Sector-level risk indicators across Aave V3, Spark, Morpho, and Fluid on Ethereum. Wallet-concentration metrics light up in a later pass once the borrower-discovery data layer ships.
54% of all on-chain credit is in stablecoins. 95% of collateral is priced by Chainlink. Aave V3 has been the most stress-prone over the past 90 days, liquidating 0.5% of its TVL.
Stablecoin share of cross-protocol borrows is 43.8% — up 4.3 pp vs 12 months ago. The plurality of on-chain credit is denominated in stables.
| Protocol | Asset | Oracle | Asset USD (sector) | Notes |
|---|---|---|---|---|
| Aave V3 | WETH | Chainlink | $5.97B | ETH / USD Chainlink mainnet feed. |
| Aave V3 | WSTETH | Chainlink | $5.67B | Composite: Lido exchange rate × Chainlink ETH/USD. Aave V3 also has a stETH/ETH safety check. |
| Aave V3 | WEETH | Chainlink | $3.63B | Composite: ether.fi exchange rate × Chainlink ETH/USD on Aave V3. Redstone on Spark. |
| Aave V3 | USDC | Chainlink | $3.42B | |
| Aave V3 | USDT | Chainlink | $3.22B | |
| Aave V3 | WBTC | Chainlink | $3.17B | BTC / USD Chainlink. |
| Aave V3 | CBBTC | Chainlink | $1.75B | BTC / USD Chainlink (cbBTC has its own feed too on some markets). |
| Spark | WETH | Chainlink | $5.97B | ETH / USD Chainlink mainnet feed. |
| Spark | WSTETH | Chainlink | $5.67B | Composite: Lido exchange rate × Chainlink ETH/USD. Aave V3 also has a stETH/ETH safety check. |
| Spark | WEETH | Redstone | $3.63B | Composite: ether.fi exchange rate × Chainlink ETH/USD on Aave V3. Redstone on Spark. |
| Spark | USDC | Chainlink | $3.42B | |
| Spark | USDT | Chainlink | $3.22B | |
| Spark | WBTC | Chainlink | $3.17B | BTC / USD Chainlink. |
| Spark | CBBTC | Chainlink | $1.75B | BTC / USD Chainlink (cbBTC has its own feed too on some markets). |
| Morpho | WETH | Chainlink | $5.97B | ETH / USD Chainlink mainnet feed. |
| Morpho | WSTETH | Chainlink | $5.67B | Composite: Lido exchange rate × Chainlink ETH/USD. Aave V3 also has a stETH/ETH safety check. |
| Morpho | WEETH | Chainlink | $3.63B | Composite: ether.fi exchange rate × Chainlink ETH/USD on Aave V3. Redstone on Spark. |
| Morpho | USDC | Chainlink | $3.42B | |
| Morpho | USDT | Chainlink | $3.22B | |
| Morpho | WBTC | Chainlink | $3.17B | BTC / USD Chainlink. |
| Morpho | CBBTC | Chainlink | $1.75B | BTC / USD Chainlink (cbBTC has its own feed too on some markets). |
| Fluid | WETH | Chainlink | $5.97B | ETH / USD Chainlink mainnet feed. |
| Fluid | WSTETH | Chainlink | $5.67B | Composite: Lido exchange rate × Chainlink ETH/USD. Aave V3 also has a stETH/ETH safety check. |
| Fluid | WEETH | Chainlink | $3.63B | Composite: ether.fi exchange rate × Chainlink ETH/USD on Aave V3. Redstone on Spark. |
| Fluid | USDC | Chainlink | $3.42B | |
| Fluid | USDT | Chainlink | $3.22B | |
| Fluid | WBTC | Chainlink | $3.17B | BTC / USD Chainlink. |
| Fluid | CBBTC | Chainlink | $1.75B | BTC / USD Chainlink (cbBTC has its own feed too on some markets). |
lib/oracles.ts when a market relists with a different oracle.| Protocol | Liq Volume (90d) | TVL | Volume / TVL | Bar |
|---|---|---|---|---|
| Aave V3 | $58.23M | $11.16B | 0.52% | |
| Fluid | $1.34M | $518.03M | 0.26% | |
| Morpho | $1.30M | $3.80B | 0.03% | |
| Spark | $55.90K | $3.33B | 0.00% |
Cross-protocol liquidation intensity is converged: Aave V3 0.5% vs Fluid 0.3% over 90 days.
Fluid liquidations cost borrowers 1.97% on average — 122.21% cheaper than the 124.18% mean across the other protocols.
