Ask about Makina · freeTotal Value Locked$37.6m
TVL by Chain
Ethereum$35.93m
Base$1.67m
Key Metrics
Fees 30d$250,359
Fees 30d by chain
Ethereum$246,205
Base$4,155
Fees 7d$48,027
Ethereum$46,548
Base$1,479
Fees 24h$8,517
Ethereum$7,863
Base$654
Cumulative Fees$2.59m
Ethereum$2.79m
Base$4,156
Revenue 30d$5,607
Revenue 30d by chain
Ethereum$5,327
Base$279.66
Revenue 7d$1,204
Ethereum$1,101
Base$103.04
Revenue 24h$225
Ethereum$189
Base$36
Cumulative Revenue$176,662
Ethereum$176,381
Base$279.73
Total Raised$3m
Jun 25, 2025$3mRound: StrategicInvestors: Bodhi Ventures, Cyber Fund, Interop Ventures, Steakhouse Financial, Notation Capital, BaseDAO, Hypernative Labs
Protocol Information
Makina is DeFi execution infrastructure for onchain asset managers. Operators deploy strategies as Machines, vaults that allocate capital across protocols and chains through Calibers, with built-in accounting, risk controls and cross-chain execution.
Audits:
Methodology
TVL: Machines and pre-deposit vaults are discovered from Makina factory events. TVL is the sum of each machine's on-chain lastTotalAum() (hub and spoke calibers combined), valued in its accounting token, plus deposit tokens still held by pre-deposit vaults. Makina share tokens held by other Makina machines or calibers are subtracted to avoid double counting nested strategies.View code on GitHubFees: Yield earned by Makina machine depositors, plus the management and performance fees minted by machines.View code on GitHubRevenue: Makina treasury share of the management and performance fees.View code on GitHubYields
Pools Tracked17
Average Supply APY8.85%
Hacks
Date: Jan 20, 2026
Amount: $4.2m
Classification: Oracle Manipulation
Technique: Spot Price Manipulation
An attacker took a $280M flashloan and used $170M to manipulate Makina's sharePrice oracle via three compounding flaws: permissionless oracle updates, synchronous Curve spot prices with no TWAP, and pre-approved Weiroll paths. Extracted ~$4.2M.
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Returned Funds: $3.41m
Competitors
Makina history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Sep 30, 2025 to Nov 11, 2026.
All-time high TVL: $107.13m on Nov 29, 2025. All-time low TVL: $31.94m on May 10, 2026.
Daily TVL, Oct 13, 2026 to Nov 11, 2026
| Date | TVL |
|---|---|
| Oct 13, 2026 | $44.07m |
| Oct 14, 2026 | $43.21m |
| Oct 15, 2026 | $42.9m |
| Oct 16, 2026 | $40.75m |
| Oct 17, 2026 | $41.19m |
| Oct 18, 2026 | $41.13m |
| Oct 19, 2026 | $41.19m |
| Oct 20, 2026 | $41.68m |
| Oct 21, 2026 | $41.11m |
| Oct 22, 2026 | $40.09m |
| Oct 23, 2026 | $40.33m |
| Oct 24, 2026 | $41.04m |
| Oct 25, 2026 | $41.02m |
| Oct 26, 2026 | $40.92m |
| Oct 27, 2026 | $40.56m |
| Oct 28, 2026 | $41m |
| Oct 29, 2026 | $40.94m |
| Oct 30, 2026 | $40.51m |
| Oct 31, 2026 | $39.83m |
| Nov 1, 2026 | $39.88m |
| Nov 2, 2026 | $39.93m |
| Nov 3, 2026 | $37.21m |
| Nov 4, 2026 | $37.92m |
| Nov 5, 2026 | $38.98m |
| Nov 6, 2026 | $39.32m |
| Nov 7, 2026 | $38.74m |
| Nov 8, 2026 | $38.72m |
| Nov 9, 2026 | $38.45m |
| Nov 10, 2026 | $38.29m |
| Nov 11, 2026 | $38.08m |
TVL at each month end, Sep 2025 to Nov 2026
| Date | TVL |
|---|---|
| Sep 30, 2025 | $57.37m |
| Oct 31, 2025 | $94.34m |
| Nov 30, 2025 | $106.65m |
| Dec 31, 2025 | $97.15m |
| Jan 31, 2026 | $67.2m |
| Feb 28, 2026 | $33.23m |
| Mar 31, 2026 | $36.74m |
| Apr 30, 2026 | $32.57m |
| May 31, 2026 | $50.32m |
| Jun 30, 2026 | $52.27m |
| Jul 31, 2026 | $51.22m |
| Aug 31, 2026 | $43.52m |
| Sep 30, 2026 | $42.63m |
| Oct 31, 2026 | $39.83m |
| Nov 11, 2026 (latest) | $38.08m |
Fees and revenue by UTC calendar month, Oct 2025 to Nov 2026
| Month | Fees | Revenue |
|---|---|---|
| Oct 2025 | $42,959 | $5,694 |
| Nov 2025 | $346,213 | $42,013 |
| Dec 2025 | $316,334 | $40,491 |
| Jan 2026 | $285,476 | $37,153 |
| Feb 2026 | $90,948 | $15,215 |
| Mar 2026 | $117,495 | $11,247 |
| Apr 2026 | $111,359 | $2,414 |
| May 2026 | $157,074 | $1,147 |
| Jun 2026 | $194,315 | $1,528 |
| Jul 2026 | $201,292 | $3,240 |
| Aug 2026 | $225,625 | $4,826 |
| Sep 2026 | $200,539 | $4,521 |
| Oct 2026 | $236,369 | $5,473 |
| Nov 2026 (to date) | $74,226 | $1,924 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/makina
Frequently asked questions
What is Makina's TVL?
As of Nov 11, 2026, Makina has $37.6m in total value locked. TVL has decreased 16.9% over the past 30 days.
What chains does Makina operate on?
Makina operates on 2 chains: Ethereum and Base. Ethereum holds the largest share at 95.6%.
How much has Makina generated in fees and revenue?
Over the past 30 days, Makina generated $250,359 in fees. Of that, $5,607 was protocol revenue. Based on the trailing year, the annualized rate is $2.44m in fees and $158,644 in revenue.
How does Makina's TVL compare to similar protocols?
Among Onchain Capital Allocator protocols tracked by DefiLlama, Makina ranks #15 by TVL. The category holds $8.78b across 87 protocols, and Makina accounts for 0.4% of that total. Similar protocols include Spark Liquidity Layer, Veda, Grove Finance, Upshift, Aera V3, Lagoon, IPOR Fusion, Lombard Vaults, Aera V2, and D2 Finance.
How many yield pools does Makina have?
DefiLlama tracks 17 Makina yield pools with an average APY of 8.9%.
Has Makina ever been exploited?
Makina has 1 recorded security incident. The most recent incident occurred on Jan 20, 2026 and involved $4.2m. It was classified as Oracle Manipulation.