Echelon Market (Aptos)
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 2.8% 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_utilisationsourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — a base rate, a slope up to a kink and a steeper slope past it, per market, read from each market's JumpInterestRateModel resource 2026-09-30 (xBTC and WBTC: slope 1.8% to a 45% kink, 165% beyond): algorithmic_utilisation. The formula is the venue's documentation, checked against the package's rate view. |
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| Term structure | open_endedsourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — the Market resource carries no maturity (read 2026-09-30); a position persists until repaid or liquidated. |
| Rate certainty | variablesourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — each market carries a jump interest-rate model resource and its borrow rate moves with utilisation; nothing is fixed at origination. Read 2026-09-30: the documented two-slope formula reproduces the package's own borrow-rate view in 28 of 29 markets. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — it depends on an oracle package, 0x92e95ed77b5ac815d3fbc2227e76db238339e9ca43ace45031ec2589bea5b8c ("ThalaOracle", itself upgradeable), and the lending module's own asset_price equals that package's price wherever both were readable (read 2026-09-30). Each market is configured with a primary and a secondary feed: xBTC and WBTC with a Chainlink feed id and the Pyth feed 0xe62df6c8…, which Pyth names BTC/USD — the same two ids for every bitcoin market, so each wrapper is priced as plain bitcoin. Staleness limits 900s and 3600s, deviation limit 10%. Per the venue's documentation the primary is used unless stale or deviating. A pooled account depends on the feeds of every market it touches. Which tier code means which provider is inferred, not read. |
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| Default & liquidation | thresholdsourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — read 2026-09-30: a liquidation threshold per market (xBTC and WBTC 80%, against a collateral factor of 76%), close factor 50%, liquidation incentive 7%, liquidation fee 2.5%; all agree with the venue's documentation. The package exposes permissionless liquidate entry points (read from its ABI). That an account is liquidatable when its liabilities exceed its collateral at those thresholds is the venue's documentation: the module's source is not published. |
| Custody & backing | protocol_custodialsourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — read 2026-09-30: each market object holds its own tokens (balances cover recorded cash in all 29 markets) and is owned by the package account, a resource account holding its own signer capability. The package is upgradeable (upgrade policy "compatible", upgraded 31 times). Its manager is 0x9b831e42526ac41a80e83bbe477d920c2ce72c562f8affe6cfe10c063077669d, a 3-of-8 multisig; that this multisig is what may upgrade the package is inferred, not read. |
| Recourse | non_recoursesourceEchelon on Aptos — per the venue's documentation liability is bounded by the account's collateral, and a shortfall is "socialized among all pool lenders" of the affected market. Read 2026-09-30: the package exposes clear_bad_debt functions; what they do was not read. |
| Track record | 18 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2025-03-07; 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 markets (2): xBTC, WBTCsourceEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — the Lending resource's market list and each market's resources (registry/resolution/2026-09/echelon.json; root: docs.echelon.market developer-documentation). 29 markets, each an object owned by the package, read 2026-09-30 at ledger version 7426644602. Bitcoin markets usable as collateral: xBTC ("OKX Wrapped BTC"), fungible asset 0x81214a80d82035a190fcb76b6ff3c0145161c3a9f33d137f2bbaee4cfec8a387 (8 decimals), market 0x18c99b913bace680a3d58a64b15b593b39ffbe25685b6df56d13ba77474acd3f — 4.5670 supplied, 0 borrowed, collateral factor 76%, liquidation threshold 80%, borrow cap 0; WBTC ("Wrapped BTC"), fungible asset 0x68844a0d7f2587e726ad0579f3d640865bb4162c08a4589eeda3f9689ec52a3d (8 decimals), market 0xf1097d0d9340bf16ad986b0dad8d510807409b281e7f68f4395a0affe6b67d50 — 1.9826 supplied, 0 borrowed, collateral factor 76%, liquidation threshold 80%, borrow cap 0. Both are collateral only: their borrow cap is zero, so bitcoin is posted here and never lent. xBTC is asset_peg bitcoin, measured on its Solana mint, and WBTC asset_peg bitcoin, measured on Ethereum's — neither on these Aptos assets. Listed with a collateral factor of zero, backing no borrowing: aBTC (0.1093 supplied), SBTC (100.0102 supplied, which the lending module cannot price). NOTE: the pool is multi-collateral, so a market's presence does not mean a given borrow is secured by it. |
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| 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_custodialEchelon package 0xc6bc659f1649553c1a3fa05d9727433dc03843baac29473c817d06d39e7621ba on Aptos — read 2026-09-30: each market object holds its own tokens (balances cover recorded cash in all 29 markets) and is owned by the package account, a resource account holding its own signer capability. The package is upgradeable (upgrade policy "compatible", upgraded 31 times). Its manager is 0x9b831e42526ac41a80e83bbe477d920c2ce72c562f8affe6cfe10c063077669d, a 3-of-8 multisig; that this multisig is what may upgrade the package is inferred, not read. - 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- 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)
- 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) | 82.6% the pool's dollar reserves: borrowed over supplied across 3 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
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| Intermediation margin | +3.06 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 7.85% · 30d 6.54% · 90d 6.08% 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 1.33 pts · 90d 0.82 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 | +1.64 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 | +2.40 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/echelon_market_aptos |
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| MCP | get_venue({ venue_id: "echelon_market_aptos" }) get_venue({ venue_id: "echelon_market_aptos", 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