{
  "paper": "loans-not-lockups",
  "dataAsOf": "2026-07-12",
  "generatedBy": "apps/research/scripts/loans-not-lockups.mjs build",
  "inputs": {
    "summary.json": "a31de9105fb200efcce6938ea67b668562dbbf7388fccaab37851e391360429f",
    "vaults.csv": "7ed2f327ec2ea98a203f225c512bba8b67fa5d83a6126135e98177b79b2e714a",
    "league_table_top50.csv": "d3bc5a3de9f05ef1588356f3f4ed343efefadcaba4bc4ac8d91a9ef2d064af82",
    "vanity_offenders.csv": "b3b872d046ac410d7bab5e81f583cb23209265257ccf240c233d616dfd05b9b5",
    "population-audit.json": "3922f16011a98a59fb58a96ab0a7bd696425aed21e13f957065f324655b8bcfa"
  },
  "claims": [
    {
      "id": "asOf",
      "display": "July 12, 2026",
      "source": "summary.json asOfDate",
      "alt": ["2026-07-12"]
    },
    { "id": "universeVaults", "display": "524", "source": "summary.json universe.poolsInUniverse" },
    { "id": "universeTvl", "display": "$40.53B", "source": "summary.json universe.totalTvlUsd" },
    {
      "id": "measuredVaults",
      "display": "424",
      "source": "summary.json coverage.poolsWithUtilization"
    },
    {
      "id": "measuredShareCount",
      "display": "80.9%",
      "source": "summary.json coverage.matchRateByCount"
    },
    {
      "id": "measuredShareTvl",
      "display": "34.7%",
      "source": "summary.json coverage.matchRateByTvl"
    },
    {
      "id": "measuredTvl",
      "display": "$14.08B",
      "source": "summary.json coverage.measurableTvlUsd"
    },
    { "id": "activeLoans", "display": "$7.63B", "source": "summary.json headline.activeLoansUsd" },
    {
      "id": "population.listingRows",
      "display": "875",
      "source": "population-audit.json listing.rows"
    },
    {
      "id": "population.statsRows",
      "display": "866",
      "source": "population-audit.json statsPopulation.rows"
    },
    {
      "id": "population.shutdownRows",
      "display": "9",
      "source": "population-audit.json shutdown.rows",
      "alt": ["nine"],
      "word": true
    },
    {
      "id": "population.shutdownTvl",
      "display": "$845.1M",
      "source": "population-audit.json shutdown.moneyMarketTvlUsd"
    },
    {
      "id": "population.statsMoneyMarketRows",
      "display": "515",
      "source": "population-audit.json statsPopulation.moneyMarketRows"
    },
    {
      "id": "population.shutdownMeasuredRows",
      "display": "7",
      "source": "population-audit.json shutdown.measuredMoneyMarketRows",
      "alt": ["seven"],
      "word": true
    },
    {
      "id": "population.shutdownMeasuredTvl",
      "display": "$85.9M",
      "source": "population-audit.json shutdown.measuredMoneyMarketTvlUsd"
    },
    {
      "id": "population.shutdownLoans",
      "display": "$125K",
      "source": "population-audit.json shutdown.activeLoansUsd"
    },
    {
      "id": "weightedUtil",
      "display": "54.2%",
      "source": "summary.json headline.weightedUtilization",
      "alt": ["54 cents"]
    },
    {
      "id": "statsReconcile",
      "display": "one percentage point",
      "source": "summary.json statsHeadline.weightedUtilization vs headline.weightedUtilization",
      "formula": "|0.545687 - 0.542367| = 0.0033 < 0.01",
      "word": true
    },
    { "id": "idleCount", "display": "61", "source": "summary.json headline.idlePoolsCount" },
    { "id": "idleTvl", "display": "$4.73B", "source": "summary.json headline.idleTvlUsd" },
    {
      "id": "idleShare",
      "display": "33.6%",
      "source": "summary.json headline.idleShareOfMeasurable",
      "alt": ["a third", "third"]
    },
    {
      "id": "idleOtherTvl",
      "display": "$4.35B",
      "source": "summary.json headline.idleCollateralTvlUsd"
    },
    {
      "id": "idleStableTvl",
      "display": "$377.7M",
      "source": "summary.json headline.idleStableTvlUsd"
    },
    {
      "id": "idleStableShare",
      "display": "4.9%",
      "source": "summary.json headline.idleStableShareOfStable"
    },
    {
      "id": "stableMeasuredTvl",
      "display": "$7.75B",
      "source": "summary.json headline.stableMeasurableTvlUsd"
    },
    {
      "id": "idleRule",
      "display": "15%",
      "source": "summary.json s0FlagCalibration.idle_capital.rule"
    },
    {
      "id": "tvlFloor",
      "display": "$1M",
      "source": "summary.json s0FlagCalibration rules (tvl >= $1,000,000)"
    },
    {
      "id": "thinRule",
      "display": "95%",
      "source": "summary.json s0FlagCalibration.exit_liquidity_thin.rule"
    },
    {
      "id": "rewardRule",
      "display": "half",
      "source": "summary.json s0FlagCalibration.reward_dependent.rule (real_yield_share < 0.5)",
      "word": true
    },
    {
      "id": "rewardAprFloor",
      "display": "1%",
      "source": "summary.json s0FlagCalibration.reward_dependent.rule (net_apr >= 0.01)"
    },
    {
      "id": "rdCount",
      "display": "6",
      "source": "summary.json s0FlagCalibration.reward_dependent.poolsFlagged",
      "alt": ["six"]
    },
    {
      "id": "rdTvl",
      "display": "$648.4M",
      "source": "summary.json s0FlagCalibration.reward_dependent.tvlFlaggedUsd"
    },
    {
      "id": "rdShare",
      "display": "1.6%",
      "source": "summary.json s0FlagCalibration.reward_dependent.shareOfRysKnown"
    },
    {
      "id": "thinCount",
      "display": "16",
      "source": "summary.json s0FlagCalibration.exit_liquidity_thin.poolsFlagged",
      "alt": ["sixteen"]
    },
    {
      "id": "thinTvl",
      "display": "$434.7M",
      "source": "summary.json s0FlagCalibration.exit_liquidity_thin.tvlFlaggedUsd"
    },
    {
      "id": "thinShare",
      "display": "3.8%",
      "source": "summary.json s0FlagCalibration.exit_liquidity_thin.shareOfMeasurable"
    },
    {
      "id": "utilMedian",
      "display": "86.3%",
      "source": "summary.json s0FlagCalibration.idle_capital.distribution.median"
    },
    {
