Aave
Aave is the largest onchain lending protocol. Each network has a market where all suppliers share one pool per asset, and all borrowers borrow from it.- Assets you supply can be used as collateral for borrowing any other asset in the same market.
- Each collateral asset has its own max LTV and liquidation threshold.
- E-mode gives higher LTVs between correlated assets, such as ETH and liquid staking ETH, or between stablecoins.
Morpho
Morpho separates lending into isolated markets. Each market has exactly one collateral asset, one loan asset, one oracle and one liquidation threshold, called LLTV. Risk in one market cannot spread to another.- Vaults. Most lenders supply through Morpho vaults. Each vault is managed by a curator who chooses which markets receive its liquidity and in what share. The vault’s yield and risk depend on those choices.
- Liquidation. A position becomes liquidatable when its LTV exceeds the market’s LLTV. The liquidator’s bonus depends on the LLTV and is smaller in markets with high LLTVs.
Kamino
Kamino is the leading lending protocol on Solana.- Supply SOL, stablecoins and liquid staking tokens such as mSOL to earn interest.
- Borrow against Solana-native collateral.
- Low transaction costs make it practical to adjust positions often.
Fluid
Fluid uses a single shared liquidity layer for lending and borrowing, which supports capital-efficient vaults.- Lending. Supply assets to earn interest through Fluid’s lending tokens.
- Vaults. Borrow against a single collateral asset with high maximum LTVs on correlated pairs.
- Smart collateral and smart debt. In some vaults, your collateral or your debt also works as DEX liquidity, earning trading fees that offset borrowing costs.
- Liquidations. Fluid liquidates only as much as needed to restore a position, with penalties that can be well below those of other protocols.
Max LTVs, liquidation thresholds and penalties differ by protocol and by market. DYXY shows the exact parameters for every market before you supply or borrow.