24h Change-2.04%
All Time HighOct 6, 2025$125,932
All Time LowApr 2, 2019$3,139
Market Cap$7.066b
Fully Diluted Valuation$7.066b
Circ. Supply116,159 WBTC
CEX Volume$88.43m
DEX Volume$333.36m
How much debt can be issued against WBTC as collateral across lending protocols.
Maximum possible exposure to WBTC
$3b
$629.52m (max additional borrows against WBTC) + $2.37b (bad debt if WBTC was hacked now)
Aave V3
$1.162b at-risk exposure = $770.33m bad debt if hacked + $391.63m additional borrowable against WBTC
Compound V3
$352.77m at-risk exposure = $217.58m bad debt if hacked + $135.19m additional borrowable against WBTC
Fluid
$74.79m at-risk exposure = $37.56m bad debt if hacked + $37.23m additional borrowable against WBTC
Morpho V1
$257.86m at-risk exposure = $227.04m bad debt if hacked + $30.82m additional borrowable against WBTC
SparkLend
$29.41m at-risk exposure = -- bad debt if hacked + $29.41m additional borrowable against WBTC
Euler V2
$5.87m at-risk exposure = $640,422 bad debt if hacked + $5.23m additional borrowable against WBTC
Maple
$1.115b at-risk exposure = $1.115b bad debt if hacked + $0 additional borrowable against WBTC
Sky Lending
$2.16m at-risk exposure = $2.16m bad debt if hacked + $0 additional borrowable against WBTC
Showing collateral exposure for WBTC 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 WBTC as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
WBTC0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 | $327.18m | $690.6m | ||
WBTC0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 | $117.42m | $202.88m | ||
WBTC0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f | $32.65m | $57.98m | ||
WBTC0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 | $29.41m | — | ||
WBTC0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 | $26.46m | $210.56m | ||
WBTC0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 | $25.85m | $33.14m | ||
WBTC0x1bfd67037b42cf73acf2047067bd4f2c47d9bfd6 | $25.04m | $21.75m | ||
WBTC0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f | $15.49m | $10.44m | ||
WBTC0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f | $10.49m | $3.83m | ||
WBTC0x68f180fcce6836688e9084f035309e29bf0a2095 | $6.76m | — |
Risk-management actions published about WBTC by tracked risk managers and governance contributors, newest first.
Parameter updates supported for WBTC in SparkLend spells, including lending-market-model-derived CRRs in the new Grove × Steakhouse RLUSD Morpho Vault V2. Enables expanded use as collateral against RLUSD with risk-adjusted capital requirements.
WBTC markets are adopting a MetaOracle using SVR BTC/USD primary with WBTC/BTC × BTC/USD Chainlink backup, enhancing safety through deviation-based switching and reducing oracle failure risks.
WBTC is designated as a key collateral asset with strong demand, so it remains unaffected by cap reductions to preserve borrowing activity without introducing unnecessary risk adjustments.
Reserves from deprecated v2 markets and above VaR buffer in Ethereum v3 are being withdrawn for treasury consolidation to fund V4 and management programs; as a volatile asset, the pulled amount faces price risk during planned conversion to stablecoins via TWAP to minimize market impact.
Isolated WBTC markets on Monad are being handed over to curator K3 for continued management, as the DAO sunsets direct operations to minimize conflicts of interest and refocus on infrastructure.
Recent risk review determines WBTC fits Spark’s risk tolerance with an acceptable safety profile, allowing it to be onboarded as collateral to expand borrower opportunities and increase revenue.
The WBTC/USDT pool at 86% LLTV is being onboarded with a 100 million absolute cap, capitalizing on its deep liquidity and familiarity within the Sky ecosystem to boost USDT strategy performance via Morpho.
WBTC is being added to the kill switch oracle using the Chainlink WBTC/BTC feed, which disables new borrowing if its price deviates 5% below the reference, to automatically halt activity during potential rail risks like hacks, custody failures, or liquidity crises.
Adaptive IRM for WBTC sets 90% target utilization with rates from 0.5% min to 12% max and steeper curve, ensuring minimal deviation from static models to support efficient BTC-collateralized lending.
WBTC's on-chain metrics and internal modeling demonstrate sufficient liquidity and controlled volatility for LLTV increases from 80% to 82% against itself and from 86% to 88% against WETH, USDC, and USDT0 debts.
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Showing 10 of 815 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDC-CBBTCCL2000 - 0.0384% | $2.5m | 1591% | 1573% | 335% | |||||
| open in new tabUSDC-CBBTCCL1 - 0.028% | $679,193 | 12811% | 7682% | ||||||
| open in new tabSOL-CBBTCCL10 - 0.035% | $190,887 | 3004% | 476% | ||||||
| open in new tabWETH-CBBTCCL1 - 0.0085% | $140,907 | 14270% | 2087% | ||||||
| open in new tabWBTC-WETHCL - 10 | 🪂 | $84,743 | 1555% | 0% | 1555% | 2260% | |||
| open in new tabEBTC-CBBTC | $58,971 | 3216% | 3500% | ||||||
| open in new tabWBTC-WETH0.05% | $49,923 | 6993% | 6993% | 1418% | |||||
| open in new tabWBTC-USDTCL - 10 | 🪂 | $46,691 | 7523% | 0% | 7523% | 12285% | |||
| open in new tabUSDC-CBBTCCL1 - 0.01% | $29,735 | 42260% | 9380% | ||||||
| open in new tabWBTC-USDCEUniswap | $25,639 | 1271% | 22.02% |
Showing 10 of 25875 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWBTC ➞ WETH | $81.27m | 28.08% | 28.08% | 0% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ WETH | $48.22m | 28.08% | 28.08% | 0% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ WSTETH | $47.15m | 28.08% | 28.08% | 0% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ WETH | $2.64m | 28.22% | 28.08% | 0.19% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ CDCBTC | $2.05m | 28.18% | 28.08% | 0.13% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ CDCETH | $638,598 | 28.31% | 28.08% | 0.32% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ ZWBTC | $73,130 | 32.09% | 28.08% | 5.72% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ MOVE | $18,590 | 38.96% | 28.08% | 15.53% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ WBTC.E | $11,041 | 29.31% | 28.08% | 1.75% | 70% | $23,356 | $23,356 | ||
| open in new tabWBTC ➞ USDCX | $3,697 | 35.99% | 28.08% | 11.30% | 70% | $23,356 | $23,356 |