      "id": "warnBand",
      "display": "110%",
      "source": "summary.json dataQuality.utilizationWarnBand"
    },
    {
      "id": "warnCount",
      "display": "4",
      "source": "summary.json dataQuality.utilizationWarnCount",
      "alt": ["four"]
    },
    {
      "id": "nullAaveEthCount",
      "display": "58",
      "source": "summary.json nullUtilization.topBuckets[aave/Ethereum].nullCount"
    },
    {
      "id": "nullAaveEthTvl",
      "display": "$18.99B",
      "source": "summary.json nullUtilization.topBuckets[aave/Ethereum].nullTvlUsd"
    },
    {
      "id": "nullSparkEthCount",
      "display": "6",
      "source": "summary.json nullUtilization.topBuckets[spark/Ethereum].nullCount"
    },
    {
      "id": "nullSparkEthTotal",
      "display": "20",
      "source": "summary.json nullUtilization.topBuckets[spark/Ethereum].totalCount"
    },
    {
      "id": "nullSparkEthTvl",
      "display": "$7.06B",
      "source": "summary.json nullUtilization.topBuckets[spark/Ethereum].nullTvlUsd"
    },
    { "id": "nullTotalCount", "display": "100", "source": "summary.json nullUtilization.vaults" },
    { "id": "nullTotalTvl", "display": "$26.45B", "source": "summary.json nullUtilization.tvlUsd" },
    {
      "id": "xcMatched",
      "display": "123",
      "source": "summary.json defillamaCrossCheck.matchedRows"
    },
    {
      "id": "xcRate",
      "display": "23.5%",
      "source": "summary.json defillamaCrossCheck.matchRateByCount"
    },
    {
      "id": "xcBoth",
      "display": "75",
      "source": "summary.json defillamaCrossCheck.bothMeasuredRows"
    },
    {
      "id": "xcDiff",
      "display": "0.0001",
      "source": "summary.json defillamaCrossCheck.medianAbsUtilDiff",
      "formula": "0.000003 < 0.0001"
    },
    { "id": "proto.aave.pools", "display": "156", "source": "summary.json byProtocol.aave.pools" },
    {
      "id": "proto.aave.measured",
      "display": "93",
      "source": "summary.json byProtocol.aave.measurable"
    },
    {
      "id": "proto.aave.median",
      "display": "7.0%",
      "source": "summary.json byProtocol.aave.medianUtilization"
    },
    {
      "id": "proto.aave.tvl",
      "display": "$23.10B",
      "source": "summary.json byProtocol.aave.tvlUsd"
    },
    {
      "id": "proto.aave-v4.pools",
      "display": "29",
      "source": "summary.json byProtocol.aave-v4.pools"
    },
    {
      "id": "proto.aave-v4.measured",
      "display": "29",
      "source": "summary.json byProtocol.aave-v4.measurable"
    },
    {
      "id": "proto.aave-v4.median",
      "display": "0.3%",
      "source": "summary.json byProtocol.aave-v4.medianUtilization"
    },
    {
      "id": "proto.aave-v4.tvl",
      "display": "$274.8M",
      "source": "summary.json byProtocol.aave-v4.tvlUsd"
    },
    {
      "id": "proto.compound.pools",
      "display": "8",
      "source": "summary.json byProtocol.compound.pools"
    },
    {
      "id": "proto.compound.measured",
      "display": "7",
      "source": "summary.json byProtocol.compound.measurable"
    },
    {
      "id": "proto.compound.median",
      "display": "73.2%",
      "source": "summary.json byProtocol.compound.medianUtilization"
    },
    {
      "id": "proto.compound.tvl",
      "display": "$574.3M",
      "source": "summary.json byProtocol.compound.tvlUsd"
    },
    {
      "id": "proto.morpho.pools",
      "display": "308",
      "source": "summary.json byProtocol.morpho.pools"
    },
    {
      "id": "proto.morpho.measured",
      "display": "281",
      "source": "summary.json byProtocol.morpho.measurable"
    },
    {
      "id": "proto.morpho.median",
      "display": "88.7%",
      "source": "summary.json byProtocol.morpho.medianUtilization"
    },
    {
      "id": "proto.morpho.tvl",
      "display": "$4.12B",
      "source": "summary.json byProtocol.morpho.tvlUsd"
    },
    { "id": "proto.spark.pools", "display": "23", "source": "summary.json byProtocol.spark.pools" },
    {
      "id": "proto.spark.measured",
      "display": "14",
      "source": "summary.json byProtocol.spark.measurable"
    },
    {
      "id": "proto.spark.median",
      "display": "1.3%",
      "source": "summary.json byProtocol.spark.medianUtilization"
    },
    {
      "id": "proto.spark.tvl",
      "display": "$12.46B",
      "source": "summary.json byProtocol.spark.tvlUsd"
    },
    {
      "id": "idleStable.0.tvl",
      "display": "$264.9M",
      "source": "summary.json headline.idleStableConstituents[0].tvlUsd"
    },
    {
      "id": "idleStable.0.util",
      "display": "0.0%",
      "source": "summary.json headline.idleStableConstituents[0].utilization"
    },
    {
      "id": "idleStable.1.tvl",
      "display": "$100.0M",
      "source": "summary.json headline.idleStableConstituents[1].tvlUsd"
    },
    {
      "id": "idleStable.1.util",
      "display": "6.9%",
      "source": "summary.json headline.idleStableConstituents[1].utilization"
    },
    {
      "id": "idleStable.2.tvl",
      "display": "$4.0M",
      "source": "summary.json headline.idleStableConstituents[2].tvlUsd"
    },
    {
      "id": "idleStable.2.util",
      "display": "0.0%",
      "source": "summary.json headline.idleStableConstituents[2].utilization"
    },
    {
      "id": "idleStable.3.tvl",
      "display": "$3.7M",
      "source": "summary.json headline.idleStableConstituents[3].tvlUsd"
    },
    {
      "id": "idleStable.3.util",
      "display": "0.0%",
      "source": "summary.json headline.idleStableConstituents[3].utilization"
    },
    {
      "id": "idleStable.4.tvl",
      "display": "$3.3M",
      "source": "summary.json headline.idleStableConstituents[4].tvlUsd"
    },
    {
      "id": "idleStable.4.util",
      "display": "0.0%",
      "source": "summary.json headline.idleStableConstituents[4].utilization"
    },
    {
      "id": "idleStable.5.tvl",
      "display": "$1.9M",
