Compound v2 (Ethereum)
Takes as collateral: bitcoin
Events for this venue: dated moves past a published rule and levels crossed.
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.
- Dollar debt against bitcoin — bitcoin-only borrowers only: $840,747 more is owed in dollars by 118 accounts posting bitcoin among other collateral, a bound never apportioned.
- Aggregate LTV — the bitcoin-only borrowers' LTV, not the pool's: accounts posting bitcoin among other collateral are not in it.
- Liquidates at — the bitcoin-only borrowers only (accounts posting other collateral are not in it); $9,335 of their debt sits in positions that liquidate within a 20% fall.
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.
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. 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_utilisationsourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — the interest rate models are functions of utilisation (borrows / (cash + borrows − reserves)): algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — borrow()/repayBorrow() carry no maturity; a position persists until repaid or liquidated. |
| Rate certainty | variablesourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — each cToken's borrowRatePerBlock() comes from its interestRateModel (cWBTC 0xBAE04CbF96391086dC643e842b517734E214D698, cWBTC2 0xF2e5dB36B0682f2CD6bC805c3a4236194e01f4D5) evaluated on current utilisation; nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — oracle() = 0x8CF42B08AD13761345531b839487aA4d113955d9, one price oracle contract serving a price for every listed market's underlying; a pooled venue's solvency depends on all of them. |
|---|---|
| Default & liquidation | thresholdsourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — liquidateBorrow() is permitted once an account's borrow exceeds its collateral weighted by each market's collateral factor (WBTC: 0.6 in the 2019 cWBTC, 0.69 in cWBTC2); a liquidator repays up to closeFactor 0.5 of the debt and seizes collateral at an incentive of 1.08. |
| Custody & backing | protocol_custodialsourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — mint() transfers the underlying to the cToken contract itself; the depositor holds the cToken as a claim rather than the asset. |
| Recourse | non_recoursesourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — liability is bounded by the account's collateral: liquidateBorrow() seizes collateral and no function pursues a borrower beyond it; a shortfall stays in the market as bad debt. |
| Track record | 86 months observedsourceDerived from credit_venues.first_date (2019-07-22), the first Monday on which this dataset's archive read finds bitcoin supplied at the venue (credit_collateral_history) — read from its contracts at past blocks, so near the venue's own start rather than when we began observing. A lower bound on the venue's age. Not typed, and not a claim about its longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC markets (2): WBTC (cWBTC, 2019) and WBTC (cWBTC2, 2021)sourceCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — getAllMarkets() lists two cWBTC markets, 0xC11b1268C1A384e55C48c2391d8d480264A3A7F4 (12.31 WBTC supplied) and 0xccF4429DB6322D5C611ee964527D42E5d685DD6a (276.30 WBTC). Both are wound down: mintGuardianPaused and borrowGuardianPaused are true for each, so no new WBTC can be supplied or borrowed; existing positions remain and can be liquidated. NOTE: the venue is POOLED and multi-collateral, so a BTC reserve's presence does not mean a given borrow is secured by it. |
|---|---|
| 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: none — Not observed: this venue's rates are not read. It is registered for its collateral history. quantity: partial — Observed through the venue's own contracts: the supplied amount of its bitcoin reserve, read DAILY at a recorded block since 2026-10-01 and WEEKLY at past blocks back to 2019-07-22. Collateral only — the venue's debt is not read. composition: none — Not observed: composition is loan-level. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | $2.8m | — | account-by-account pool read, 2026-10-15 | |
| not dollars — currency not yet split | $44k | — | account-by-account pool read, 2026-10-15 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
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_custodialCompound v2 Comptroller 0x3d9819210A31b4961b30EF54bE2aeD79B9c9Cd3B on Ethereum (chain 1), read at block 26096783 (registry/resolution/2026-10/historical_cells.json) — mint() transfers the underlying to the cToken contract itself; the depositor holds the cToken as a claim rather than the asset. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 1 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
- 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) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | collecting (not read yet) — needs both a borrow and a lend rate; the borrow rate is not served here |
| Trailing realised average (7/30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Rate volatility (30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Spread to the pair aggregate | collecting (not read yet) — this venue has no borrow rate to compare |
| Spread to matched Treasuries | collecting (not read yet) — this venue has no borrow rate to compare |
| 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 | 18.9% · 0.3% of the bitcoin-only debt liquidates within a 20% fall · partial the bitcoin-only borrowers' LTV, not the pool's: accounts posting bitcoin among other collateral are not in it contract_read — the pool's own contracts, account by account |
| 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 | 23 bitcoin-only position(s) past their threshold now ($3k) · partial positions the venue would liquidate now and has not the pool read (157) |
| Top-10 concentration share | top 10 hold 92.8% of the bitcoin-only debt (largest 38.4%), 173 accounts · partial the bitcoin-only borrowers, not every borrower at the venue the pool read, account by account (155) |
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/compound_v2_ethereum |
|---|---|
| MCP | get_venue({ venue_id: "compound_v2_ethereum" }) get_venue({ venue_id: "compound_v2_ethereum", 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