Save (Solana)
Takes as collateral: bitcoin and ether
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 2.2% of the pool's collateral) — not debt against bitcoin, and no dollar of it is assigned to bitcoin without an account-level read.
- Liquidation threshold — the loan-to-value at which the venue liquidates a bitcoin position, not a price: no bitcoin book is read at this venue to turn it into one (a pool's debt has no collateral of its own until its accounts are 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_utilisationsourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — a piecewise-linear function of each reserve's utilisation with two kinks, its parameters stored in the reserve account and decoded 2026-09-30: algorithmic_utilisation. The formula is the published source's. |
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| Term structure | open_endedsourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — neither the reserve nor the market account layout carries a maturity (decoded 2026-09-30); a position persists until repaid or liquidated. |
| Rate certainty | variablesourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — each reserve's rate follows its own curve in utilisation (cbBTC, decoded 2026-09-30: 1% rising to 8% at 80% utilisation, 30% at 90%, 300% at 100%); nothing is fixed at origination. ⚠ Per the published source interest accrues per slot on a 0.5-second slot; slots measured 0.268s over the last 2m, so a borrower pays about 1.87 times the curve's rate. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — each reserve account stores its own oracle accounts (a Pyth account, a Switchboard account, an optional third), decoded from account data 2026-09-30. The Main Pool's cbBTC reserve has a Pyth account only, 4cSM2e6rvbGQUFiJbqytoVMi5GgghSMr8LwVrT9VPSPo, and no fallback; its SOL reserve has Pyth and Switchboard. Per the published source Pyth is tried first and Switchboard if it fails, and a price older than 240 slots or with a confidence interval over 10% is refused. A pool is multi-collateral: an account depends on the feeds of every reserve it touches. Which price each oracle account carries was not decoded. |
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| Default & liquidation | thresholdsourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — per-reserve loan-to-value, liquidation threshold and bonus, decoded from each reserve account 2026-09-30 (cbBTC: 65% / 75% rising to 77%, bonus 3% rising to 5%). Per the published source an obligation is liquidatable once its borrowed value reaches the sum of its deposits at their thresholds; anyone may liquidate (the Main Pool names no whitelisted liquidator, read; 11 of 203 markets do), up to 20% of a borrow per call; and a market's owner or risk authority can mark an obligation closeable, which allows liquidation with no bonus. |
| Custody & backing | protocol_custodialsourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — read 2026-09-30: each reserve's tokens sit in one token account whose authority is its market's program-derived address (recomputed from the stored bump seed and matched for all 203 markets); a depositor holds a collateral token, not the asset. The program is executable under the upgradeable loader; its upgrade authority is RY93CZYe5g6drtG7W9PmHRPzaBLZ1uwihTzayQTmJfh, and what holds that key was not identified. The Main Pool's owner and risk authority are both 5pHk2TmnqQzRF9L6egy5FfiyBgS7G9cMZ5RFaJAvghzw. Pools are permissionless: 134 distinct owners across 203 markets. |
| Recourse | non_recoursesourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — per the published source liability is bounded by the collateral in the obligation; a market's owner can forgive the debt of an obligation with no deposits left, which writes the loss onto that reserve's depositors. No insurance fund appears in the account layout. Read 2026-09-30: 37 reserves show more borrowed than supplied. |
| Track record | 52 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2022-05-13; 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 (1): cbBTCsourceSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana (registry/resolution/2026-09/save.json; program id: github.com/solendprotocol/solana-program-library token-lending README and declare_id!; market list: api.save.finance). 203 lending markets and 603 reserves, every account owned by the program and decoded by its published layout, read 2026-09-30 at slot 451982946; the venue's API agrees with the decode on every reserve's configuration. Bitcoin in the Main Pool (market 4UpD2fh7xH3VP9QQaXtsS1YY3bxzWhtfpks7FatyKvdY): cbBTC reserve Ag7UiqS5kqcsjNFWQfeUAiEXo27auFvdwLVJQwzYCBkZ, mint cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMij (8 decimals) — 31.9755 supplied, 3.7238 borrowed, loan-to-value 65%, liquidation threshold 75% rising to 77%, held in token account GMzFQtWWUL7z4e2HGBx3Y5LbnH69WuENfH9mqnm6mG5h; cbBTC is asset_peg bitcoin, measured on its Base token, not this mint. Bitcoin-symbol reserves that back no borrowing (loan-to-value 0, or dormant pools): tBTC in "main" (1,777 USD), BTC in "main" (0 USD), zBTC in "main" (864 USD), BTC in "Kamino USDH" (126 USD), BTC in "soBTC" (2 USD), BTC in "soBTC Ramp" (454 USD), BTC in "Nitro soBTC" (2,268 USD). ⚠ Only 23 reserves were refreshed within a day of the read ($36,855,062 borrowed); the rest are permissionless pools nobody transacts in, 37 of them showing more borrowed than supplied. NOTE: a pool is multi-collateral, so a bitcoin reserve'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_custodialSave program So1endDq2YkqhipRh3WViPa8hdiSpxWy6z3Z6tMCpAo on Solana — read 2026-09-30: each reserve's tokens sit in one token account whose authority is its market's program-derived address (recomputed from the stored bump seed and matched for all 203 markets); a depositor holds a collateral token, not the asset. The program is executable under the upgradeable loader; its upgrade authority is RY93CZYe5g6drtG7W9PmHRPzaBLZ1uwihTzayQTmJfh, and what holds that key was not identified. The Main Pool's owner and risk authority are both 5pHk2TmnqQzRF9L6egy5FfiyBgS7G9cMZ5RFaJAvghzw. Pools are permissionless: 134 distinct owners across 203 markets. - 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- 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 - zBTC established · direct_wrapped · identified by symbolZBTC undisclosed · issuer Zeus Network · consortium · holders [] · holder_unknown_share fullZeus Network's zBTC on Solana. Each zBTC is minted when one bitcoin is deposited to the "collective reserve" under its EDRA mechanism and burned to release it; the reserve's Taproot addresses are signed by ZeusNode Guardians using MPC, which jointly authorise every mint and withdrawal. Classed consortium, as UBTC is: named institutions sign. The Guardian set (Zeus Foundation, with Mechanism Capital, Animoca Ventures, Karatage and Solv Protocol in press reporting) is not stated in material read from the issuer, so no holder is asserted. Chainlink Proof of Reserve per the issuer.
source
issuer_doczeusnetwork.xyz/zbtc FAQ ('How does zBTC maintain its 1:1 peg', 'Is zBTC safe to use?'), read 2026-10-01; docs.zeusnetwork.xyz/architecture/zeusnode/guardian unreachable (HTTP 522) on that date; guardian names secondary (bitget.com news, solanacompass.com)
- 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) | 72.5% the pool's dollar reserves: borrowed over supplied across 6 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
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| Intermediation margin | +2.04 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 5.46% · 30d 5.93% · 90d 5.87% 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 1.23 pts · 90d 0.80 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 | +0.11 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 | +0.87 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/save_solana |
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| MCP | get_venue({ venue_id: "save_solana" }) get_venue({ venue_id: "save_solana", 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