      "source": "summary.json headline.idleStableConstituents[5].tvlUsd"
    },
    {
      "id": "idleStable.5.util",
      "display": "13.6%",
      "source": "summary.json headline.idleStableConstituents[5].utilization"
    },
    { "id": "lockup.1.tvl", "display": "$2.20B", "source": "vanity_offenders.csv rank 1 tvlUsd" },
    {
      "id": "lockup.1.util",
      "display": "0.0%",
      "source": "vanity_offenders.csv rank 1 utilization"
    },
    {
      "id": "lockup.1.loans",
      "display": "$8K",
      "source": "vanity_offenders.csv rank 1 activeLoansUsd"
    },
    { "id": "lockup.2.tvl", "display": "$264.9M", "source": "vanity_offenders.csv rank 2 tvlUsd" },
    {
      "id": "lockup.2.util",
      "display": "0.0%",
      "source": "vanity_offenders.csv rank 2 utilization"
    },
    {
      "id": "lockup.2.loans",
      "display": "$0",
      "source": "vanity_offenders.csv rank 2 activeLoansUsd"
    },
    { "id": "lockup.3.tvl", "display": "$246.2M", "source": "vanity_offenders.csv rank 3 tvlUsd" },
    {
      "id": "lockup.3.util",
      "display": "0.0%",
      "source": "vanity_offenders.csv rank 3 utilization"
    },
    {
      "id": "lockup.3.loans",
      "display": "$0",
      "source": "vanity_offenders.csv rank 3 activeLoansUsd"
    },
    { "id": "lockup.4.tvl", "display": "$213.2M", "source": "vanity_offenders.csv rank 4 tvlUsd" },
    {
      "id": "lockup.4.util",
      "display": "0.0%",
      "source": "vanity_offenders.csv rank 4 utilization"
    },
    {
      "id": "lockup.4.loans",
      "display": "$0",
      "source": "vanity_offenders.csv rank 4 activeLoansUsd"
    },
    { "id": "lockup.5.tvl", "display": "$184.4M", "source": "vanity_offenders.csv rank 5 tvlUsd" },
    {
      "id": "lockup.5.util",
      "display": "10.6%",
      "source": "vanity_offenders.csv rank 5 utilization"
    },
    {
      "id": "lockup.5.loans",
      "display": "$19.5M",
      "source": "vanity_offenders.csv rank 5 activeLoansUsd"
    },
    { "id": "lockup.6.tvl", "display": "$155.6M", "source": "vanity_offenders.csv rank 6 tvlUsd" },
    {
      "id": "lockup.6.util",
      "display": "0.2%",
      "source": "vanity_offenders.csv rank 6 utilization"
    },
    {
      "id": "lockup.6.loans",
      "display": "$268K",
      "source": "vanity_offenders.csv rank 6 activeLoansUsd"
    },
    { "id": "lockup.7.tvl", "display": "$151.4M", "source": "vanity_offenders.csv rank 7 tvlUsd" },
    {
      "id": "lockup.7.util",
      "display": "4.5%",
      "source": "vanity_offenders.csv rank 7 utilization"
    },
    {
      "id": "lockup.7.loans",
      "display": "$6.7M",
      "source": "vanity_offenders.csv rank 7 activeLoansUsd"
    },
    { "id": "lockup.8.tvl", "display": "$129.7M", "source": "vanity_offenders.csv rank 8 tvlUsd" },
    {
      "id": "lockup.8.util",
      "display": "3.2%",
      "source": "vanity_offenders.csv rank 8 utilization"
    },
    {
      "id": "lockup.8.loans",
      "display": "$4.1M",
      "source": "vanity_offenders.csv rank 8 activeLoansUsd"
    },
    { "id": "lockup.9.tvl", "display": "$122.3M", "source": "vanity_offenders.csv rank 9 tvlUsd" },
    {
      "id": "lockup.9.util",
      "display": "2.5%",
      "source": "vanity_offenders.csv rank 9 utilization"
    },
    {
      "id": "lockup.9.loans",
      "display": "$3.0M",
      "source": "vanity_offenders.csv rank 9 activeLoansUsd"
    },
    {
      "id": "lockup.10.tvl",
      "display": "$108.3M",
      "source": "vanity_offenders.csv rank 10 tvlUsd"
    },
    {
      "id": "lockup.10.util",
      "display": "0.0%",
      "source": "vanity_offenders.csv rank 10 utilization"
    },
    {
      "id": "lockup.10.loans",
      "display": "$0",
      "source": "vanity_offenders.csv rank 10 activeLoansUsd"
    },
    { "id": "lockupRank", "display": "1", "source": "vanity_offenders.csv rank" },
    {
      "id": "wstethRank",
      "display": "fourth",
      "source": "league_table_top50.csv rank (spark / Ethereum / wstETH = 4)",
      "word": true
    },
    {
      "id": "stableLent",
      "display": "79.0%",
      "source": "vaults.csv, derived (sum(activeLoansUsd) / sum(tvlUsd), stablecoin, utilKnown, tvl >= $1M)"
    },
    {
      "id": "otherLent",
      "display": "23.7%",
      "source": "vaults.csv, derived (sum(activeLoansUsd) / sum(tvlUsd), not stablecoin, utilKnown, tvl >= $1M)"
    },
    {
      "id": "otherMeasuredTvl",
      "display": "$6.28B",
      "source": "vaults.csv, derived (sum(tvlUsd), not stablecoin, utilKnown, tvl >= $1M)"
    },
    {
      "id": "rewardShare",
      "display": "3.7%",
      "source": "vaults.csv, derived (sum(tvl * max(0, headlineApy - apyBase)) / sum(tvl * headlineApy), all vaults)"
    },
    {
      "id": "yieldVaults",
      "display": "524",
      "source": "vaults.csv, derived (vaults with headline and base APR)"
    },
    {
      "id": "rdAllMorpho",
      "display": "all six",
      "source": "vaults.csv, derived (reward_dependent rows, protocol = morpho for every row)",
      "word": true
    },
    {
      "id": "rd.0.tvl",
      "display": "$327.9M",
      "source": "vaults.csv, derived (reward_dependent rank 1, PYUSD tvlUsd)"
    },
    {
      "id": "rd.0.rys",
      "display": "39.1%",
      "source": "vaults.csv, derived (reward_dependent rank 1, PYUSD realYieldShare)"
    },
    {
      "id": "rd.0.util",
      "display": "84.7%",
      "source": "vaults.csv, derived (reward_dependent rank 1, PYUSD utilization)"
    },
    {
      "id": "rd.1.tvl",
      "display": "$266.7M",
      "source": "vaults.csv, derived (reward_dependent rank 2, RLUSD tvlUsd)"
    },
    {
      "id": "rd.1.rys",
      "display": "40.3%",
      "source": "vaults.csv, derived (reward_dependent rank 2, RLUSD realYieldShare)"
    },
    {
      "id": "rd.1.util",
      "display": "82.5%",
      "source": "vaults.csv, derived (reward_dependent rank 2, RLUSD utilization)"
