 4.86%var | $1.84B | 90% | $3.65B | $1.66B | |
3 markets · Base, Ethereum · isolated | 4.59%var | $374.6M | 90% | $487.0M | $337.8M | |
2 markets · BNB Chain · pooled | 4.25%var | $203.0M | 64% | $263.9M | $129.5M | |
2 markets · Solana · pooled | 6.34%var | $106.7M | 94% | $138.7M | $100.5M | |
3 markets · Ethereum · configurable | 3.55%var | $67.6M | 89% | $87.9M | $60.0M | |
3 markets · Ethereum · isolated | 6.30%var | $27.6M | 37% | $18.8M | $10.2M | |
1 market · Avalanche · pooled | 6.91%var | $17.5M | 86% | $22.8M | $15.0M | |
1 market · stacks · configurable | 2.38%var | $10.1M | 51% | $60.3M | $5.1M | |
1 market · stacks · isolated | 1.85%var | $5.0M | 34% | $10.6M | $1.7M | |
1 market · Arbitrum · pooled | 8.16%var | $3.9M | 71% | $5.1M | $2.8M | |
| All protocols | 4.21%var | $8.04B | 89% | $11.74B | $7.19B |
How these metrics have tracked
Market-wide daily totals across every protocol. 42 days of history so far; the charts deepen with each daily snapshot.
Cite this data
Bitcoin DeFi lending by protocol: $8.0B total TVL across 11 protocols and 25 wrapped-BTC markets, 4.21% average variable USDC APR, 89% utilization. borrow/on/bitcoin, Aug 4, 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.