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 › Euler v2

Euler v2

euler_v2 · 8 deployments · on-chain pool · operated by Euler DAO
Secured by
BTC collateral
171 BTC
partial
0.1% of Algorithmic
<0.1% of the market
from 7 of 8 deployments
Dollar debt against bitcoin
$149m
whole pool, not its bitcoin book
from 7 of 8 deployments
Aggregate LTV
collecting (not read yet)
Borrow rate (USD loans)
6.79%
partial
+2.06 pts vs Algorithmic
from 5 of 8 deployments
Lend rate (USD loans)
4.89%
partial
+1.58 pts vs Algorithmic
from 6 of 8 deployments
Liquidation threshold
66.5%–97.0% LTV
threshold, not a price
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 — read for 7 of 8 deployments; part of it is the supplied amount each pool reports, not what is pledged against a loan.
  • Dollar debt against bitcoin — the pools' whole lending against every collateral they take — not debt against bitcoin, never added to a bitcoin total.
  • Borrow rate (USD loans) — weighted by dollar debt for 5 of 8 deployments.
  • Lend rate (USD loans) — weighted by dollar supply for 6 of 8 deployments.
  • Liquidation threshold — the range of the liquidation thresholds set by 8 of 8 deployments; no bitcoin book here is read to turn them into a price.
BTC collateral of Algorithmic — Euler v2 0.1%
Dollar debt against bitcoin of the market — Algorithmic 13%, 13% of its bitcoin collateral
Deployments
DeploymentBTC collateralshareDollar debt against bitcoinshareLTVBorrowLendLiquidates atThreshold (LTV)
Monad ›80.07 BTC47%$67m—7.15%5.85%—86.0% LTV
Ethereum ›78.49 BTC46%$36.1m—4.63%2.23%—70.0%–95.0% LTV
Avalanche ›5.68 BTC3.3%$32.3m————75.0%–85.0% LTV
BSC ›0.2299 BTC0.1%$12.3m——0.00%—66.5%–85.0% LTV
Base ›4.37 BTC2.6%$878k—12.72%8.78%—70.0%–92.0% LTV
Arbitrum ›0.398 BTC0.2%$323k—12.16%8.60%—84.0%–97.0% LTV
Hyperliquid L1 ›1.37 BTC0.8%$283k—8.99%6.51%—82.0%–88.0% LTV
Unichain ›——————78.0%–88.0% 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. 7 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 ($149m in all). /v1/market/tree

One protocol, deployed on 8 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 · listed
Avalanche ›on-chain poolingesting10/10
Base ›on-chain poolingesting10/10
BSC ›on-chain poolingesting10/10
Ethereum ›on-chain poolingesting10/10
Hyperliquid L1 ›on-chain poolingesting10/10 · listed
Monad ›on-chain poolingesting10/10
Unichain ›on-chain poolingesting10/10 · listed

Sorted by venue id, not by any figure. Figures are each deployment's own headline read (7 of 8 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: "euler_v2_arbitrum" })

The same figures, the same names and dates. Connect your AI →