01 /
Brief
Pioneer DeFi lending protocol. $1.54B TVL (April 2026), with Ethereum the primary deployment (~$1.40B of TVL). 11.5% of TVL from institutional sources requiring regulatory clarity. Accepts tokenized US Treasuries as collateral. V4 Program Funding Proposal in DAO process (Treasury Management Program oversight, permissioned pools for KYC'd institutions).
02 /
Snapshot
Key terms and identifiers.
- Asset value
- $1.54B
- Spec type
- lending-venue
- Chain
- Ethereum primarily
- Rwa collateral
- Tokenized US Treasuries (newly accepted)
- Borrow assets
- USDC, USDT
- Typical ltv
- Standard pool
- Curator led
- No (pooled, V4 permissioned tiers coming)
- Asset classes
- Private credit, Treasuries
- Token standards
- erc-20, eip-4626
- Analytics
- defillama.com/protocol/compound-v3
03 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
Tension
Direct competition or overlapping market position.