    },
    {
      "id": "rdTop2Tvl",
      "display": "$594.6M",
      "source": "vaults.csv, derived (sum of the two largest reward_dependent tvlUsd)"
    },
    {
      "id": "idleRdCount",
      "display": "one",
      "source": "vaults.csv, derived (reward_dependent rows with utilization < 0.15)",
      "word": true
    },
    {
      "id": "idleRdTvl",
      "display": "$5.2M",
      "source": "vaults.csv, derived (idle and reward_dependent, tGBP tvlUsd)"
    },
    {
      "id": "idleRdSymbol",
      "display": "tGBP",
      "source": "vaults.csv, derived (idle and reward_dependent symbol)",
      "word": true
    },
    {
      "id": "thinTopTvl",
      "display": "$394.1M",
      "source": "vaults.csv, derived (largest exit_liquidity_thin row (spark Ethereum USDT) tvlUsd)"
    },
    {
      "id": "thinTopUtil",
      "display": "96.0%",
      "source": "vaults.csv, derived (largest exit_liquidity_thin row utilization)"
    },
    {
      "id": "top20BaseOnly",
      "display": "Nineteen",
      "source": "vaults.csv, derived (top 20 by tvlUsd minus the rows with headlineApy - apyBase > 0.00005)",
      "word": true
    },
    {
      "id": "top20Measured",
      "display": "9",
      "source": "vaults.csv, derived (top 20 by tvlUsd with utilKnown)",
      "alt": ["nine"]
    },
    {
      "id": "top20Zero",
      "display": "6",
      "source": "vaults.csv, derived (top 20 by tvlUsd with headlineApy < 0.0001)",
      "alt": ["six"]
    },
    {
      "id": "top20ZeroLine",
      "display": "0.01%",
      "source": "vaults.csv, derived (the headlineApy < 0.0001 cut used for top20Zero)"
    },
    {
      "id": "top20RewardPts",
      "display": "0.10",
      "source": "vaults.csv, derived (top-20 reward row, (headlineApy - apyBase) in percentage points)"
    },
    {
      "id": "top20RewardHeadline",
      "display": "3.33%",
      "source": "vaults.csv, derived (top-20 reward row headlineApy)"
    },
    {
      "id": "top20Tvl",
      "display": "$29.35B",
      "source": "vaults.csv, derived (sum(tvlUsd), top 20 by tvlUsd)"
    },
    {
      "id": "top20.1.tvl",
      "display": "$5.68B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 1, spark Ethereum USDS, tvlUsd)"
    },
    {
      "id": "top20.1.headline",
      "display": "3.60%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 1, spark Ethereum USDS, headlineApy)"
    },
    {
      "id": "top20.2.tvl",
      "display": "$3.62B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 2, aave Ethereum WETH, tvlUsd)"
    },
    {
      "id": "top20.2.headline",
      "display": "1.36%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 2, aave Ethereum WETH, headlineApy)"
    },
    {
      "id": "top20.3.tvl",
      "display": "$2.77B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 3, aave Ethereum USDT, tvlUsd)"
    },
    {
      "id": "top20.3.headline",
      "display": "2.48%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 3, aave Ethereum USDT, headlineApy)"
    },
    {
      "id": "top20.4.tvl",
      "display": "$2.20B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 4, spark Ethereum wstETH, tvlUsd)"
    },
    {
      "id": "top20.4.headline",
      "display": "under 0.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 4, spark Ethereum wstETH, headlineApy)"
    },
    {
      "id": "top20.5.tvl",
      "display": "$2.13B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 5, aave Ethereum USDC, tvlUsd)"
    },
    {
      "id": "top20.5.headline",
      "display": "3.28%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 5, aave Ethereum USDC, headlineApy)"
    },
    {
      "id": "top20.6.tvl",
      "display": "$2.10B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 6, aave Ethereum WBTC, tvlUsd)"
    },
    {
      "id": "top20.6.headline",
      "display": "under 0.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 6, aave Ethereum WBTC, headlineApy)"
    },
    {
      "id": "top20.7.tvl",
      "display": "$1.92B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 7, aave Ethereum weETH, tvlUsd)"
    },
    {
      "id": "top20.7.headline",
      "display": "under 0.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 7, aave Ethereum weETH, headlineApy)"
    },
    {
      "id": "top20.8.tvl",
      "display": "$1.82B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 8, aave Ethereum wstETH, tvlUsd)"
    },
    {
      "id": "top20.8.headline",
      "display": "under 0.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 8, aave Ethereum wstETH, headlineApy)"
    },
    {
      "id": "top20.9.tvl",
      "display": "$1.26B",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 9, aave Ethereum cbBTC, tvlUsd)"
    },
    {
      "id": "top20.9.headline",
      "display": "under 0.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 9, aave Ethereum cbBTC, headlineApy)"
    },
    {
      "id": "top20.10.tvl",
      "display": "$942.6M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 10, spark Ethereum WETH, tvlUsd)"
    },
    {
      "id": "top20.10.headline",
      "display": "1.53%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 10, spark Ethereum WETH, headlineApy)"
    },
    {
      "id": "top20.11.tvl",
      "display": "$759.0M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 11, aave Ethereum rsETH, tvlUsd)"
    },
    {
      "id": "top20.11.headline",
      "display": "under 0.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 11, aave Ethereum rsETH, headlineApy)"
    },
    {
      "id": "top20.12.tvl",
      "display": "$758.1M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 12, aave Plasma USDT0, tvlUsd)"
    },
    {
      "id": "top20.12.headline",
      "display": "3.55%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 12, aave Plasma USDT0, headlineApy)"
    },
    {
      "id": "top20.13.tvl",
