The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-15 · read 2026-10-16 04:01 UTC
Market › Algorithmic › Aave v3

Aave v3

aave_v3 · 12 deployments · on-chain pool · operated by Aave DAO
Secured by
BTC collateral
65,784 BTC
partial
41% of Algorithmic
5.5% of the market
Dollar debt against bitcoin
$1.37bn
partial
31% of Algorithmic
4.1% of the market
from 11 of 12 deployments
Aggregate LTV
40.9%
partial
−5.60 pts vs Algorithmic
from 11 of 12 deployments
Borrow rate (USD loans)
4.55%
−0.18 pts vs Algorithmic
Lend rate (USD loans)
3.32%
+0.01 pts vs Algorithmic
Liquidates at
$42,825
partial
47.1% below $80,933
from 11 of 12 deployments
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.

What these figures cover — and what they leave out
  • BTC collateral — part of it is the supplied amount each pool reports, not what is pledged against a loan.
  • Dollar debt against bitcoin — debt against bitcoin read for 11 of 12 deployments; 1 more lend from a pool or are financed without a lien — named, not added; part of it is partial (bitcoin-only borrowers in a pool, or a desk's bounded estimate).
  • Aggregate LTV — both sides read for 11 of 12 deployments.
  • Liquidates at — the priced books of 11 of 12 deployments taken as one position — an aggregate, not a forecast.
What “Liquidates at” is: one price for the whole book, not a forecast

"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.

Dollar debt against bitcoin of Algorithmic — Aave v3 31%, 41% of its bitcoin collateral
Dollar debt against bitcoin of the market — Algorithmic 13%, 13% of its bitcoin collateral
Deployments
DeploymentBTC collateralshareDollar debt against bitcoinshareLTVBorrowLendLiquidates atThreshold (LTV)
Ethereum ›56,345 BTC86%$1.21bn88%40.9%4.50%3.30%$42,85677.8% LTV
Monad ›5.93 BTC<0.1%$253m—5.24%3.28%—78.0% LTV
Base ›2,916 BTC4.4%$53m3.9%41.4%4.86%3.92%$41,74980.5% LTV
Arbitrum ›3,066 BTC4.7%$46m3.4%37.8%4.14%3.23%$39,30878.0% LTV
BSC ›1,066 BTC1.6%$18.2m1.3%42.9%4.02%2.96%$46,41975.0% LTV
Avalanche ›1,201 BTC1.8%$18m1.3%38.7%6.32%5.19%$41,93974.9% LTV
Polygon ›843 BTC1.3%$17.2m1.3%46.6%6.47%3.20%$48,44178.0% LTV
Mantle ›134 BTC0.2%$5.8m0.4%53.0%4.14%2.78%$54,42479.0% LTV
Optimism ›189 BTC0.3%$1.7m0.1%39.9%4.14%3.17%$41,44278.0% LTV
X Layer ›8.64 BTC<0.1%$85k<0.1%40.4%4.28%3.19%$42,17277.4% LTV
Linea ›10.72 BTC<0.1%$58k<0.1%46.8%4.22%3.19%$48,69878.0% LTV
MegaETH ›0.5131 BTC<0.1%$16k<0.1%37.5%5.96%4.91%$41,70573.1% LTV
Ordered by debt, never by a rate; a figure in italics covers part of a book

Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this family's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. 1 lend from a pool against every collateral, report a whole book, or are financed without a lien: their figures are shown on their rows and not added ($253m in all). /v1/market/tree

One protocol, deployed on 12 chains. Each deployment is a separate set of contracts with its own book, collateral list and parameters, so each keeps its own page and its own figures. The rows are not added together here.

Deployments — status and criteria researched
DeploymentVenue typeStatusCriteria researched
Arbitrum ›on-chain poolingesting10/10
Avalanche ›on-chain poolingesting10/10
Base ›on-chain poolingesting10/10
BSC ›on-chain poolingesting10/10
Ethereum ›on-chain poolingesting10/10
Linea ›on-chain poolingesting10/10
Mantle ›on-chain poolingesting10/10
MegaETH ›on-chain poolingesting10/10
Monad ›on-chain poolingesting10/10
Optimism ›on-chain poolingesting10/10
Polygon ›on-chain poolingesting10/10
X Layer ›on-chain poolingesting10/10

Sorted by venue id, not by any figure. Figures are each deployment's own headline read (12 of 12 deployments have a collateral or debt figure), as of 2026-10-15; a dash carries its reason on hover, and a figure in italics covers only part of the bitcoin book — hover for what it leaves out. get_venue · list_venues

What a family is, and is not

A family is the presentation parent of a venue: one protocol across its chain deployments (Aave v3 on Ethereum, Arbitrum, Base…), one corporate issuer, or one desk. family_id matches the ids other payloads use (the corporate issuer_id, the rate-card desk key). It is NOT a measurement unit: every figure in this dataset keys on venue_id, and a family lists its venues rather than summing them. Deployments of one family are separate contracts with separate books and can differ in collateral, parameters and risk.

Ask for this by machine

REST
GET https://api.bitcoincreditstack.com/v1/market/venues
MCP
list_venues()
get_venue({ venue_id: "aave_v3_arbitrum" })

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