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Logo of Surge CreditSurge Credit

Total Value Locked$1.37m

TVL by Chain

Bitcoin$1.37m

Key Metrics

Fees 30d$3,829
Fees 30d by chain

Base$3,829

Fees 7d$911.76

Base$911.76

Fees 24h$20.05

Base$20.05

Cumulative Fees$17,967

Base$17,967

Revenue 30d$765.50
Revenue 30d by chain

Base$765.50

Revenue 7d$182.41

Base$182.41

Revenue 24h$4.01

Base$4.01

Cumulative Revenue$3,244

Base$3,244

Collateral Liquidated 30d$9,167
Collateral Liquidated 30d by chain

Base$9,167

Collateral Liquidated 7d$0

Base$0

Collateral Liquidated 24h$0

Base$0

Cumulative Collateral Liquidated$11,129

Base$11,129

Active Loans$510,214

Protocol Information

BTC-collateralized USDC lending. Users deposit native BTC into non-custodial Taproot vaults and borrow USDC on Base against it.

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Category:Lending

Audits:

Methodology

TVL: TVL is the native BTC collateral locked in per-loan non-custodial Taproot vaults, summed directly from the vault addresses on Bitcoin L1. Each vault address is derived deterministically from the borrower on-chain pubkey and served by the Surge indexer (Loan.btcVaultAddress). Borrowed is the outstanding USDC debt across all positions (the active credit), read from VaultManager.getTotals() on Base. Idle USDC lending liquidity is not counted in TVL.View code on GitHubFees: Borrow interest paid by borrowers on Bitcoin-collateralised USDC loans.View code on GitHubRevenue: Protocol reserve share of borrow interest (reserveRateBps), from the protocolCut field of the InterestAccrued event.View code on GitHubCollateral Liquidated: Total USD value of native BTC collateral seized from borrowers when a Surge liquidation auction is bought, read from the `collateralSats` field of AuctionHouse `LogAuctionBought` events on Base and priced as bitcoin.View code on GitHub

Competitors

Aave V3 ($17.332b)Morpho Blue ($11.168b)Compound V3 ($1.441b)Venus Core Pool ($1.281b)Fluid Lending ($696.01m)Euler V2 ($302.84m)40 Acres ($50.99m)Templar Protocol ($30.47m)TermMax ($26.67m)Native Credit Pool ($17.27m)

Frequently Asked Questions

What is Surge Credit's TVL?

Surge Credit currently has $1.37m in total value locked. TVL has increased 10.3% over the past 30 days.

What chains does Surge Credit operate on?

Surge Credit operates on 2 chains: Bitcoin and Base. Bitcoin holds the largest share at 100%.

How much has Surge Credit generated in fees and revenue?

Over the past 30 days, Surge Credit generated $3,829 in fees. Of that, $765.50 was protocol revenue. Based on the trailing year, the annualized rate is $33,421 in fees and $6,034 in revenue.

How does Surge Credit's TVL compare to similar protocols?

Among Lending protocols tracked by DefiLlama, Surge Credit ranks #116 by TVL. The category holds $52.781b across 519 protocols, and Surge Credit accounts for <0.1% of that total. Other leading protocols include Aave V3, Morpho Blue, Compound V3, Venus Core Pool, Fluid Lending, Euler V2, 40 Acres, Templar Protocol, TermMax, and Native Credit Pool.

How much has been borrowed through Surge Credit?

Surge Credit currently has $510,214 in active loans.