      "display": "$578.1M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 13, spark Ethereum USDS, tvlUsd)"
    },
    {
      "id": "top20.13.headline",
      "display": "2.20%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 13, spark Ethereum USDS, headlineApy)"
    },
    {
      "id": "top20.14.tvl",
      "display": "$527.3M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 14, aave Ethereum USDe, tvlUsd)"
    },
    {
      "id": "top20.14.headline",
      "display": "1.17%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 14, aave Ethereum USDe, headlineApy)"
    },
    {
      "id": "top20.15.tvl",
      "display": "$429.6M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 15, spark Ethereum USDT, tvlUsd)"
    },
    {
      "id": "top20.15.headline",
      "display": "2.75%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 15, spark Ethereum USDT, headlineApy)"
    },
    {
      "id": "top20.16.tvl",
      "display": "$424.6M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 16, morpho Base USDC, tvlUsd)"
    },
    {
      "id": "top20.16.headline",
      "display": "4.29%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 16, morpho Base USDC, headlineApy)"
    },
    {
      "id": "top20.17.tvl",
      "display": "$394.1M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 17, spark Ethereum USDT, tvlUsd)"
    },
    {
      "id": "top20.17.headline",
      "display": "6.06%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 17, spark Ethereum USDT, headlineApy)"
    },
    {
      "id": "top20.18.tvl",
      "display": "$364.7M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 18, morpho Base USDC, tvlUsd)"
    },
    {
      "id": "top20.18.headline",
      "display": "4.29%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 18, morpho Base USDC, headlineApy)"
    },
    {
      "id": "top20.19.tvl",
      "display": "$336.1M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 19, aave Plasma USDe, tvlUsd)"
    },
    {
      "id": "top20.19.headline",
      "display": "1.01%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 19, aave Plasma USDe, headlineApy)"
    },
    {
      "id": "top20.20.tvl",
      "display": "$335.7M",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 20, compound Ethereum USDC, tvlUsd)"
    },
    {
      "id": "top20.20.headline",
      "display": "3.33%",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rank 20, compound Ethereum USDC, headlineApy)"
    },
    {
      "id": "fee.aave.reserve_factor.vaults",
      "display": "93",
      "source": "vaults.csv, derived (count, protocol = aave, feeType = reserve_factor)"
    },
    {
      "id": "fee.aave.reserve_factor.tvl",
      "display": "$4.05B",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = aave, feeType = reserve_factor)"
    },
    {
      "id": "fee.aave.none.vaults",
      "display": "63",
      "source": "vaults.csv, derived (count, protocol = aave, feeType = empty)"
    },
    {
      "id": "fee.aave.none.tvl",
      "display": "$19.05B",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = aave, feeType = empty)"
    },
    {
      "id": "fee.aave-v4.liquidity_fee.vaults",
      "display": "29",
      "source": "vaults.csv, derived (count, protocol = aave-v4, feeType = liquidity_fee)"
    },
    {
      "id": "fee.aave-v4.liquidity_fee.tvl",
      "display": "$274.8M",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = aave-v4, feeType = liquidity_fee)"
    },
    {
      "id": "fee.spark.reserve_factor.vaults",
      "display": "14",
      "source": "vaults.csv, derived (count, protocol = spark, feeType = reserve_factor)"
    },
    {
      "id": "fee.spark.reserve_factor.tvl",
      "display": "$5.11B",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = spark, feeType = reserve_factor)"
    },
    {
      "id": "fee.spark.none.vaults",
      "display": "9",
      "source": "vaults.csv, derived (count, protocol = spark, feeType = empty)"
    },
    {
      "id": "fee.spark.none.tvl",
      "display": "$7.35B",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = spark, feeType = empty)"
    },
    {
      "id": "fee.compound.none.vaults",
      "display": "8",
      "source": "vaults.csv, derived (count, protocol = compound, feeType = empty)"
    },
    {
      "id": "fee.compound.none.tvl",
      "display": "$574.3M",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = compound, feeType = empty)"
    },
    {
      "id": "fee.morpho.performance_fee.vaults",
      "display": "308",
      "source": "vaults.csv, derived (count, protocol = morpho, feeType = performance_fee)"
    },
    {
      "id": "fee.morpho.performance_fee.tvl",
      "display": "$4.12B",
      "source": "vaults.csv, derived (sum(tvlUsd), protocol = morpho, feeType = performance_fee)"
    },
    {
      "id": "aaveNoFeeEthereum",
      "display": "58",
      "source": "vaults.csv, derived (aave rows with empty feeType on Ethereum)"
    },
    {
      "id": "aaveNoFeeElsewhere",
      "display": "5",
      "source": "vaults.csv, derived (aave rows with empty feeType off Ethereum)",
      "alt": ["five"]
    },
    {
      "id": "sparkNoFeeSavings",
      "display": "nine",
      "source": "provenance.json nameFacts.sparkVaultsWithoutFeeType (all savings vaults)",
      "word": true
    },
    {
      "id": "compound.Ethereum.USDC.tvl",
      "display": "$335.7M",
      "source": "vaults.csv, derived (compound Ethereum USDC tvlUsd)"
    },
    {
      "id": "compound.Ethereum.USDC.util",
      "display": "89.6%",
      "source": "vaults.csv, derived (compound Ethereum USDC utilization)"
    },
    {
      "id": "compound.Ethereum.USDC.supply",
      "display": "3.23%",
      "source": "vaults.csv, derived (compound Ethereum USDC apyBase)"
    },
    {
      "id": "compound.Ethereum.USDC.borrow",
      "display": "3.99%",
