Logo of CovenantCovenant
Total Value Locked$43,328.49

TVL by Chain

Monad$43,328.49

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).

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Category:Lending

Audits:

Methodology

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

Competitors

Aave V3 ($17.109b)Morpho Blue ($9.503b)Euler V2 ($375.45m)Curvance ($134.18m)Gearbox ($21.42m)Neverland ($12.07m)Folks Finance xChain ($5.14m)Sumer.money ($2.5m)TownSquare Lending ($411,266.14)Peridot ($46,573.57)

Frequently Asked Questions

What is Covenant's TVL?

Covenant currently has $43,328.49 in total value locked. TVL has decreased 11.8% 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 #267 by TVL. The category holds $48.888b across 515 protocols, and Covenant accounts for <0.1% of that total. Other leading protocols include Aave V3, Morpho Blue, Euler V2, Curvance, Gearbox, Neverland, Folks Finance xChain, Sumer.money, TownSquare Lending, and Peridot.