DeFi Sphere

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

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?s=-tot…

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

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.

Savings is now live on Sphere. Yield-bearing stablecoin tokens like sUSDe, sUSDS, sGHO, Spark and Maple syrup.

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.

For anyone tracking how RWA collateral is reshaping lending rates, Sphere breaks down every market by collateral type, concentration risk, and historical rate behavior.

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.

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.

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.

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.

The fastest way to pull up @SkyEcosystem vault data? Command + K.

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.

best data and risk team in the game just dropped another banger ‼️

@0x3phemeralsoul @BlockAnalitica Soon 👀

@BlockAnalitica wen MCP or CLI? I ain't reading all that but codex will

We use @SkyEcosystem SSR as the DeFi benchmark rate on Sphere for exactly the reasons @vadymnx lays out here. At 3.75%, it sits above SOFR and 3m T-Bills on our dashboard.

Coming next: more protocols, more networks, and the Sphere API for programmatic access to everything in the database. For a more detailed breakdown, read the substack. defisphere.substack.com/p/the-data-lay…

Sandbox Mode: 4,000+ data series across global, protocol, deployment, and market tiers. Mix up to 10 series per chart. Build your own dashboards. All stored locally, no account required. Your data. Your lens.

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