| # | Liquidator | Debt repaid | Gross profit | Events | Protocols |
|---|---|---|---|---|---|
| 1 | 0x5300…192a | $0.00 | $134.56M | 2 | Aave V3 |
| 2 | 0xad21…3221 | $379.30K | $1.16M | 98 | Aave V3FluidMorpho |
| 3 | 0xbd32…079c | $13.01M | $696.06K | 13 | Aave V3Morpho |
| 4 | 0xf057…0004 | $6.23M | $420.14K | 5 | Aave V3 |
| 5 | 0xf000…dcbb | $5.83M | $235.98K | 1 | Aave V3 |
| 6 | 0x681d…43ec | $4.44M | $179.91K | 1 | Aave V3 |
| 7 | 0xc7f5…9899 | $4.35M | $174.77K | 11 | Aave V3 |
| 8 | 0x2d67…3eb0 | $3.00M | $122.36K | 63 | Aave V3 |
| 9 | 0x4ce9…17f0 | $1.89M | $77.00K | 5 | Aave V3 |
| 10 | 0x1f2f…f387 | $2.04M | $76.14K | 183 | Aave V3MorphoSpark |
| # | Collateral | Volume | Events | Share | By Protocol | Bar |
|---|---|---|---|---|---|---|
| 1 | WSTETH | $21.12M | 91 | 34.7% | ||
| 2 | USDT | $20.30M | 45 | 33.3% | ||
| 3 | AAVE | $6.87M | 76 | 11.3% | ||
| 4 | WETH | $3.42M | 498 | 5.6% | ||
| 5 | WEETH | $2.88M | 20 | 4.7% | ||
| 6 | USDC | $1.56M | 65 | 2.6% | ||
| 7 | WBTC | $1.40M | 162 | 2.3% | ||
| 8 | ETH | $1.28M | 87 | 2.1% | ||
| 9 | XAUT | $449.23K | 78 | 0.7% | ||
| 10 | PEPE | $343.75K | 23 | 0.6% | ||
| 11 | RETH | $265.47K | 6 | 0.4% | ||
| 12 | SUSDE | $176.81K | 8 | 0.3% |
| Date | Protocol | Pair | Borrower | Liquidator | Debt | Gross Profit | Net Profit | Tx |
|---|---|---|---|---|---|---|---|---|
| Mar 10 | Aave V3 | wstETH→WETH | 0x4f96…355f | 0xbd32…079c | $13.00M | $117.04K | $117.04K | ↗ |
| Mar 27 | Aave V3 | AAVE→USDC | 0x372c…76b7 | 0xf057…0004 | $6.11M | $412.76K | $412.76K | ↗ |
| Feb 25 | Aave V3 | USDT→WETH | 0x26e4…81fd | 0xf000…dcbb | $5.83M | $235.98K | $235.98K | ↗ |
| Mar 10 | Aave V3 | wstETH→WETH | 0x4bac…37df | 0xf000…e7bb | $4.58M | $41.18K | $41.18K | ↗ |
| Mar 4 | Aave V3 | USDT→WETH | 0x26e4…81fd | 0x681d…43ec | $4.44M | $179.91K | $179.91K | ↗ |
| Mar 16 | Aave V3 | USDT→WETH | 0x26e4…81fd | 0xc7f5…9899 | $3.77M | $152.71K | $152.71K | ↗ |
| Apr 30 | Aave V3 | weETH→WETH | 0xe50f…c923 | 0x7a1f…5095 | $2.88M | $25.89K | $25.89K | ↗ |
| Mar 10 | Aave V3 | wstETH→WETH | 0xf82d…b0de | 0xb441…6fda | $2.82M | $25.37K | $25.36K | ↗ |
| Apr 1 | Aave V3 | USDT→WETH | 0x26e4…81fd | 0x2d67…3eb0 | $2.75M | $111.31K | $111.31K | ↗ |
| Apr 17 | Aave V3 | USDT→WETH | 0x26e4…81fd | 0x4ce9…17f0 | $1.87M | $75.94K | $75.93K | ↗ |
| Feb 13 | Aave V3 | USDT→WETH | 0x3436…2094 | 0xc0c9…b962 | $900.29K | $36.46K | $36.46K | ↗ |
| Apr 23 | Aave V3 | WETH→USDT | 0x851b…9f23 | 0xd8c1…d366 | $667.30K | $30.03K | $30.02K | ↗ |
| Feb 25 | Aave V3 | USDT→WBTCFlash | 0x3436…2094 | 0x1254…a680 | $589.41K | $23.87K | $23.87K | ↗ |
| Mar 10 | Aave V3 | wstETH→WETH | 0x6cc2…728b | 0x1f2f…f387 | $586.96K | $5.28K | $-16101.06 | ↗ |
| Mar 11 | Aave V3 | WBTC→USDe | 0x21da…755d | 0x9532…8dfd | $512.16K | $23.05K | $23.05K | ↗ |
| Mar 2 | Aave V3 | USDC→WBTC | 0x3436…2094 | 0x193e…f846 | $494.17K | $17.79K | $17.79K | ↗ |
| Apr 14 | Aave V3 | USDC→cbBTC | 0xa4bd…5514 | 0x1f2f…f387 | $432.92K | $15.59K | $1.92K | ↗ |
| Mar 8 | Aave V3 | AAVE→USDC | 0x372c…76b7 | 0x0000…0e49 | $360.25K | $24.32K | $24.32K | ↗ |
| Mar 4 | Aave V3 | USDC→WBTC | 0x3436…2094 | 0xc7f5…9899 | $358.90K | $12.92K | $12.92K | ↗ |
| Mar 8 | Morpho | PEPE→USDS | 0x339b…5b1a | 0x80bf…d4e4 | $343.67K | $29.84K | $29.84K | ↗ |
Per-liquidator concentration, MEV searcher leaderboards, gas / profit ratios, and event-level drilldowns live there.
Datum Labs. (2026). Lending Intelligence Terminal: Collateral & Stress Risk. Retrieved May 8, 2026 from https://lending-intelligence-terminal.vercel.app/risk.