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 17 markets on 6 protocols. Updated daily at 14:00 UTC.
Last snapshot: Jun 25, 2026 at 14:00 UTC · Updated daily
Total TVL
$9,764.1M
6 protocols
Total borrowed
$8,285.2M
outstanding debt
Total collateral
$13,080.2M
pledged on-chain
Avg borrow APR
4.07%
variable · USDC, TVL-weighted
Utilization
85%
17 markets
| Protocol | Avg APR | Total TVL | 30d TVL | Utilization | Collateral | Borrowed |
|---|---|---|---|---|---|---|
Aave v3 4 markets · Ethereum, Base · pooled | 3.95%var | $7,052.3M | 83% | $9,168.0M | $5,887.6M | |
Morpho 5 markets · Ethereum, Base · isolated | 4.75%var | $1,645.6M | 89% | $2,526.2M | $1,459.8M | |
Compound v3 3 markets · Ethereum, Base · isolated | 3.94%var | $662.0M | 88% | $860.6M | $582.0M | |
Euler v2 3 markets · Ethereum · isolated | 3.56%var | $381.0M | 89% | $495.3M | $339.2M | |
Benqi 1 market · Avalanche · pooled | 5.76%var | $19.0M | 72% | $24.6M | $13.7M | |
Dolomite 1 market · Arbitrum · isolated | 8.14%var | $4.2M | 71% | $5.5M | $3.0M | |
| All protocols | 4.07%var | $9,764.1M | 85% | $13,080.2M | $8,285.2M |
How these metrics have tracked
Market-wide daily totals across every protocol. 2 days of history so far; the charts deepen with each daily snapshot.
Cite this data
Bitcoin DeFi lending by protocol: $9.8B total TVL across 6 protocols and 17 wrapped-BTC markets, 4.07% average variable USDC APR, 85% utilization. borrow/on/bitcoin, Jun 25, 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.