Aave v3 (Ethereum)
Takes as collateral: bitcoin and ether
One of 12 deployments of Aave v3 · also on Arbitrum, Avalanche, Base, BSC, Linea, Mantle, MegaETH, Monad, Optimism, Polygon, X Layer
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
- Dollar debt against bitcoin — bitcoin-only borrowers only: $986m more is owed in dollars by 5,150 accounts posting bitcoin among other collateral, a bound never apportioned; $50m borrowed in other currencies is not added.
- Aggregate LTV — the bitcoin-only borrowers' LTV, not the pool's: accounts posting bitcoin among other collateral are not in it.
- Liquidates at — the bitcoin-only borrowers only (accounts posting other collateral are not in it); $56m of their debt sits in positions that liquidate within a 20% fall.
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
| Market | Asset | Borrow (cc) | Supply (cc) | Utilisation (market) | Collateral | Debt |
|---|---|---|---|---|---|---|
| 0xb0f7…7072 | BTC.b | 0% | 0% | 0.0% | 15.58 | 0 |
| 0xcbb7…33bf | cbBTC | 0.29% | <0.01% | 0.7% | 17,386.06 | 122.91 |
| 0x657e…c642 | eBTC | 0% | 0% | 0.0% | 95.5 | 0 |
| 0xc96d…c364 | FBTC | 0.56% | <0.01% | 0.6% | 154.63 | 1 |
| 0x8236…4494 | LBTC | <0.01% | <0.01% | 0.0% | 2,690 | 0.02 |
| 0x1808…3a88 | tBTC | 0.26% | <0.01% | 0.1% | 1,760.89 | 2.57 |
| 0x2260…c599 | WBTC | 0.31% | <0.01% | 2.1% | 34,575.41 | 713.62 |
Every venue quotes in its own scale — Aave in ray APR, Compound per second, Sky as a per-second growth factor. All are converted here so figures from different venues are the same kind of number. Effective APY is exp(r) − 1.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceAave v3 DefaultReserveInterestRateStrategy per reserve — a two-slope function of utilisation with a kink at the optimal ratio: algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceAave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — borrow()/repay() carry no maturity; a position persists until repaid or liquidated. |
| Rate certainty | variablesourceAave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — the variable rate is recomputed from utilisation on every ReserveDataUpdated. Aave v3 did ship a STABLE borrow mode that was fixed at origination (though rebalanceable by the protocol); it was frozen and then removed across deployments, so no current borrowing is fixed at origination. Our ledger keeps its stable_* columns because historical positions used it. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceAave v3 PoolAddressesProvider 0x2f39d218133AFaB8F2B819B1066c7E434Ad94E9e → getPriceOracle(). AaveOracle holds one source per asset (setAssetSources) across every reserve, plus a fallback oracle, and governance can replace any of them. A pooled venue's solvency depends on all of the feeds backing the reserves an account touches, not on one. |
|---|---|
| Default & liquidation | thresholdsourceAave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — liquidationCall() is permitted once an account's health factor falls below 1e18, computed from per-reserve liquidation thresholds across the account's whole collateral basket. |
| Custody & backing | protocol_custodialsourceAave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — supply() transfers the underlying to the reserve's aToken contract under the Pool's control; the depositor holds an aToken claim rather than the asset. |
| Recourse | non_recoursesourceAave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — liability is bounded by the account's collateral. Aave v3.3's DeficitCreated writes off the residual debt of a borrower with nothing left to seize: the protocol absorbs the shortfall rather than pursuing the borrower. (That same event is why this venue's composition axis is still unvalidated — see the readiness matrix) |
| Track record | 44 months observedsourceDerived from credit_venues.first_date (2022-12-29), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC reserves (7): BTC.b, cbBTC, eBTC, FBTC, LBTC, tBTC, WBTCsourcecredit_aave_reserves, resolved on-chain in R1 from the Pool's reserve list and flagged is_btc by address. NOTE: Aave is POOLED and multi-collateral, so a BTC reserve's presence does not mean a given borrow is secured by it — attributing a borrow to Bitcoin specifically is a modelling decision, which is why this venue's composition coverage reads `partial` rather than `full`. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: full quantity: full composition: partial — Aave pools collateral across all of an account's reserves. Attributing a borrow to BTC collateral specifically is a modelling decision, not an on-chain read, and every composition figure for this venue must carry that label. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | $1.23bn | — | account-by-account pool read, 2026-10-13 | |
| not dollars — currency not yet split | $50.4m | — | account-by-account pool read, 2026-10-13 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialAave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2 — supply() transfers the underlying to the reserve's aToken contract under the Pool's control; the depositor holds an aToken claim rather than the asset. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 1 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network - tBTC established · direct_wrapped · identified by symbolTBTC established · issuer Threshold Network · threshold-signature · holders []No holder by construction: a 51-of-100 threshold signing group with operators rotated bi-weekly and no single party ever holding a full key. The empty holder list is the correct answer, not a gap.
