risk managerChaos Labsgovernance.ether.fi
↑EtherFi Cash Debt Manager Risk Analysis
eBTC is backed one-to-one by LBTC without additional DeFi strategy risks, allowing marginally more accommodative parameters than LiquidBTC.
Overview
Ether.fi Staked BTC(eBTC)
Token Price$63,186
24h Change-3.35%
All Time HighOct 6, 2025$126,031
All Time LowOct 10, 2024$58,795
Key Metrics
Market Cap$53.88m
Fully Diluted Valuation$53.88m
Circ. Supply852.79 eBTC
Volume 24h$13,330
CEX Volume$0
DEX Volume$182,710
Risks
How much debt can be issued against eBTC as collateral across lending protocols.
Maximum possible exposure to eBTC
$8m
$6.46m (max additional borrows against eBTC) + $1.54m (bad debt if eBTC was hacked now)
Fluid
$4.7m at-risk exposure = $5,626 bad debt if hacked + $4.7m additional borrowable against eBTC
Aave V3
$3.29m at-risk exposure = $1.53m bad debt if hacked + $1.76m additional borrowable against eBTC
Morpho V1
$22.36 at-risk exposure = $16.99 bad debt if hacked + $5.37 additional borrowable against eBTC
Methodology and limitations
Showing collateral exposure for eBTC on Ethereum. 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.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
Show exposure details
Each row is one protocol-chain exposure for eBTC as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
eBTC0x657e8c867d8b37dcc18fa4caead9c45eb088c642 | $4.7m | $5,626 | ||
eBTC0x657e8c867d8b37dcc18fa4caead9c45eb088c642 | $1.76m | $1.53m | ||
eBTC0x657e8c867d8b37dcc18fa4caead9c45eb088c642 | $5.37 | $16.99 |
Risk Timeline
Risk-management actions published about eBTC by tracked risk managers and governance contributors, newest first.
risk managerLlama Riskllamarisk.com
↑Onboard eBTC to Aave v3 Base with CbBTC Liquid E-Mode
eBTC, a BTC-backed asset, is being onboarded as collateral and borrowable on Aave v3 Base after meeting liquidity and oracle reliability thresholds, enabling users to leverage it in DeFi with conservative initial caps.
contributor@ACIgovernance.aave.com
↑Onboard eBTC on Aave v3 Base with CbBTC Liquid E-Mode
eBTC is being onboarded as a new BTC-correlated collateral on Aave v3 Base, where similar pairs have shown high utilization for stablecoin borrowing. Risk parameters will be set by providers to support controlled liquidity growth.
contributor@Objectiveforum.euler.finance
↓Offboarding tBTC and eBTC from Euler Prime
eBTC deposits have fallen to $28k post-rewards, with liquidity failing to materialize despite efforts, and its B2B2C model concentrates supply in managed vaults. It adds extra risk via a Veda vault's 7-day withdrawal delay on top of LBTC's period, totaling at least 14 days for BTC redemption, while liquidity has deteriorated—swapping 100 eBTC yields only 72.3 WBTC—and Aave's recent onboarding limits Euler's opportunity amid potential peg-loss spirals.
risk managerLlama Riskllamarisk.com
↑March 2025 Monthly Community Update
Supported enabling liquid e-mode with WBTC on Aave V3 Core, recommending CAPO with Chainlink BTC/USD feed for accurate LBTC pricing and higher supply cap due to improved liquidity.
risk managerLlama Riskllamarisk.com
↑Enable eBTC/WBTC liquid E-Mode on Aave v3 Core Instance
eBTC's market capitalization has grown to hold 3,310 wrapped or staked BTC in its vault, with liquidity substantially improved to tolerate $14.5M trades at ±10% price impact. This supports higher supply and borrow caps, though liquidity remains concentrated in four DEX pools controlled by a few entities like multisigs and vaults, raising risks of rapid dry-up during incidents.
risk managerLlama Riskllamarisk.com
↑Enable eBTC/WBTC liquid E-Mode on Aave v3 Core Instance
eBTC is being onboarded for liquid E-Mode to support BTC-correlated looping strategies; a CAPO oracle adapter will handle future yield activation without underpricing risks, starting unborrowable like LBTC to ensure safe initial exposure.
contributor@MEVCapitalforum.morpho.org
↑MEV Capital Resolv USR Vault Updates
eBTC is incorporated as collateral for USR borrowing with a conservative 5M USR supply cap and 86% LLTV, relying on eOracle and Chainlink eBTC/USD feeds combined with Resolv USR/USD for accurate valuation.
risk managerLlama Riskllamarisk.com
↑LlamaRisk December 2024 Monthly Community Update
Supporting enablement of eBTC/WBTC Liquid E-Mode on Aave V3 Core Instance, while noting concerns around collateral exposure levels and oracle reliability for correlated assets.
contributor@EulerLabsforum.euler.finance
↑Euler Prime: Risk Adjustments and New Asset Onboarding
Onboarding eBTC as new collateral diversifies BTC exposure and provides more hedging opportunities against ETH and stablecoin positions.
Token Usage
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Liquidations
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Yields
Showing 10 of 11 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabEBTC | $56.14m | 0.33% | 0.33% | 0.59% | |||||
| open in new tabEBTCeBTC/WBTC | 🪂 | $35.93m | 0% | 0% | 0% | ||||
| open in new tabEBTC | $6.8m | 0% | 0% | 0% | |||||
| open in new tabEBTC-CBBTC | $3.39m | 0.07% | 0.07% | 0.67% | |||||
| open in new tabEBTC-WBTC | $1.37m | 0.44% | 0.44% | 0.52% | |||||
| open in new tabWBTC-EBTC0.05% | $226,688 | 3.84% | 3.84% | 0.16% | |||||
| open in new tabEBTC-TBTC | $154,514 | 1.20% | 0.88% | 0.38% | |||||
| open in new tabEBTC-TBTC | $154,502 | 1.46% | 0.88% | 0.58% | |||||
| open in new tabEBTC-TBTCConvex | $151,601 | 1.42% | 0.57% | ||||||
| open in new tabEBTC-CBBTC | $64,629 | 3453% | 3509% |
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Borrow
Showing 10 of 86 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabEBTC ➞ WBTC | 🪂 | $1.963b | -0.14% | 0% | -0.36% | 40% | $36.33m | $401,956 | |
| open in new tabEBTC âžž WBTC | $1.963b | -0.24% | 0% | -0.36% | 67% | $6.8m | $0 | ||
| open in new tabEBTC ➞ CBBTC | 🪂 | $1.086b | -0.12% | 0% | -0.29% | 40% | $36.33m | $401,956 | |
| open in new tabEBTC âžž CBBTC | $1.086b | -0.19% | 0% | -0.29% | 67% | $6.8m | $0 | ||
| open in new tabEBTC ➞ TBTC | 🪂 | $124.79m | -0.11% | 0% | -0.28% | 40% | $36.33m | $401,956 | |
| open in new tabEBTC âžž TBTC | $124.79m | -0.18% | 0% | -0.28% | 67% | $6.8m | $0 | ||
| open in new tabEBTC ➞ LINK | 🪂 | $76.27m | -0.34% | 0% | -0.86% | 40% | $36.33m | $401,956 | |
| open in new tabEBTC âžž LINK | $76.27m | -0.57% | 0% | -0.86% | 67% | $6.8m | $0 | ||
| open in new tabEBTC ➞ WBTC | 🪂 | $27,266 | -0.31% | 0% | -0.77% | 40% | $36.33m | $401,956 | |
| open in new tabEBTC âžž WBTC | $27,266 | -0.51% | 0% | -0.77% | 67% | $6.8m | $0 |
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