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DatumLabs Research

State of DeFi Lending on Ethereum

Monthly research on the protocols that matter most: Aave V3, Spark, Morpho, Fluid, Compound V3, and Euler V2. Written for analysts and treasuries that need data, not commentary.

Latest issue · Issue №002 · June 7, 2026

Capital Rotates

How $1.6 billion of LRT collateral exited Ethereum lending while $818 million of BTC-family collateral arrived in its place, Morpho absorbed the sector's largest absolute depositor inflow at $759 million, and stablecoin yields closed at parity with T-bills for the first time in eight months.

28 min readSnapshot May 31, 2026
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Past issues

Issue №001 · May 2026

The rsETH Reckoning

How a single bridge exploit cascaded through DeFi lending in 96 hours, and the bad-debt question that remains unresolved.

22 min read

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