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 19, 2026 at 14:00 UTC · Updated daily
Total TVL
$8.35B
11 protocols
Total borrowed
$7.45B
outstanding debt
Total collateral
$12.12B
pledged on-chain
Avg borrow APR
4.90%
variable · USDC, TVL-weighted
Utilization
89%
25 markets
| Protocol | Avg APR | Total TVL | 30d TVL | Utilization | Collateral | Borrowed |
|---|---|---|---|---|---|---|
4 markets · Ethereum, Base · pooled | 4.57%var | $5.46B | 89% | $7.10B | $4.88B | |
4 markets · Base, Ethereum · isolated | 5.19%var | $2.13B | 90% | $4.00B | $1.92B | |
3 markets · Base, Ethereum · isolated | 7.10%var | $392.3M | 91% | $510.0M | $356.5M | |
2 markets · BNB Chain · pooled | 4.99%var | $179.8M | 75% | $233.7M | $134.1M | |
2 markets · Solana · pooled | 6.06%var | $130.5M | 93% | $169.7M | $121.1M | |
3 markets · Ethereum · isolated | 6.69%var | $22.3M | 57% | $22.8M | $12.7M | |
1 market · Avalanche · pooled | 13.05%var | $16.2M | 92% | $21.1M | $14.9M | |
1 market · stacks · configurable | 3.39%var | $10.3M | 72% | $52.5M | $7.5M | |
1 market · stacks · isolated | 1.44%var | $5.0M | 24% | $10.6M | $1.2M | |
1 market · Arbitrum · pooled | 7.51%var | $4.2M | 66% | $5.4M | $2.7M | |
3 markets · Ethereum · configurable | 6.44%var | $2.6M | 89% | $3.4M | $2.3M | |
| All protocols | 4.90%var | $8.35B | 89% | $12.12B | $7.45B |
How these metrics have tracked
Market-wide daily totals across every protocol. 118 days of history so far; the charts deepen with each daily snapshot.
Cite this data
Bitcoin DeFi lending by protocol: $8.4B total TVL across 11 protocols and 25 wrapped-BTC markets, 4.9% average variable USDC APR, 89% utilization. borrow/on/bitcoin, Oct 19, 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.