Ask about Covenant
Logo of CovenantCovenant
Total Value Locked$49,179.28

TVL by Chain

Monad$49,179.28

Protocol Information

Covenant is a tranching layer on Monad that converts any tokenized asset intofully-backed leverage and yield markets. Each market mints two synthetictokens against the base collateral: a Yield Coin (fixed-rate, debt-side)and a Leverage Coin (levered exposure to the underlying).

Category:Lending

Audits:

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Methodology

TVL: Value of all assets in the covenant contractView code on GitHub

Competitors

Aave V3 ($14.291b)Morpho Blue ($7.967b)Euler V2 ($351.03m)Curvance ($99.6m)Gearbox ($18.61m)Neverland ($13.95m)Folks Finance xChain ($5.11m)Sumer.money ($1.05m)TownSquare Lending ($406,510.72)Peridot ($51,122.31)

Frequently Asked Questions

What is Covenant?

Covenant is a tranching layer on Monad that converts any tokenized asset intofully-backed leverage and yield markets. Each market mints two synthetictokens against the base collateral: a Yield Coin (fixed-rate, debt-side)and a Leverage Coin (levered exposure to the underlying).

What is Covenant's TVL?

Covenant currently has $49,179.28 in total value locked. TVL has increased 76.5% over the past 30 days.

What chains does Covenant operate on?

Covenant operates on Monad. Monad holds the largest share at 100%.

How does Covenant's TVL compare to similar protocols?

Among Lending protocols tracked by DefiLlama, Covenant ranks #236 by TVL. The category holds $41.634b across 467 protocols, and Covenant accounts for <0.1% of that total. Other leading protocols include Aave, Morpho, and Spark.