Total Value Locked$4.13m
TVL by Chain
Ethereum$4.13m
Key Metrics
Fees 30d$0
Fees 30d by chain
Ethereum$0
Fees 7d$0
Ethereum$0
Fees 24h$0
Ethereum$0
Cumulative Fees$35,867
Ethereum$35,867
Revenue 30d$0
Revenue 30d by chain
Ethereum$0
Revenue 7d$0
Ethereum$0
Revenue 24h$0
Ethereum$0
Cumulative Revenue$35,867
Ethereum$35,867
Protocol Information
mStable V2.
Methodology
TVL: Aggregates the token composition of active mStable vaults listed by the frontend, including net Aave and DYTM positions and pending Midas redemptionsView code on GitHubFees: All fees generated from mStable vaults.View code on GitHubRevenue: All revenue collected by the mStable protocol.View code on GitHubCompetitors
mStable V2 history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 15, 2025 to Oct 19, 2026.
All-time high TVL: $4.73m on Jan 30, 2026. All-time low TVL: $2.32m on Aug 7, 2026.
Daily TVL, Sep 20, 2026 to Oct 19, 2026
| Date | TVL |
|---|---|
| Sep 20, 2026 | $3.12m |
| Sep 21, 2026 | $3.12m |
| Sep 22, 2026 | $4.12m |
| Sep 23, 2026 | $4.12m |
| Sep 24, 2026 | $4.12m |
| Sep 25, 2026 | $4.12m |
| Sep 26, 2026 | $4.12m |
| Sep 27, 2026 | $4.12m |
| Sep 28, 2026 | $4.12m |
| Sep 29, 2026 | $4.12m |
| Sep 30, 2026 | $4.12m |
| Oct 1, 2026 | $4.12m |
| Oct 2, 2026 | $4.12m |
| Oct 3, 2026 | $4.12m |
| Oct 4, 2026 | $4.12m |
| Oct 5, 2026 | $4.12m |
| Oct 6, 2026 | $4.12m |
| Oct 7, 2026 | $4.13m |
| Oct 8, 2026 | $4.12m |
| Oct 9, 2026 | $4.12m |
| Oct 10, 2026 | $4.13m |
| Oct 11, 2026 | $4.13m |
| Oct 12, 2026 | $4.13m |
| Oct 13, 2026 | $4.13m |
| Oct 14, 2026 | $4.13m |
| Oct 15, 2026 | $4.13m |
| Oct 16, 2026 | $4.13m |
| Oct 17, 2026 | $4.13m |
| Oct 18, 2026 | $4.13m |
| Oct 19, 2026 | $4.13m |
TVL at each month end, Oct 2025 to Oct 2026
| Date | TVL |
|---|---|
| Oct 31, 2025 | $4.16m |
| Nov 30, 2025 | $3.72m |
| Dec 31, 2025 | $3.73m |
| Jan 31, 2026 | $4.69m |
| Feb 28, 2026 | $3.62m |
| Mar 31, 2026 | $3.59m |
| Apr 30, 2026 | $3.42m |
| May 31, 2026 | $3.39m |
| Jun 30, 2026 | $3.35m |
| Jul 31, 2026 | $3.32m |
| Aug 31, 2026 | $3.11m |
| Sep 30, 2026 | $4.12m |
| Oct 19, 2026 (latest) | $4.13m |
Fees and revenue by UTC calendar month, Sep 2025 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Sep 2025 | $11,812 | $11,812 |
| Oct 2025 | $5,856 | $5,856 |
| Nov 2025 | $635.29 | $635.29 |
| Dec 2025 | $1,755 | $1,755 |
| Jan 2026 | $8,084 | $8,084 |
| Feb 2026 | $0 | $0 |
| Mar 2026 | $3,142 | $3,142 |
| Apr 2026 | $1,062 | $1,062 |
| May 2026 | $168 | $168 |
| Jun 2026 | $261.27 | $261.27 |
| Jul 2026 | $2,484 | $2,484 |
| Aug 2026 | $607 | $607 |
| Sep 2026 | $0 | $0 |
| Oct 2026 (to date) | $0 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/mstable-v2
Frequently asked questions
What is mStable V2's TVL?
As of Oct 19, 2026, mStable V2 has $4.13m in total value locked. TVL has increased 32.4% over the past 30 days.
What chains does mStable V2 operate on?
mStable V2 operates on Ethereum. Ethereum holds the largest share at 100%.
How much has mStable V2 generated in fees and revenue?
Over the past 30 days, mStable V2 generated $0 in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $23,890 in fees and $23,890 in revenue.
How does mStable V2's TVL compare to similar protocols?
Among CDP protocols tracked by DefiLlama, mStable V2 ranks #23 by TVL. The category holds $7.848b across 198 protocols, and mStable V2 accounts for 0.1% of that total. Other leading protocols include Sky Lending, USDD, Liquity V1, crvUSD, Liquity V2, Reservoir Protocol, Frankencoin, Inverse Finance FiRM, BIMA CDP, and Inverse Finance Frontier.