Institutional-grade DeFi lending intelligence. Real-time rates, risk scores, and analytics across top lending protocols. Powered by @BlockAnalitica.
Joined March 2026
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Today we're launching the new Sphere Dashboard.
Real-time DeFi stablecoin lending analytics: rates, risk scores, liquidation data, and simulation tools across 270+ markets on Ethereum, Arbitrum, Base, Avalanche, and Plasma.
defi-sphere.com
AVLT/USDC on Morpho has been pinned at 100% utilization since June 21 — but liquidations kept clearing. Outstanding debt has fallen from $4.5M to $115K, ~$4.2M of it cleared through liquidations, the rest repaid. 97% of the market has already unwound on-chain, and per Altura's update, redemptions will close out the rest.
On Sphere we classify markets like this as distressed: out of the rate rankings, but fully tracked. The decay curve updates daily until the last dollar exits.
Watch the final leg live: app.defi-sphere.com/markets/…
Dear Community,
As many of you know, the winding-down process is progressing well, and we'd like to share an update.
We currently have approximately USD 1 million in assets remaining to unwind from the vault's strategies, and we expect this process to be completed on or before 23 July 2026.
Our onboarding with the OTC desk is also nearing completion. Once finalized, we aim to begin processing full redemptions on or before 31 July 2026.
When redemptions go live, the process will be simple and familiar, you will just need to visit the dashboard and submit your claim, just as you have done previously. For anyone holding AVLT within Morpho, these redemptions will also allow those positions to unwind.
To add some clarity on the Proof of Reserves dashboard, here is what each position represents:
Altura Bank Account: funds already returned from the unwind, held in cash and to be converted to USDT for redemptions.
OKX: capital from the delta-neutral strategies, market making and funding rate positions. Sitting fully in stablecoins, liquid, and under Altura's control.
Inessa: the RWA portion still to return through the unwind. This is the part the ongoing transfers are steadily bringing back.
Cobo: assets held on-chain in institutional-grade custody, in stablecoins and liquid.
Ethereum: the remaining portion of the mF-ONE position, held on Ethereum.
Morpho: Altura's own treasury position lent into Morpho against mF-ONE, liquid once redemptions begin.
The Proof of Reserves dashboard stays live and updates in real time: app.altura.trade/proof-of-re…
As always, official updates come only from @alturax. Thank you.
Curve LlamaLend is now live on Sphere.
crvUSD mint markets and LlamaLend lending pools across Ethereum, Arbitrum and Optimism. Rates, utilization and concentration, side by side with every other protocol we cover.
@CurveFinance
app.defi-sphere.com/protocol…
DeFi Sphere retweeted
Onchain cash is cheap, but the balance sheet is full.
Stablecoin lending is not starved for deposits.
Across Aave, Morpho, Compound, Spark, Fluid, Euler, and Liquity markets, @DefiLlama shows 157 stablecoin markets with $13.2B supplied and $9.4B borrowed. Weighted utilization is 72%, high enough to matter, but the median supplier earns only 2.20%. The median borrower pays 3.94%.
The dispersion is where the market is talking. Fluid and Morpho sit at the high end of the borrow curve, with median stablecoin borrow APYs of 6.37% and 5.96%. SparkLend, Compound V3, and Aave V3 cluster closer to 3.8% to 3.9%. In the large markets, SparkLend Ethereum USDT is the pressure point: $423M supplied, 96% utilized, and a 7.00% borrow APY. Aave's Ethereum USDT market is larger at $2.35B supplied and 93% utilized, but charges 5.59%.
The DeFi-TradFi basis is the main tell. The median supply rate across the largest stablecoin pools is 2.27%, while FRED's 1-month Treasury bill series prints 3.69%. Depositors are accepting lower cash yield for collateral utility, leverage access, points, liquidity, or protocol-specific exposure.
That changes the relative-value question. Before, stablecoin lenders could earn a premium over T-bills for taking smart-contract, oracle, and liquidation-system risk. Today the median lender is not being paid that broad premium. The opportunity is narrower: find where borrow demand is real, where utilization is near the kink, and where the extra yield is not merely compensation for fragile collateral.
Risk has not disappeared; it has become more concentrated. @TheDefiSphere reports 201,096 lending liquidations all-time, with $3.86B of debt repaid and $4.28B of collateral seized. In the latest 1,000 events, from June 26 to July 9, $6.83M of collateral was seized and the median realized penalty was 4.38%. Morpho accounted for roughly 90% of recent seized value, and the top five collateral assets accounted for 89%.
Lending is not flashing a broad funding squeeze. It is pricing microstructure. The stablecoin cash leg is cheap versus bills, but certain protocols and assets still pay up because utilization, collateral mix, and liquidation tails are local.
What would change the view is a clean move back above bills in the median supply rate while utilization stays high. That would mean DeFi cash is again being paid for liquidity risk, not merely for optionality.
Robinhood Chain is live on Sphere.
Every Morpho market and vault on the chain, tracked from day one: supply, borrows, rates, utilization.