      "source": "vaults.csv, derived (compound Ethereum USDC borrowApr)"
    },
    {
      "id": "compound.Ethereum.USDC.spread",
      "display": "9.8%",
      "source": "vaults.csv, derived (compound Ethereum USDC impliedSpread)"
    },
    {
      "id": "compound.Ethereum.USDT.tvl",
      "display": "$192.0M",
      "source": "vaults.csv, derived (compound Ethereum USDT tvlUsd)"
    },
    {
      "id": "compound.Ethereum.USDT.util",
      "display": "77.3%",
      "source": "vaults.csv, derived (compound Ethereum USDT utilization)"
    },
    {
      "id": "compound.Ethereum.USDT.supply",
      "display": "2.78%",
      "source": "vaults.csv, derived (compound Ethereum USDT apyBase)"
    },
    {
      "id": "compound.Ethereum.USDT.borrow",
      "display": "3.65%",
      "source": "vaults.csv, derived (compound Ethereum USDT borrowApr)"
    },
    {
      "id": "compound.Ethereum.USDT.spread",
      "display": "1.3%",
      "source": "vaults.csv, derived (compound Ethereum USDT impliedSpread)"
    },
    {
      "id": "compound.Arbitrum.USD₮0.tvl",
      "display": "$19.7M",
      "source": "vaults.csv, derived (compound Arbitrum USD₮0 tvlUsd)"
    },
    {
      "id": "compound.Arbitrum.USD₮0.util",
      "display": "53.7%",
      "source": "vaults.csv, derived (compound Arbitrum USD₮0 utilization)"
    },
    {
      "id": "compound.Arbitrum.USD₮0.supply",
      "display": "1.93%",
      "source": "vaults.csv, derived (compound Arbitrum USD₮0 apyBase)"
    },
    {
      "id": "compound.Arbitrum.USD₮0.borrow",
      "display": "2.99%",
      "source": "vaults.csv, derived (compound Arbitrum USD₮0 borrowApr)"
    },
    {
      "id": "compound.Arbitrum.USD₮0.spread",
      "display": "0.0%",
      "source": "vaults.csv, derived (compound Arbitrum USD₮0 impliedSpread)"
    },
    {
      "id": "compound.Arbitrum.USD₮0.rawSpread",
      "display": "−20.3%",
      "source": "vaults.csv, derived (compound Arbitrum USD₮0, 1 - apyBase / (borrowApr * utilization), before the floor)"
    },
    {
      "id": "compound.Arbitrum.USDC.tvl",
      "display": "$15.8M",
      "source": "vaults.csv, derived (compound Arbitrum USDC tvlUsd)"
    },
    {
      "id": "compound.Arbitrum.USDC.util",
      "display": "73.2%",
      "source": "vaults.csv, derived (compound Arbitrum USDC utilization)"
    },
    {
      "id": "compound.Arbitrum.USDC.supply",
      "display": "2.64%",
      "source": "vaults.csv, derived (compound Arbitrum USDC apyBase)"
    },
    {
      "id": "compound.Arbitrum.USDC.borrow",
      "display": "3.53%",
      "source": "vaults.csv, derived (compound Arbitrum USDC borrowApr)"
    },
    {
      "id": "compound.Arbitrum.USDC.spread",
      "display": "0.0%",
      "source": "vaults.csv, derived (compound Arbitrum USDC impliedSpread)"
    },
    {
      "id": "compound.Arbitrum.USDC.rawSpread",
      "display": "−1.9%",
      "source": "vaults.csv, derived (compound Arbitrum USDC, 1 - apyBase / (borrowApr * utilization), before the floor)"
    },
    {
      "id": "compound.Base.USDC.tvl",
      "display": "$8.3M",
      "source": "vaults.csv, derived (compound Base USDC tvlUsd)"
    },
    {
      "id": "compound.Base.USDC.supply",
      "display": "7.88%",
      "source": "vaults.csv, derived (compound Base USDC apyBase)"
    },
    {
      "id": "compound.Ethereum.USDS.tvl",
      "display": "$1.9M",
      "source": "vaults.csv, derived (compound Ethereum USDS tvlUsd)"
    },
    {
      "id": "compound.Ethereum.USDS.util",
      "display": "87.7%",
      "source": "vaults.csv, derived (compound Ethereum USDS utilization)"
    },
    {
      "id": "compound.Ethereum.USDS.supply",
      "display": "3.16%",
      "source": "vaults.csv, derived (compound Ethereum USDS apyBase)"
    },
    {
      "id": "compound.Ethereum.USDS.borrow",
      "display": "3.94%",
      "source": "vaults.csv, derived (compound Ethereum USDS borrowApr)"
    },
    {
      "id": "compound.Ethereum.USDS.spread",
      "display": "8.6%",
      "source": "vaults.csv, derived (compound Ethereum USDS impliedSpread)"
    },
    {
      "id": "compound.Base.USDS.tvl",
      "display": "$459K",
      "source": "vaults.csv, derived (compound Base USDS tvlUsd)"
    },
    {
      "id": "compound.Base.USDS.util",
      "display": "23.5%",
      "source": "vaults.csv, derived (compound Base USDS utilization)"
    },
    {
      "id": "compound.Base.USDS.supply",
      "display": "1.27%",
      "source": "vaults.csv, derived (compound Base USDS apyBase)"
    },
    {
      "id": "compound.Base.USDS.borrow",
      "display": "2.67%",
      "source": "vaults.csv, derived (compound Base USDS borrowApr)"
    },
    {
      "id": "compound.Base.USDS.spread",
      "display": "0.0%",
      "source": "vaults.csv, derived (compound Base USDS impliedSpread)"
    },
    {
      "id": "compound.Base.USDS.rawSpread",
      "display": "−102.0%",
      "source": "vaults.csv, derived (compound Base USDS, 1 - apyBase / (borrowApr * utilization), before the floor)"
    },
    {
      "id": "compound.Base.AERO.tvl",
      "display": "$360K",
      "source": "vaults.csv, derived (compound Base AERO tvlUsd)"
    },
    {
      "id": "compound.Base.AERO.util",
      "display": "29.9%",
      "source": "vaults.csv, derived (compound Base AERO utilization)"
    },
    {
      "id": "compound.Base.AERO.supply",
      "display": "1.19%",
      "source": "vaults.csv, derived (compound Base AERO apyBase)"
    },
    {
      "id": "compound.Base.AERO.borrow",
      "display": "3.18%",
      "source": "vaults.csv, derived (compound Base AERO borrowApr)"
    },
    {
      "id": "compound.Base.AERO.spread",
      "display": "0.0%",
      "source": "vaults.csv, derived (compound Base AERO impliedSpread)"
    },
    {
      "id": "compound.Base.AERO.rawSpread",
      "display": "−25.7%",
      "source": "vaults.csv, derived (compound Base AERO, 1 - apyBase / (borrowApr * utilization), before the floor)"
