24h Change-4.74%
All Time HighOct 6, 2025$125,646
All Time LowSep 23, 2020$10,104
Market Cap$296.31m
Fully Diluted Valuation$295.42m
Circ. Supply4,984 TBTC
CEX Volume$5,772
DEX Volume$10.83m
How much debt can be issued against TBTC as collateral across lending protocols.
Maximum possible exposure to TBTC
$112.73m
$61.06m (max additional borrows against TBTC) + $51.67m (bad debt if TBTC was hacked now)
Aave V3
$74.21m at-risk exposure = $49.02m bad debt if hacked + $25.19m additional borrowable against TBTC
Fluid
$21.15m at-risk exposure = $90,367 bad debt if hacked + $21.06m additional borrowable against TBTC
Compound V3
$15.79m at-risk exposure = $1.12m bad debt if hacked + $14.66m additional borrowable against TBTC
Morpho V1
$925,118 at-risk exposure = $778,161 bad debt if hacked + $146,957 additional borrowable against TBTC
SparkLend
$660,700 at-risk exposure = $660,700 bad debt if hacked + $0 additional borrowable against TBTC
Showing collateral exposure for TBTC on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for TBTC as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88 | $24.5m | $48.54m | ||
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88 | $21.06m | $90,367 | ||
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88 | $10.28m | $1.12m | ||
tbtc0x6c84a8f1c29108f47a79964b5fe888d4f4d0de40 | $4.17m | — | ||
tbtc0x6c84a8f1c29108f47a79964b5fe888d4f4d0de40 | $625,012 | $480,158 | ||
tBTC0x236aa50979d5f3de3bd1eeb40e81137f22ab794b | $214,049 | — | ||
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88 | $146,957 | $778,161 | ||
tBTC0x236aa50979d5f3de3bd1eeb40e81137f22ab794b | $66,286 | — | ||
tBTC0x18084fba666a33d37592fa2633fd49a74dd93a88 | $0 | $660,700 |
Risk-management actions published about TBTC by tracked risk managers and governance contributors, newest first.
tBTC has very low absolute supply balances and utilization near or below 1% across Arbitrum and Base Comets, treated as dormant to eliminate excess exposure to potential exploits, with caps set to 0 or minimally buffered.
tBTC shows low utilization in WETH, USDS, and USDC Comets but some activity in USDT; its cap is reduced to 0 or a 30% buffer. This targets risks from wrapped BTC derivatives amid rising bridge and oracle attack sophistication.
The tBTC market has shown low user demand with average supply cap utilization of 0% over the past 30 days, leading to a recommendation to halve the supply cap and reduce protocol risk exposure.
The tBTC market has demonstrated low user demand with average supply cap utilization of 0.27% over the past 30 days, leading to a recommendation to reduce protocol risk exposure.
tBTC contributes to the vault's cross-asset BTC exposure for balanced yield, vetted through kpk's assessment of its market liquidity and reliability, optimized via automation for risk and performance.
tBTC deposits have surged from under 30 to over 270 tBTC in the past month, reaching half the current 500 tBTC supply cap. The increase allows continued growth while respecting liquidity constraints and keeping other risk parameters conservative.
tBTC in the USDS Comet has averaged under 1% supply cap utilization over the last 30 days, showing negligible demand. The proposed cap cut decreases overall protocol risk exposure.
tBTC in the Ethereum WETH market recorded zero utilization in the last 30 days, warranting a lowered supply cap to minimize risk without impacting open positions.
tBTC's pegged oracle feed results in lower recapture rates during SVR liquidations due to price deviations and complexity in exchange rates. The monitoring platform segments performance by asset, highlighting how such factors affect bidding behavior and value flow in liquidation events.
tBTC has seen deposits drop to an insignificant $16k after rewards ended, with no successful liquidity bootstrapping. Its decentralized architecture relies on complex node staking secured by the T token, which has faced three critical vulnerabilities, and it trades at a 30 basis point discount to peers like WBTC and cbBTC, signaling higher perceived bridge risk of instant backing loss not justified by usage.
An is required to view token usage.
An is required to view token liquidations.
Showing 10 of 814 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH-CBBTCCL10 - 0.0177% | $3.64m | 669% | 384% | ||||||
| open in new tabUSDC-CBBTCCL2000 - 0.0344% | $3.42m | 435% | 407% | 433% | |||||
| open in new tabUSDC-CBBTCCL1 - 0.0136% | $747,533 | 20489% | 11309% | ||||||
| open in new tabSOL-CBBTCCL10 - 0.035% | $269,302 | 1690% | 865% | ||||||
| open in new tabWETH-CBBTCCL1 - 0.0085% | $258,125 | 3434% | 3544% | ||||||
| open in new tabWBTC-USDTCL - 10 | 🪂 | $88,654 | 13161% | 0% | 13161% | 20575% | |||
| open in new tabUSDC-WBTCCL50 - 0.05% | $62,625 | 593% | 593% | 299% | |||||
| open in new tabEBTC-CBBTC | $60,787 | 4956% | 3819% | ||||||
| open in new tabWBTC-WETHCL - 10 | 🪂 | $38,402 | 6187% | 0% | 6187% | 6938% | |||
| open in new tabUSDC-CBBTCCL1 - 0.01% | $31,124 | 5254% | 15269% |
Showing 10 of 1048 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSTBTC âžž MORPHO | $9.06m | 6.43% | 0% | 7.40% | 86.96% | $15.14m | $0 | ||
| open in new tabTBTC âžž MORPHO | $9.06m | 6.22% | 7.40% | 80% | $49,415 | $6,487 | |||
| open in new tabSTBTC âžž VVV | $664,572 | 12.04% | 0% | 13.84% | 86.96% | $15.14m | $0 | ||
| open in new tabTBTC âžž VVV | $664,572 | 11.38% | 13.84% | 80% | $49,415 | $6,487 | |||
| open in new tabTBTC âžž VVV | $664,572 | 11.07% | 0% | 13.84% | 80% | $3.87m | |||
| open in new tabTBTC âžž VVV | $664,572 | 11.07% | 0% | 13.84% | 80% | $2.15m | |||
| open in new tabTBTC âžž VVV | $664,572 | 11.07% | 0% | 13.84% | 80% | $956,833 | |||
| open in new tabTBTC âžž VVV | $664,572 | 11.07% | 0% | 13.84% | 80% | $195,308 | |||
| open in new tabTBTC âžž VVV | $664,572 | 11.07% | 0% | 13.84% | 80% | $79,171 | |||
| open in new tabTBTC âžž VVV | $664,572 | 10.11% | 0% | 13.84% | 73% | $119.49m | $563,040 |
