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DatumLabs Research

State of DeFi Lending on Ethereum

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

Issue №001The rsETH Reckoning
Latest issue · Issue №001 · May 7, 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 readSnapshot April 30, 2026
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Issue №002 arrives June 7, 2026.

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State of DeFi Lending on Ethereum publishes on the 7th of each month, covering Aave V3, Spark, Morpho, and Fluid. Each issue is anchored to an end-of-month snapshot and pairs prose analysis with live charts that draw from the same data layer powering this dashboard. Methodology.

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Spotted an error in the data, or want a metric added? You can DM @joel_obafemi on X or email joelobafemii@gmail.com. Both go to the author.

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