Compound v3 (Base)
Takes as collateral: bitcoin and ether
One of 5 deployments of Compound v3 · also on Arbitrum, Ethereum, Optimism, Polygon
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: $3m more is owed in dollars by 131 accounts posting bitcoin among other collateral, a bound never apportioned.
- 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); $265,372 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.
No BTC market rows are served for this venue. This venue serves 4 market rows, none flagged as a BTC market: this venue prices isolated {collateral, loan} markets and the rates payload keys each row by its LOAN asset, so BTC posted as collateral here is not flagged as a BTC market row — a shape limit in this dataset, not an absence of collateral at the venue.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceCompound v3 Comet getBorrowRate(utilisation) on Base (chain 8453) — a kinked function of utilisation with separate slopes either side: algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceCompound v3 Comet on Base (chain 8453) — withdraw()/supply() against the base asset carry no maturity. |
| Rate certainty | variablesourceCompound v3 Comet on Base (chain 8453) — getBorrowRate(utilisation) is evaluated per second against the current utilisation; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceCompound v3 on Base (chain 8453) — each Comet is configured with one price feed per collateral asset (getAssetInfo(i).priceFeed) plus a feed for its base token (baseTokenPriceFeed()); governance updates them per market. Read 2026-09-30: 26 feeds across 5 Comet(s) — AERO-base "aero" 0x784efeB622244d2348d4F2522f8860B96fbEcE89, USDbC-base "usdbc" 0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf, USDC-base "usdc" 0xb125E6687d4313864e53df431d5425969c15Eb2F, USDS-base "usds" 0x2c776041CCFe903071AF44aa147368a9c8EEA518, WETH-base "weth" 0x46e6b214b524310239732D51387075E0e70970bf. |
|---|---|
| Default & liquidation | thresholdsourceCompound v3 Comet on Base (chain 8453) — absorb() is permitted once an account is underwater against the per-asset liquidateCollateralFactor. Distinctively, the protocol takes the collateral onto its own balance sheet and then offers it at a discount via buyCollateral(), rather than paying a liquidator to repay the debt in one step. |
| Custody & backing | protocol_custodialsourceCompound v3 Comet on Base (chain 8453) — supply() transfers assets to the Comet contract, which holds both base and collateral balances directly (AERO-base "aero" 0x784efeB622244d2348d4F2522f8860B96fbEcE89, USDbC-base "usdbc" 0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf, USDC-base "usdc" 0xb125E6687d4313864e53df431d5425969c15Eb2F, USDS-base "usds" 0x2c776041CCFe903071AF44aa147368a9c8EEA518, WETH-base "weth" 0x46e6b214b524310239732D51387075E0e70970bf). |
| Recourse | non_recoursesourceCompound v3 Comet on Base (chain 8453) — liability is bounded by the collateral absorbed. A shortfall after absorb() is carried by the protocol's reserves, not pursued against the borrower. |
| Track record | 36 months observedsourceDerived from credit_venues.first_date (2023-08-04), 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 collateral across 4 Comets (markets aero, usdc, usds, weth): cbBTC, tBTCsourceComet.getAssetInfo(i) on Base (chain 8453), read 2026-09-30 (registry/resolution/2026-09/comet.json), Comets from Compound's own deployments/<network>/<market>/roots.json. AERO-base Comet "aero" 0x784efeB622244d2348d4F2522f8860B96fbEcE89: cbBTC 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (8 decimals), borrow collateral factor 60%, liquidate collateral factor 65%. USDC-base Comet "usdc" 0xb125E6687d4313864e53df431d5425969c15Eb2F: cbBTC 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (8 decimals), borrow collateral factor 80%, liquidate collateral factor 85%; tBTC 0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b (18 decimals), borrow collateral factor 80%, liquidate collateral factor 85%. USDS-base Comet "usds" 0x2c776041CCFe903071AF44aa147368a9c8EEA518: cbBTC 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (8 decimals), borrow collateral factor 80%, liquidate collateral factor 85%. WETH-base Comet "weth" 0x46e6b214b524310239732D51387075E0e70970bf: cbBTC 0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf (8 decimals), borrow collateral factor 80%, liquidate collateral factor 85%. The protocol records 5 Comets on this chain; the USDbC-base Comet "usdbc" 0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf takes no bitcoin. Comet is single-borrowable-asset per market, so unlike Aave the collateral backing a borrow is unambiguous — but the borrow is denominated in that Comet's base asset, not in BTC. |
|---|---|
| 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: full |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | $2.6m | — | account-by-account pool read, 2026-10-13 | |
| not dollars — currency not yet split | $237k | — | 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_custodialCompound v3 Comet on Base (chain 8453) — supply() transfers assets to the Comet contract, which holds both base and collateral balances directly (AERO-base "aero" 0x784efeB622244d2348d4F2522f8860B96fbEcE89, USDbC-base "usdbc" 0x9c4ec768c28520B50860ea7a15bd7213a9fF58bf, USDC-base "usdc" 0xb125E6687d4313864e53df431d5425969c15Eb2F, USDS-base "usds" 0x2c776041CCFe903071AF44aa147368a9c8EEA518, WETH-base "weth" 0x46e6b214b524310239732D51387075E0e70970bf). - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 8453 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- 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 - 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 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) | 89.9% the pool's dollar reserves: borrowed over supplied across 2 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
|---|---|
| Intermediation margin | +1.11 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 7.10% · 30d 6.37% · 90d 5.92% dollar loans, debt-weighted over the days observed (6 / 29 / 89 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 1.13 pts · 90d 1.20 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 | +1.47 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 | +2.23 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) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 46.3% · 9.2% 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 71.8% of the bitcoin-only debt (largest 25.3%), 127 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
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/compound_v3_base |
|---|---|
| MCP | get_venue({ venue_id: "compound_v3_base" }) get_venue({ venue_id: "compound_v3_base", 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