    },
    {
      "id": "compoundZeroSpread",
      "display": "4",
      "source": "vaults.csv, derived (compound rows whose impliedSpread is floored at 0)",
      "alt": ["four"]
    },
    {
      "id": "f1Plotted",
      "display": "388",
      "source": "vaults.csv, derived (utilKnown and tvlUsd >= $100K)"
    },
    {
      "id": "f1Left",
      "display": "36",
      "source": "vaults.csv, derived (utilKnown and tvlUsd < $100K)"
    },
    {
      "id": "f1Band",
      "display": "85",
      "source": "vaults.csv, derived (plotted with activeLoansUsd < $100K)"
    },
    { "id": "f1Floor", "display": "$100K", "source": "vaults.csv, derived (F1 axis floor)" },
    { "id": "f1Ceiling", "display": "$10.00B", "source": "vaults.csv, derived (F1 axis ceiling)" },
    {
      "id": "protocolCount",
      "display": "five",
      "source": "summary.json universe.protocols (length)"
    },
    {
      "id": "lockupTop",
      "display": "ten",
      "source": "vanity_offenders.csv, rows shown (rank 1 to 10)"
    },
    {
      "id": "lockupBtc",
      "display": "six",
      "source": "vanity_offenders.csv top 10, bitcoin tokens",
      "formula": "LBTC, WBTC, cbBTC, BTC.b"
    },
    {
      "id": "lockupEth",
      "display": "one",
      "source": "vanity_offenders.csv top 10, staked ether",
      "formula": "wstETH, weETH, rsETH"
    },
    {
      "id": "lockupDollar",
      "display": "three",
      "source": "vanity_offenders.csv top 10, dollar-linked",
      "formula": "sUSDe, syrupUSDT, PT-sUSDE-22OCT2026"
    },
    {
      "id": "lockupSusde",
      "display": "two",
      "source": "vanity_offenders.csv top 10, built on sUSDe",
      "formula": "sUSDe, PT-sUSDE-22OCT2026"
    },
    {
      "id": "top20Label",
      "display": "twenty",
      "source": "vaults.csv, derived (top 20 by tvlUsd, rows shown in Figure 2)"
    },
    {
      "id": "top20Twentieth",
      "display": "twentieth",
      "source": "vaults.csv, derived (rank 20 by tvlUsd is the one reward row)",
      "formula": "rank of the reward row = 20"
    },
    {
      "id": "top20ZeroAllCollateral",
      "display": "all six",
      "source": "vaults.csv, derived (top-20 rows with headlineApy < 0.0001, every symbol a staked-ether or bitcoin token)"
    },
    {
      "id": "wstethHeadline",
      "display": "0.01%",
      "source": "vaults.csv, derived (spark Ethereum wstETH headlineApy = 0 < 0.0001)"
    },
    {
      "id": "rysKnown",
      "display": "366",
      "source": "vaults.csv, derived (vaults with a non-null realYieldShare)",
      "formula": "6 / 366 = 0.0164"
    },
    {
      "id": "rdTop2Label",
      "display": "two",
      "source": "vaults.csv, derived (the two largest reward_dependent rows, both on Ethereum, over half the flagged TVL)"
    },
    {
      "id": "xcUnderFloor",
      "display": "55",
      "source": "vaults.csv, derived (both-measured cross-check rows with |utilization - crosscheckUtilLlama| < 0.0001)"
    },
    {
      "id": "xcWithinPp",
      "display": "74",
      "source": "vaults.csv, derived (both-measured cross-check rows with |utilization - crosscheckUtilLlama| < 0.01)"
    },
    {
      "id": "xcPpRule",
      "display": "one percentage point",
      "source": "vaults.csv, derived (the 0.01 cut used for xcWithinPp)",
      "word": true
    },
    {
      "id": "xcOutlier.tvl",
      "display": "$140.4M",
      "source": "vaults.csv, derived (the one row at or above the 0.01 cut, aave Arbitrum WETH tvlUsd)"
    },
    {
      "id": "xcOutlier.ours",
      "display": "77.3%",
      "source": "vaults.csv, derived (aave Arbitrum WETH utilization)"
    },
    {
      "id": "xcOutlier.llama",
      "display": "55.7%",
      "source": "vaults.csv, derived (aave Arbitrum WETH crosscheckUtilLlama)"
    },
    {
      "id": "xcOutlier.gap",
      "display": "21.6",
      "source": "vaults.csv, derived (aave Arbitrum WETH |utilization - crosscheckUtilLlama| in percentage points)"
    },
    {
      "id": "xcSharedSavings",
      "display": "five",
      "source": "provenance.json nameFacts.crosscheckSavingsVaultRows",
      "formula": "9 rows share 4 keys, all Spark; the savings vaults among them report no utilization"
    },
    {
      "id": "xcUniqueKeys",
      "display": "118",
      "source": "vaults.csv, derived (distinct (protocol, chain, symbol) keys with a DefiLlama value)"
    },
    {
      "id": "word.zero",
      "display": "zero",
      "source": "definition (zero utilization, a clamp or a floor at zero), not a measured value"
    },
    {
      "id": "word.half",
      "display": "half",
      "source": "figure legend, the middle half of vaults (the interquartile box), structural"
    },
    {
      "id": "ext.gudgeon.year",
      "display": "2020",
      "source": "bibliography gudgeon-2020-plf",
      "external": true
    },
    {
      "id": "ext.bis.year",
      "display": "2022",
      "source": "bibliography aramonte-2022-bis-defi-lending",
      "external": true
    },
    {
      "id": "ext.luo.year",
      "display": "2024",
      "source": "bibliography luo-2024-tvl",
      "external": true
    },
    {
      "id": "ext.galaxy.year",
      "display": "April 2025",
      "source": "bibliography galaxy-2025-crypto-lending",
      "external": true
    },
    {
      "id": "ext.galaxy.asOf",
      "display": "March 31, 2025",
      "source": "bibliography galaxy-2025-crypto-lending",
      "external": true
    },
    {
      "id": "ext.galaxy.utilization",
      "display": "41.45%",
      "source": "bibliography galaxy-2025-crypto-lending",
      "external": true
    }
  ],
  "tables": {
    "lockups": [
      {
        "rank": 1,
        "protocol": "Spark",
        "chain": "Ethereum",
        "symbol": "wstETH",
        "tvl": "$2.20B",
        "utilization": "0.0%",
        "activeLoans": "$8K",
        "stablecoinFlag": false
