Latest issue · Issue 003 · July 5, 2026
Yields Compress, Capital Consolidates
Aave V3 grew $845 million in June while its USDC book contracted. The paradox of consolidation under yield compression.
24 min readSnapshot June 30, 2026
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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.
Past issues
Issue №002 · Jun 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 readIssue №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 readNext issue
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