The largest market, USDe/USDG, already holds $58M at 90% utilization.
app.defi-sphere.com/markets?…
Savings is now live on Sphere.
Yield-bearing stablecoin tokens like sUSDe, sUSDS, sGHO, Spark and Maple syrup.
One table for the entire savings market.
Sort by TVL or APY, see trailing rates out to 1Y, filter by chain or underlying asset. Export the whole thing to CSV when you want it in your own model.
Open any token for the full picture.
History charts for APY, TVL and holders, the top holders ranked by share of supply, and a live feed of the largest and latest deposits and withdrawals.
app.defi-sphere.com/savings
DeFi Sphere retweeted
DeFi yield trackers worth bookmarking ↓
→ defipunkd.com
→ app.defi-sphere.com
→ risk.zyf.ai
→ pigi.finance
→ pharos.watch/yield/
→ tradingstrategy.ai
The idea that security spend should feed into yield pricing makes a lot of sense. LPs are already exposed to this risk, they just can't see it. If DSPR becomes a standard, it would fit cleanly into the kind of protocol-level analysis we surface on Sphere.
DeFi has lost between $730M and $3.1B to exploits every single year since 2021.
TVL has swung from $175B peak to $45B trough and back above $100B.
The loss rate as a % of TVL is 1–3% / year depending on the cycle.
I've been thinking about a simple metric to price this risk: the DeFi Security Premium Ratio (DSRP).
DSPR = Security Spend / TVL.
Reported quarterly. Both sides verifiable on-chain.
Five tiers: Hardened (>1%) / Protected (0.5–1%) / Baseline (0.2–0.5%) / Underspending (0.05–0.2%) / Exposed (<0.05%)
DSPR acts as a yield pricing input.
Low DSPR = higher required yield to compensate LP for security risk.
High DSPR = protocol earns a lower cost of capital.
We need a ratings mechanism on chain to price yield
Any protocol that is underspending in security needs to be called out and either spend more, divert more fees to an insurance fund, or both
@Blockworks you should add it to the token transparency portal. but now do one for protocol health
L1s should also carve out % of validator rewards or fees to DeFi protocols taking security seriously
Need to think more about how to verify and create manipulation-resistant security spend receipts @_SEAL_Org - any ideas?
Ethereum settles $206B+ in tokenized assets. That's 61.4% of the global total, up over 40% year over year.
BlackRock's BUIDL alone grew 36% in the past month.
Stablecoins, tokenized funds, equities, and commodities are all growing onchain.
What does this mean for DeFi lending?
RWA-backed loans are still a small slice of the market, but the composition is shifting.
As more traditional assets get tokenized and used as collateral, lending markets are seeing new borrowing demand and risk profiles that look nothing like the usual WETH/wstETH markets.
We track this breakdown on Sphere's Overview page: Crypto vs YBS vs RWA collateral.
Funding at 1.30%. Stablecoin borrowing stuck at 3.44%. Supply yields dragging at 2.24%.
No leverage appetite, no rate recovery.
We're at @EthCC this week. Come talk rates.
Weekly Yield Thread 3/31
1/ Macro Overhang Keeps Yields Pinned
With geopolitical conflicts showing no immediate signs of alleviation, crypto majors remain under pressure, and organic demand for leverage is struggling to mount a real recovery.
The onchain reality clearly reflects thr macro hesitancy:
Funding Stays Flat: Funding rates are still struggling to climb, with the 1-week average funding benchmark currently sitting at a mere 1.30%.
Borrowing Costs Pinned: Onchain stablecoin borrowing costs remain trapped in the 3.5% to 4% range, clocking a 1-week average of 3.44%.
Tracking the Baselines: These sluggish borrowing costs are closely tracking the major foundational yields across DeFi, heavily anchored by the Sky Saving Rate at 3.75% and Ethena's sUSDe APY at 3.5%.
Supply Yields: Consequently, the 1-week average stablecoin supply APY is hovering down at just 2.24%.
We're heading to @EthCC Cannes next week.
Want to talk stablecoin lending analytics, risk infrastructure, or what we're building at Sphere? DM anyone from @BlockAnalitica.
Let's meet.
DeFi Sphere retweeted
Want to save up to 45% on your leverage position?
Liquity V2 saves you up to $5'000 on $100k ETH per year.
Because it has the best rates in DeFi - see @BlockAnalitica 👇
Let's break down the numbers. 🧵
Stablecoin lending on Morpho keeps growing. Active loan market share just hit a new ATH.
Sphere lets you look under the hood of almost every Morpho stablecoin vault. What's allocated where, and what collateral backs it.
DeFi Sphere retweeted
best data and risk team in the game just dropped another banger ‼️
Today we're launching the new Sphere Dashboard.
Real-time DeFi stablecoin lending analytics: rates, risk scores, liquidation data, and simulation tools across 270+ markets on Ethereum, Arbitrum, Base, Avalanche, and Plasma.
defi-sphere.com