Current (Sui)
Takes as collateral: bitcoin
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.
- BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
- Dollar debt against bitcoin — the whole pool's lending against every collateral it takes (bitcoin is 2.4% of the pool's collateral) — not debt against bitcoin, and no dollar of it is assigned to bitcoin without an account-level read.
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 runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceCurrent Market 0x41f3d76aee8b20e53f7d0d395fdc09e241e683c7bc5d0f69674b545ee42549df on Sui — each Asset carries an InterestModel {base_borrow_rate_per_sec, mid_kink, high_kink, borrow_rate_on_mid_kink, borrow_rate_on_high_kink, max_borrow_rate}, read 2026-09-30, and Current's documentation (Lend → Interest Rate Model) defines the rate on U = Borrows / (Cash + Borrows - Reserves): a kinked function of utilisation — algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceCurrent Market 0x41f3d76aee8b20e53f7d0d395fdc09e241e683c7bc5d0f69674b545ee42549df on Sui — a position is an Obligation in the market's obligations table (45,431 of them) and debt accrues by a borrow index per reserve; no field carries a maturity. |
| Rate certainty | variablesourceCurrent Market on Sui — each reserve carries a borrow index updated as it is touched, from its asset's InterestModel; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceCurrent's documentation (current-finance.gitbook.io, Security and Risk → Technical Details and Oracle Security, fetched 2026-09-30): "Current uses Pyth as a single source per asset", each price checked for EMA-spot divergence, staleness and confidence. One source per asset, and a pooled market depends on the feeds of every asset an obligation holds. The market object carries a per-asset ema_spot_tolerance table, read on Sui mainnet (chain identifier 35834a8a), read 2026-09-30 at checkpoint 328670321. |
|---|---|
| Default & liquidation | thresholdsourceCurrent Market 0x41f3d76aee8b20e53f7d0d395fdc09e241e683c7bc5d0f69674b545ee42549df on Sui — each (E-Mode group, asset) carries EModeCollateral {collateral_factor, liquidation_factor, liquidation_incentive}, read 2026-09-30; Current's documentation (Lend → Position Risk and Liquidations): a position "becomes eligible for liquidation" once it reaches its Liquidation LTV, with debt weighted by a per-asset borrow weight. |
| Custody & backing | protocol_custodialsourceCurrent on Sui — 5 markets, each a SHARED object of type market::Market of one package (0xfe1d8929d13b00aaecd7642dec1c6d41cab82882a1b139efa46bf61dfd6380bf), confirmed by object type on 2026-09-30; a reserve holds its coin as cash in the market object and a depositor holds a claim in an Obligation. ⚠ ROOT IS THIRD-PARTY: Current's documentation publishes no object ids, and these five are the ones the aggregator's own adapter reads (DefiLlama-Adapters projects/current). The chain ties them to one package, not to Current by Current's own word. |
| Recourse | non_recoursesourceCurrent on Sui — a position is an Obligation object and the protocol's only remedy is liquidating its collateral at the liquidation factor and incentive read above; nothing identifies a borrower beyond the object. How a residual shortfall is absorbed was not read. |
| Track record | 5 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2026-04-16; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC reserves (3): xBTC, wBTC, svBTCsourceCurrent Market objects on Sui mainnet (chain identifier 35834a8a), read 2026-09-30 at checkpoint 328670321 (registry/resolution/2026-09/sui.json). 5 markets; only the Main Market (18 reserves) lists bitcoin. Bitcoin reserves: xBTC ("OKX Wrapped BTC", 0x876a4b7b…::xbtc::XBTC, 8 decimals) — 16.4 supplied, 8.89 borrowed, standard mode collateral factor 70%, liquidation factor 75%; wBTC ("Wrapped Bitcoin", 0xaafb102d…::btc::BTC, 8 decimals) — 13.6 supplied, 5.79 borrowed, standard mode collateral factor 70%, liquidation factor 75%. Listed and holding under 0.01: enzoBTC, LBTC. svBTC ("Svalbard BTC", 0x7a479e7a…::svbtc::SVBTC) — 195 supplied, the largest bitcoin reserve here; standard mode collateral factor 0%, collateral only in E-Mode group 14 at 62% / 75%. Counted as bitcoin since 2026-10-01 (asset_peg: 25 bps over 40 days; was unresolved on 9) — a yield-bearing vault share, re-measured each peg pass. NOTE: the market is POOLED and multi-collateral within a mode, so a bitcoin reserve's presence does not mean a given borrow is secured by it. |
|---|---|
| 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: partial — Observed through the aggregator (DefiLlama). The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Neither is a read of the venue's own contracts. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
What the loans are denominated in
Not yet established for this venue — which is not the same as dollars.
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_custodialCurrent on Sui — 5 markets, each a SHARED object of type market::Market of one package (0xfe1d8929d13b00aaecd7642dec1c6d41cab82882a1b139efa46bf61dfd6380bf), confirmed by object type on 2026-09-30; a reserve holds its coin as cash in the market object and a depositor holds a claim in an Obligation. ⚠ ROOT IS THIRD-PARTY: Current's documentation publishes no object ids, and these five are the ones the aggregator's own adapter reads (DefiLlama-Adapters projects/current). The chain ties them to one package, not to Current by Current's own word. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment 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- enzoBTC established · yield_bearing · identified by symbolENZOBTC undisclosed · issuer Lorenzo Protocol · consortium · holders [Cobo, Ceffu, ChainUp] · holder_unknown_share partialWAS 'Lorenzo'. Lorenzo's own documentation names Cobo, Ceffu and ChainUp as the custodial institutions. It also accepts WBTC and BTCB as deposits, so part of this is a layered wrapper — see holder_unknown_share.
source
issuer_docdocs.lorenzo-protocol.xyz/introduction/enzobtc-decentralized-wrapped-btc-for-defi - 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' - SVBTC established · yield_bearing · identified by symbolSVBTC undisclosed · issuer Svalbard Labs · custodial · holders [] · holder_unknown_share fullSvalbard BTC — a yield-bearing vault share, not a one-for-one wrapper: "Returns settle into the vault and raise svBTC's exchange rate", with capital deployed to basis and funding strategies at trading venues, institutional lending and on-chain markets. Reserves "sit with regulated, SOC 2-audited custodians in segregated MPC cold storage"; the custodians are not named, so the holder is unresolved at full size. Minting is KYC-gated. On Sui it is a LayerZero OFT (suix_getCoinMetadata: "Sui LayerZero OFT representation of Svalbard BTC").
source
issuer_docsvalbard.capital documentation pages (Protocol architecture, How minting works, Proof of reserves, Terms), read from the site's own bundle 2026-10-01; Sui coin metadata for 0x7a479e7a…::svbtc::SVBTC, read 2026-10-01 - 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 - xBTC established · direct_wrapped · identified by symbolXBTC established · issuer OKX · custodial · holders [OKX]OKX's wrapped bitcoin on Sui, Solana, Aptos and X Layer. OKX states each xBTC is backed 1:1 by bitcoin it holds in custody, shown in its proof of reserves. The exchange is both issuer and holder; the legal entity holding the coins is not named in the material read.
source
issuer_docokx.com/learn/what-is-xbtc; okx.com/xbtc; okx.com/help/okx-officially-launches-the-multi-chain-wrapped-token-xbtc (read 2026-09-30)
- enzoBTC established · yield_bearing · 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) | 64.7% the pool's dollar reserves: borrowed over supplied across 4 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
|---|---|
| Intermediation margin | +1.98 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 4.13% · 30d 4.26% · 90d 4.59% 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 0.24 pts · 90d 0.50 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 | −0.64 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 | +0.13 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 | collecting (not read yet) — a pool's debt has no collateral of its own; the LTV of its bitcoin-only borrowers needs an account-level read, which this venue does not have yet |
| 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 | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
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/current_sui |
|---|---|
| MCP | get_venue({ venue_id: "current_sui" }) get_venue({ venue_id: "current_sui", 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