Curve LlamaLend (Fraxtal)
Takes as collateral: ether
A deployment of Curve LlamaLend that takes ether only, beside the 3 that take bitcoin: Arbitrum, Ethereum, Optimism
What the ether is: 0.0% ether itself (ETH, WETH) · 100.0% staking tokens (wstETH, rETH, cbETH…) · 0.0% restaking tokens (weETH, ezETH…). Staking tokens count at their own contract rate; the market price is published beside it.
Credit secured by ether is never added to credit secured by bitcoin. An account holding both is shown as a bound in each view and added to neither.
10 of 10 criteria researched. What the criteria are →
Listed, not researched in full. This venue is read only through an aggregator, and its 30-day book peaked at $0 over the last 90 days, under the $5m research floor. Its rate and book are published as for any venue; its criteria are not researched. What the floor is →
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. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceEach market names a monetary policy contract that sets the borrow rate from the market's own utilisation (crvUSD supplied to its vault against crvUSD borrowed): algorithmic_utilisation. The curve each policy implements was not read. |
|---|---|
| Term structure | open_endedsourceCurve one-way lending markets on Fraxtal (chain 252) — create_loan()/repay() carry no maturity; a loan persists until repaid or liquidated. |
| Rate certainty | variablesourceCurve one-way lending markets on Fraxtal (chain 252) — the borrow rate is whatever the market's monetary policy contract returns when the market is touched; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | singlesourceCurve one-way lending markets on Fraxtal (chain 252) — each market is one Controller and one AMM (LLAMMA), and the AMM reads ONE price oracle contract for its collateral (price_oracle()). Markets do not share collateral, so a loan depends on its own market's oracle and no other. What each oracle contract aggregates was not read. |
|---|---|
| Default & liquidation | softsourceCurve one-way lending markets on Fraxtal (chain 252) — a loan's collateral is deposited into the market's AMM across price bands. As the oracle price falls through a band the AMM converts that band's collateral into the borrowed asset, and converts it back if the price recovers (soft liquidation). Once a loan's health falls below zero anyone may liquidate it outright (Controller.liquidate). liquidation_discount, read per market, is the discount at which health is computed. |
| Custody & backing | protocol_custodialsourceCurve one-way lending markets on Fraxtal (chain 252) — create_loan() transfers the collateral into the market's AMM contract, which holds it (and any of it converted to the borrowed asset) until the loan is repaid or liquidated. |
| Recourse | non_recoursesourceCurve one-way lending markets on Fraxtal (chain 252) — liability is bounded by the collateral in the loan's bands; no function pursues a borrower beyond it, and a shortfall stays in the market as bad debt. |
| Track record | 24 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2024-09-25; 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-collateral markets with 1,000 crvUSD or more of debt (0): nonesourceCurve one-way lending markets on Fraxtal (chain 252) (registry/resolution/2026-09/curve.json). Curve's API lists 12 lending markets on this chain, 0 with a bitcoin-symbol collateral, read 2026-09-30. None whose collateral is a bitcoin representation carries 1,000 crvUSD or more of debt. ⚠ BOUND: a market Curve's API does not list is not found. Each market takes ONE collateral, so the collateral behind a loan is unambiguous. |
|---|---|
| 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): its supplied and borrowed amounts per pool. The venue holds no bitcoin, so it is in no figure. 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_custodialCurve one-way lending markets on Fraxtal (chain 252) — create_loan() transfers the collateral into the market's AMM contract, which holds it (and any of it converted to the borrowed asset) until the loan is repaid or liquidated. - representation incompleteno curated BTC representation is held for this venue (markets / metadata / collateral_asset)
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) | unknown (this venue has no market rows in the rates payload yet) |
|---|---|
| Intermediation margin | unknown (this venue has no market rows in the rates payload yet) |
| Trailing realised average (7/30/90d) | unknown (no per-venue time series is held, so a trailing figure would be a single reading dressed as an average) |
| Rate volatility (30/90d) | unknown (no per-venue time series is held, so a trailing figure would be a single reading dressed as an average) |
| Spread to the pair aggregate | unknown (this venue has no market rows in the rates payload yet) |
| Spread to matched Treasuries | unknown (this venue has no market rows in the rates payload yet) |
| Origination flow | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Repayment flow | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Aggregate and distributional LTV | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Residence distribution | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Liquidation incidence | unknown (needs loan-level history, which is held for Morpho Blue only) |
| Top-10 concentration share | unknown (needs loan-level history, which is held for Morpho Blue only) |
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/curve_llamalend_fraxtal |
|---|---|
| MCP | get_venue({ venue_id: "curve_llamalend_fraxtal", collateral: "eth" }) |
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