source
issuer_docdocs.threshold.network/applications/tbtc-v2 - cbBTC established · direct_wrapped · identified by symbolCBBTC established · issuer Coinbase · custodial · holders [Coinbase]
source
issuer_doccoinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage - LBTC established · yield_bearing · identified by symbolLBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
source
issuer_docdocs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital' - eBTC established · yield_bearing · identified by symbolEBTC undisclosed · issuer ether.fi · non-custodial · holders [] · holder_unknown_share partialWAS resolves_to LBTC alone. Corrected 2026-10-08: ether.fi documents eBTC as a vault token (Veda BoringVault 0x657e8C867D8B37dCC18fA4Caead9C45EB088C642), "backed by LBTC … Users are able to deposit LBTC & WBTC". Press adds cbBTC (secondary, so not listed). The vault holds wrappers, not bitcoin, and publishes no split, so the row is left unresolved rather than apportioned (the SolvBTC rule).
source
issuer_docetherfi.gitbook.io/etherfi/products/staking/ebtc.md (read 2026-10-08)LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.source
issuer_docdocs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'WBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network - FBTC established · direct_wrapped · identified by symbolFBTC established · issuer Function · consortium · holders [Mantle, Antalpha Prime, Cobo]WAS 'Function'. BTC sits in an MPC address whose key shares are held by a Security Council; Mantle, Antalpha Prime and Cobo are the initial members and Cobo supplies the MPC technology.
source
issuer_docdocs.fbtc.com/security/roles; FBTC Whitepaper v1.1 - BTC.b established · direct_wrapped · identified by symbolBTC.B established · issuer Lombard · consortium · holders []WAS issuer 'Avalanche / Ava Labs', model bridge (an Intel SGX enclave, 6 of 8 Wardens). Corrected 2026-10-08: Avalanche's support article (updated 2026-02-02) says the bridge "has transitioned to Lombard's technical architecture. The original infrastructure has been wound down", and marks the old bridge address "should no longer be used". Lombard's documentation counts its bitcoin reserves against LBTC and BTC.b supply together, so BTC.b resolves to LBTC's holders and the same bitcoin is counted once. Before the transition the 6-of-8 bridge held it; that history is not backdated here.
source
issuer_docsupport.avax.network/en/articles/6349640-how-does-the-btc-bridge-work (read 2026-10-08); docs.lombard.finance/use/btcb and /learn/transparency/oracles (read 2026-10-08); avax.network 'BTC.b Technical Transition to Lombard's Architecture'LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.source
issuer_docdocs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
- WBTC established · direct_wrapped · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | 86.2% the pool's dollar reserves: borrowed over supplied across 18 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
|---|---|
| Intermediation margin | +1.43 pts · derived the pool's borrow rate minus its supply rate on the same dollar reserves — what the venue keeps, plus the cost of idle supply borrow rate minus lend rate, both as above |
| Trailing realised average (7/30/90d) | 7d 5.24% · 30d 4.75% · 90d 4.13% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 0.96 pts · 90d 0.68 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above |
| Spread to the pair aggregate | −0.15 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +0.61 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | collecting (not read yet) — this venue's loan events are ingested, but the read has not reached the last 30 days (the Aave event read lags) |
| Repayment flow | collecting (not read yet) — this venue's loan events are ingested, but the read has not reached the last 30 days (the Aave event read lags) |
| Aggregate and distributional LTV | 40.6% · 4.4% of the bitcoin-only debt liquidates within a 20% fall · partial the bitcoin-only borrowers' LTV, not the pool's: accounts posting bitcoin among other collateral are not in it contract_read — the pool's own contracts, account by account |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | 0 bitcoin-only position(s) past their threshold now ($0) · partial positions the venue would liquidate now and has not the pool read (157) |
| Top-10 concentration share | top 10 hold 48.0% of the bitcoin-only debt (largest 17.8%), 4,452 accounts · partial the bitcoin-only borrowers, not every borrower at the venue the pool read, account by account (155) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Surveyed — no listable route. No route met the published criteria. surveyed 2026-08-30
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/aave_v3_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "aave_v3_ethereum" }) get_venue({ venue_id: "aave_v3_ethereum", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp