24h Change+1.71%
All Time HighAug 24, 2025$4,950
All Time LowDec 15, 2018$82.1
Market Cap$4.465b
Fully Diluted Valuation$4.464b
Circ. Supply2.47m WETH
CEX Volume$0
DEX Volume$32.51m
How much debt can be issued against WETH as collateral across lending protocols.
Maximum possible exposure to WETH
$4.375b
$2.026b (max additional borrows against WETH) + $2.349b (bad debt if WETH was hacked now)
Aave V3
$2.705b at-risk exposure = $1.476b bad debt if hacked + $1.229b additional borrowable against WETH
Sky Lending
$784.12m at-risk exposure = $512.82m bad debt if hacked + $271.31m additional borrowable against WETH
SparkLend
$301.01m at-risk exposure = $101.32m bad debt if hacked + $199.69m additional borrowable against WETH
Compound V3
$182.33m at-risk exposure = $75.5m bad debt if hacked + $106.83m additional borrowable against WETH
Fluid
$180.09m at-risk exposure = $84.81m bad debt if hacked + $95.28m additional borrowable against WETH
Venus Core Pool
$78.07m at-risk exposure = $3.49m bad debt if hacked + $74.58m additional borrowable against WETH
Tydro
$29.74m at-risk exposure = -- bad debt if hacked + $29.74m additional borrowable against WETH
Morpho V1
$82.71m at-risk exposure = $73.1m bad debt if hacked + $9.61m additional borrowable against WETH
Euler V2
$7.06m at-risk exposure = $288,700 bad debt if hacked + $6.77m additional borrowable against WETH
Venus Flux
$2.27m at-risk exposure = $25,544 bad debt if hacked + $2.24m additional borrowable against WETH
Neverland
$1.53m at-risk exposure = -- bad debt if hacked + $1.53m additional borrowable against WETH
Lista Lending
$392,198 at-risk exposure = $391,016 bad debt if hacked + $1,183 additional borrowable against WETH
Maple
$21.32m at-risk exposure = $21.32m bad debt if hacked + $0 additional borrowable against WETH
Showing collateral exposure for WETH 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 WETH as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
ETH0x0000000000000000000000000000000000000000 | $1.011b | $1.416b | ||
ETH0x0000000000000000000000000000000000000000 | $271.31m | $512.82m | ||
ETH0x0000000000000000000000000000000000000000 | $199.69m | $101.32m | ||
ETH0x0000000000000000000000000000000000000000 | $90.03m | $71.73m | ||
WETH0x2170ed0880ac9a755fd29b2688956bd959f933f8 | $74.58m | $3.49m | ||
WETH0x4200000000000000000000000000000000000006 | $72.1m | — | ||
ETH0x0000000000000000000000000000000000000000 | $70.4m | $53.54m | ||
ETH0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee | $62.34m | $77.41m | ||
ETH0x0000000000000000000000000000000000000000 | $50.75m | — | ||
WETH0x4200000000000000000000000000000000000006 | $29.74m | — |
Risk-management actions published about WETH by tracked risk managers and governance contributors, newest first.
Sustained high utilization above kink levels in L2 WETH markets (e.g., 102% on Optimism, 104% on Linea) has reduced headroom for large supplier withdrawals and created friction for unwinding positions. Raising kink and max borrow rates encourages borrower deleveraging to restore utilization toward targets and strengthen the protocol's safety buffer.
CRR derived from lending-market models for WETH against RLUSD in the new Grove × Steakhouse Morpho Vault V2. Supports its onboarding as a lending asset with appropriate capital reserves for risk mitigation.
WETH markets are upgrading to SVR ETH/USD feeds directly, with fallbacks to standard Chainlink if private auction routing fails, improving liquidation determinism and price reliability.
WETH is a key collateral with established liquidity, excluded from this proposal to avoid disrupting core market functions amid the focus on long-tail risk compression.
Liquidations are paused temporarily on the Ethereum WETH comet due to rsETH collateral exposure from the exploit, which risks cascading liquidations if the Kelp exchange rate drops sharply before the new oracle is live. This creates a controlled window to deploy the hardened price feed and resume normal operations without locking in losses at depressed prices.
The Kelp exploit has spiked volatility in ETH markets, pressuring LST/LRT looping strategies with high negative carry. Lowering kink and max borrow rates across WETH markets on Ethereum, Base, Arbitrum, Optimism, Linea, and Unichain aims to keep costs low and enable gradual position unwinding without triggering mass liquidations.
WETH reserves from Arbitrum v3 above VaR buffer are withdrawable for treasury, preserving buffer for potential incidents in active markets.
Isolated WETH markets on Monad and Euler Earn WETH 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.
The WETH/USDS market supports WETH as collateral for USDS borrowing at 86% LLTV, facilitating ETH-collateralized positions and contributing to the Flagship Vault's diversified lending allocations.
Adaptive IRM for WETH targets 90% utilization with rates from 2.2% min to 12% max and steeper curve adjustment, designed to track current static rates closely while enabling responsive pricing to market conditions.
An is required to view token usage.
An is required to view token liquidations.
Showing 10 of 4733 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabUSDC-WETHCL - 10 | 🪂 | $57,623 | 28756% | 0% | 28756% | 19421% | |||
| open in new tabWETH-SPOTLIGHT2.00% | $51,331 | 50113% | 50113% | 2710% | |||||
| open in new tabWETH-SLING1.00% | $50,997 | 48508% | 48508% | 3564% | |||||
| open in new tabWETH-AIGHT1.00% | $50,208 | 31843% | 31843% | 4770% | |||||
| open in new tabWETH-CLOUDX1.00% | $50,008 | 37855% | 37855% | 2096% | |||||
| open in new tabETH-DRB1.00% | $49,846 | 40712% | 40712% | 4027% | |||||
| open in new tabWETH-TRAC | $48,524 | 88024% | 57432% | ||||||
| open in new tabETH-SATO10.00% | $39,974 | 34109% | 34109% | 7397% | |||||
| open in new tabWETH-CLAUDE1.00% | $39,439 | 34452% | 34452% | 1437% | |||||
| open in new tabWETH-DEADPool on Uniswap V3 | 🪂 | $17,906 | 100000% | 100000% | 100000% |
Showing 10 of 12046 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH ➞ MOVE | $5,711 | 16.88% | 13.27% | 70% | $3.2m | $1.16m | |||
| open in new tabWETH ➞ MOVE | $5,711 | 13.54% | 5.24% | 13.27% | 62.5% | $1.53m | $1.04m | ||
| open in new tabWETH ➞ MOVE | $5,711 | 12.89% | 1.61% | 13.27% | 85% | $814.48m | $673.99m | ||
| open in new tabWETH ➞ MOVE | $5,711 | 12.74% | 1.59% | 13.27% | 84% | $32.83m | $29.41m | ||
| open in new tabWETH ➞ MOVE | $5,711 | 12.69% | 1.15% | 13.27% | 86.96% | $4.41m | $2.03m | ||
| open in new tabWETH ➞ MOVE | $5,711 | 12.60% | 1.91% | 13.27% | 80.5% | $15.6m | $14.04m | ||
| open in new tabWETH ➞ MOVE | $5,711 | 12.22% | 1.53% | 13.27% | 80.5% | $3.611b | $2.995b | ||
| open in new tabWETH ➞ MOVE | $5,711 | 12.09% | 1.47% | 13.27% | 80% | $162.83m | $128.57m | ||
| open in new tabWETH ➞ USDCX | $4,627 | 15.90% | 11.88% | 70% | $3.2m | $1.16m | |||
| open in new tabWETH ➞ USDCX | $4,627 | 12.67% | 5.24% | 11.88% | 62.5% | $1.53m | $1.04m |
