Ask about Surge Credit · freeTotal Value Locked$1.48m
TVL by Chain
Bitcoin$1.48m
Key Metrics
Fees 30d$4,317
Fees 30d by chain
Base$4,317
Fees 7d$1,277
Base$1,277
Fees 24h$247
Base$247
Cumulative Fees$20,420
Base$20,420
Revenue 30d$864.84
Revenue 30d by chain
Base$864.84
Revenue 7d$256.42
Base$256.42
Revenue 24h$49.25
Base$49.25
Cumulative Revenue$3,735
Base$3,735
Collateral Liquidated 30d$11
Collateral Liquidated 30d by chain
Base$11
Collateral Liquidated 7d$0
Base$0
Collateral Liquidated 24h$0
Base$0
Cumulative Collateral Liquidated$11,129
Base$11,129
Active Loans$574,278
Protocol Information
BTC-collateralized USDC lending. Users deposit native BTC into non-custodial Taproot vaults and borrow USDC on Base against it.
Audits:
Methodology
TVL: TVL is the native BTC collateral locked in per-loan non-custodial Taproot vaults, summed directly from the vault addresses on Bitcoin L1. Each vault address is derived deterministically from the borrower on-chain pubkey and served by the Surge indexer (Loan.btcVaultAddress). Borrowed is the outstanding USDC debt across all positions (the active credit), read from VaultManager.getTotals() on Base. Idle USDC lending liquidity is not counted in TVL.View code on GitHubFees: Borrow interest paid by borrowers on Bitcoin-collateralised USDC loans.View code on GitHubRevenue: Protocol reserve share of borrow interest (reserveRateBps), from the protocolCut field of the InterestAccrued event.View code on GitHubCollateral Liquidated: Total USD value of native BTC collateral seized from borrowers when a Surge liquidation auction is bought, read from the `collateralSats` field of AuctionHouse `LogAuctionBought` events on Base and priced as bitcoin.View code on GitHubCompetitors
Surge Credit history
TVL is the default DefiLlama definition, which excludes Active Loans. Daily values are UTC snapshots from Jul 29, 2026 to Oct 23, 2026.
All-time high TVL: $1.51m on Oct 22, 2026. All-time low TVL: $726,244 on Aug 2, 2026.
Daily TVL, Sep 24, 2026 to Oct 23, 2026
| Date | TVL |
|---|---|
| Sep 24, 2026 | $1.34m |
| Sep 25, 2026 | $1.4m |
| Sep 26, 2026 | $1.39m |
| Sep 27, 2026 | $1.4m |
| Sep 28, 2026 | $1.4m |
| Sep 29, 2026 | $1.38m |
| Sep 30, 2026 | $1.38m |
| Oct 1, 2026 | $1.38m |
| Oct 2, 2026 | $1.41m |
| Oct 3, 2026 | $1.4m |
| Oct 4, 2026 | $1.41m |
| Oct 5, 2026 | $1.42m |
| Oct 6, 2026 | $1.41m |
| Oct 7, 2026 | $1.41m |
| Oct 8, 2026 | $1.37m |
| Oct 9, 2026 | $1.36m |
| Oct 10, 2026 | $1.37m |
| Oct 11, 2026 | $1.38m |
| Oct 12, 2026 | $1.39m |
| Oct 13, 2026 | $1.35m |
| Oct 14, 2026 | $1.38m |
| Oct 15, 2026 | $1.36m |
| Oct 16, 2026 | $1.37m |
| Oct 17, 2026 | $1.36m |
| Oct 18, 2026 | $1.36m |
| Oct 19, 2026 | $1.41m |
| Oct 20, 2026 | $1.4m |
| Oct 21, 2026 | $1.5m |
| Oct 22, 2026 | $1.51m |
| Oct 23, 2026 | $1.47m |
TVL at each month end, Jul 2026 to Oct 2026
| Date | TVL |
|---|---|
| Jul 31, 2026 | $739,574 |
| Aug 31, 2026 | $1.16m |
| Sep 30, 2026 | $1.38m |
| Oct 23, 2026 (latest) | $1.47m |
Fees and revenue by UTC calendar month, Mar 2026 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Mar 2026 | $7.23 | $0.80 |
| Apr 2026 | $783.29 | $86.24 |
| May 2026 | $1,998 | $219.91 |
| Jun 2026 | $2,609 | $425.11 |
| Jul 2026 | $3,986 | $797.36 |
| Aug 2026 | $4,013 | $801.01 |
| Sep 2026 | $3,503 | $700.07 |
| Oct 2026 (to date) | $3,521 | $704.74 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/surge-credit
Frequently asked questions
What is Surge Credit's TVL?
As of Oct 23, 2026, Surge Credit has $1.48m in total value locked. TVL has increased 7.9% over the past 30 days.
What chains does Surge Credit operate on?
Surge Credit operates on 2 chains: Bitcoin and Base. Bitcoin holds the largest share at 100%.
How much has Surge Credit generated in fees and revenue?
Over the past 30 days, Surge Credit generated $4,317 in fees. Of that, $864.84 was protocol revenue. Based on the trailing year, the annualized rate is $35,062 in fees and $6,407 in revenue.
How does Surge Credit's TVL compare to similar protocols?
Among Lending protocols tracked by DefiLlama, Surge Credit ranks #113 by TVL. The category holds $52.805b across 518 protocols, and Surge Credit accounts for <0.1% of that total. Similar protocols include Aave V3, Morpho Blue, Compound V3, Venus Core Pool, Fluid Lending, Euler V2, Morpho Midnight, Templar Protocol, Native Credit Pool, and Exactly.
How much has been borrowed through Surge Credit?
As of Oct 23, 2026, Surge Credit has $574,278 in active loans.