DeFi Protocol Index
Bitcoin DeFi Lending by Protocol
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 24 markets on 9 protocols. Updated daily at 14:00 UTC.
Last snapshot: Jul 11, 2026 at 14:00 UTC · Updated daily
Total TVL
$7,577.7M
9 protocols
Total borrowed
$6,402.6M
outstanding debt
Total collateral
$10,443.4M
pledged on-chain
Avg borrow APR
4.19%
variable · USDC, TVL-weighted
Utilization
84%
24 markets
| Protocol | Avg APR | Total TVL | 30d TVL | Utilization | Collateral | Borrowed |
|---|---|---|---|---|---|---|
Aave v3 4 markets · Base, Ethereum · pooled | 3.96%var | $5,114.7M | 84% | $6,649.1M | $4,271.3M | |
Morpho 5 markets · Ethereum, Base · isolated | 4.63%var | $1,698.8M | 89% | $2,821.1M | $1,513.8M | |
Compound v3 3 markets · Ethereum, Base · isolated | 4.08%var | $343.3M | 90% | $446.2M | $308.1M | |
Venus 2 markets · BNB Chain · pooled | 4.26%var | $189.1M | 64% | $245.8M | $120.8M | |
Kamino 2 markets · Solana · pooled | 6.03%var | $106.0M | 88% | $137.8M | $93.0M | |
Euler v2 3 markets · Ethereum · configurable | 6.06%var | $75.9M | 91% | $98.7M | $68.9M | |
Fluid 3 markets · Ethereum · isolated | 7.14%var | $27.4M | 36% | $15.4M | $9.9M | |
Benqi 1 market · Avalanche · pooled | 6.07%var | $18.0M | 76% | $23.4M | $13.6M | |
Dolomite 1 market · Arbitrum · pooled | 8.09%var | $4.6M | 71% | $5.9M | $3.2M | |
| All protocols | 4.19%var | $7,577.7M | 84% | $10,443.4M | $6,402.6M |
How these metrics have tracked
Market-wide daily totals across every protocol. 18 days of history so far; the charts deepen with each daily snapshot.
Cite this data
Bitcoin DeFi lending by protocol: $7.6B total TVL across 9 protocols and 24 wrapped-BTC markets, 4.19% average variable USDC APR, 84% utilization. borrow/on/bitcoin, Jul 11, 2026. https://borrowonbitcoin.com/onchain-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 and the DeFi Rate Index.
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.