Rate history · read from chain state
What DeFi actually paid.
A year of weekly stablecoin yield, borrow costs and RWA returns across Aave and Morpho on Ethereum, Arbitrum and Base — read straight from chain state.
Best average USDC APY3.77%Morpho Blue · Ethereum · 88.8% utilized
Spread across venues0.54%Best minus worst, 12-week average
Most volatile±0.3712-week std dev · Morpho Blue · Ethereum
Average depth$242.4MWithdrawable, 12-week average
Stablecoin yield
What lending USDC actually paid.
Weekly supply APY across Aave v3 and Morpho Blue.
USDC supply APY
Aave v3 · EthereumMorpho Blue · Ethereum
USDC utilization
Borrowed ÷ suppliedUSDC available liquidity
Supplied minus borrowed| Venue | Chain | Current | Δ 1w | Mean | Min | Max | σ | Util now | Peak util | Supplied |
|---|---|---|---|---|---|---|---|---|---|---|
| Aave v3 | Ethereum | 3.30% | +0.10 | 3.23% | 3.00% | 3.58% | ±0.15 | 91.1% | 92.2% | $2.1B |
| Morpho Blue | Ethereum | 3.44% | −0.76 | 3.77% | 3.32% | 4.44% | ±0.37 | 86.7% | 90.7% | $308.1M |
Crypto-backed loans
The cost of borrowing against BTC and ETH.
Weekly borrow APY for USDC, with the terms behind each market.
USDC borrow APY against crypto collateral
Aave v3 · EthereumcbBTC/USDC · EthereumWBTC/USDC · Ethereum
| Market | Chain | Venue | Borrow APY | Mean | Peak | σ | Util now | Max LTV | Liq. threshold | Liq. penalty | Liquidity |
|---|---|---|---|---|---|---|---|---|---|---|---|
| tBTC/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 73.0% | 78.0% | 7.5% | $190.6M |
| WBTC/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 73.0% | 78.0% | 5.0% | $190.6M |
| wstETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 78.5% | 81.0% | 6.0% | $190.6M |
| rETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 75.0% | 79.0% | 7.5% | $190.6M |
| cbETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 75.0% | 79.0% | 7.5% | $190.6M |
| WETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 80.5% | 83.0% | 5.0% | $190.6M |
| cbBTC/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 73.0% | 78.0% | 7.5% | $190.6M |
| weETH/USDC | Ethereum | Aave v3pooled | 4.04% | 4.01% | 4.33% | ±0.12 | 91.1% | 77.5% | 80.0% | 7.0% | $190.6M |
| cbBTC/USDC | Ethereum | Morpho Blue | 3.97% | 4.24% | 4.89% | ±0.33 | 86.7% | 86.0% | 86.0% | — | $41.0M |
| WBTC/USDC | Ethereum | Morpho Blue | 3.96% | 4.27% | 4.89% | ±0.37 | 86.8% | 86.0% | 86.0% | — | $16.3M |
Real-world assets
Tokenized yield, measured as NAV drift.
Realized return for tokenized T-bills and basis trades.
NAV growth, indexed — first observed week = 100
mBASISmTBILLmBTC
| Token | Chain | Realized APY | Denominated in | NAV (USD) | TVL | Weeks |
|---|---|---|---|---|---|---|
| mBASIS | Base | 6.15% | USD | $1.2028 | $165K | 12 |
| mBASIS | Ethereum | 6.15% | USD | $1.2028 | $131K | 12 |
| mTBILL | Base | 3.26% | USD | $1.0678 | $189K | 12 |
| mTBILL | Ethereum | 3.26% | USD | $1.0678 | $53.2M | 12 |
| mBTC | Ethereum | 0.00% | BTC | $64,614.4722 | $9K | 12 |
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