      },
      {
        "rank": 2,
        "protocol": "Aave",
        "chain": "Plasma",
        "symbol": "sUSDe",
        "tvl": "$264.9M",
        "utilization": "0.0%",
        "activeLoans": "$0",
        "stablecoinFlag": true
      },
      {
        "rank": 3,
        "protocol": "Aave",
        "chain": "Plasma",
        "symbol": "syrupUSDT",
        "tvl": "$246.2M",
        "utilization": "0.0%",
        "activeLoans": "$0",
        "stablecoinFlag": false
      },
      {
        "rank": 4,
        "protocol": "Spark",
        "chain": "Ethereum",
        "symbol": "LBTC",
        "tvl": "$213.2M",
        "utilization": "0.0%",
        "activeLoans": "$0",
        "stablecoinFlag": false
      },
      {
        "rank": 5,
        "protocol": "Aave",
        "chain": "Arbitrum",
        "symbol": "WBTC",
        "tvl": "$184.4M",
        "utilization": "10.6%",
        "activeLoans": "$19.5M",
        "stablecoinFlag": false
      },
      {
        "rank": 6,
        "protocol": "Spark",
        "chain": "Ethereum",
        "symbol": "WBTC",
        "tvl": "$155.6M",
        "utilization": "0.2%",
        "activeLoans": "$268K",
        "stablecoinFlag": false
      },
      {
        "rank": 7,
        "protocol": "Aave",
        "chain": "Base",
        "symbol": "cbBTC",
        "tvl": "$151.4M",
        "utilization": "4.5%",
        "activeLoans": "$6.7M",
        "stablecoinFlag": false
      },
      {
        "rank": 8,
        "protocol": "Aave",
        "chain": "Avalanche",
        "symbol": "BTC.b",
        "tvl": "$129.7M",
        "utilization": "3.2%",
        "activeLoans": "$4.1M",
        "stablecoinFlag": false
      },
      {
        "rank": 9,
        "protocol": "Spark",
        "chain": "Ethereum",
        "symbol": "cbBTC",
        "tvl": "$122.3M",
        "utilization": "2.5%",
        "activeLoans": "$3.0M",
        "stablecoinFlag": false
      },
      {
        "rank": 10,
        "protocol": "Aave",
        "chain": "Plasma",
        "symbol": "PT-sUSDE-22OCT2026",
        "tvl": "$108.3M",
        "utilization": "0.0%",
        "activeLoans": "$0",
        "stablecoinFlag": false
      }
    ],
    "idleStable": [
      {
        "protocol": "Aave",
        "chain": "Plasma",
        "symbol": "sUSDe",
        "tvl": "$264.9M",
        "utilization": "0.0%"
      },
      {
        "protocol": "Spark",
        "chain": "Ethereum",
        "symbol": "PYUSD",
        "tvl": "$100.0M",
        "utilization": "6.9%"
      },
      {
        "protocol": "Aave",
        "chain": "Monad",
        "symbol": "sUSDe",
        "tvl": "$4.0M",
        "utilization": "0.0%"
      },
      {
        "protocol": "Aave V4",
        "chain": "Ethereum",
        "symbol": "sUSDe",
        "tvl": "$3.7M",
        "utilization": "0.0%"
      },
      {
        "protocol": "Spark",
        "chain": "Ethereum",
        "symbol": "sUSDS",
        "tvl": "$3.3M",
        "utilization": "0.0%"
      },
      {
        "protocol": "Aave",
        "chain": "Polygon",
        "symbol": "EURS",
        "tvl": "$1.9M",
        "utilization": "13.6%"
      }
    ],
    "feeTable": [
      {
        "protocolKey": "aave",
        "protocol": "Aave",
        "feeType": "reserve_factor",
        "feeTypeLabel": "Reserve factor",
        "vaults": 93,
        "tvl": "$4.05B"
      },
      {
        "protocolKey": "aave",
        "protocol": "Aave",
        "feeType": null,
        "feeTypeLabel": "None reported",
        "vaults": 63,
        "tvl": "$19.05B"
      },
      {
        "protocolKey": "aave-v4",
        "protocol": "Aave V4",
        "feeType": "liquidity_fee",
        "feeTypeLabel": "Liquidity fee",
        "vaults": 29,
        "tvl": "$274.8M"
      },
      {
        "protocolKey": "spark",
        "protocol": "Spark",
        "feeType": "reserve_factor",
        "feeTypeLabel": "Reserve factor",
        "vaults": 14,
        "tvl": "$5.11B"
      },
      {
        "protocolKey": "spark",
        "protocol": "Spark",
        "feeType": null,
        "feeTypeLabel": "None reported",
        "vaults": 9,
        "tvl": "$7.35B"
      },
      {
        "protocolKey": "compound",
        "protocol": "Compound",
        "feeType": null,
        "feeTypeLabel": "None reported",
        "vaults": 8,
        "tvl": "$574.3M"
      },
      {
        "protocolKey": "morpho",
        "protocol": "Morpho",
        "feeType": "performance_fee",
        "feeTypeLabel": "Performance fee",
        "vaults": 308,
        "tvl": "$4.12B"
      }
    ],
    "compoundSpread": [
      {
        "chain": "Ethereum",
        "symbol": "USDC",
        "tvl": 335669150.560376,
        "tvlDisplay": "$335.7M",
        "utilization": 0.896304,
        "utilizationDisplay": "89.6%",
        "supplyApr": 0.032267,
        "supplyAprDisplay": "3.23%",
        "borrowApr": 0.039898,
        "borrowAprDisplay": "3.99%",
        "impliedSpread": 0.097689,
        "impliedSpreadDisplay": "9.8%",
        "rawSpread": 0.09769756682535902,
        "rawSpreadDisplay": "9.8%"
      },
      {
        "chain": "Ethereum",
        "symbol": "USDT",
        "tvl": 192018324.07701,
        "tvlDisplay": "$192.0M",
        "utilization": 0.773181,
        "utilizationDisplay": "77.3%",
        "supplyApr": 0.027835,
        "supplyAprDisplay": "2.78%",
        "borrowApr": 0.036477,
        "borrowAprDisplay": "3.65%",
        "impliedSpread": 0.013088,
        "impliedSpreadDisplay": "1.3%",
        "rawSpread": 0.013059572185835311,
        "rawSpreadDisplay": "1.3%"
      },
      {
        "chain": "Arbitrum",
        "symbol": "USD₮0",
        "tvl": 19723351.950728,
        "tvlDisplay": "$19.7M",
        "utilization": 0.537171,
        "utilizationDisplay": "53.7%",
        "supplyApr": 0.019338,
        "supplyAprDisplay": "1.93%",
        "borrowApr": 0.029922,
        "borrowAprDisplay": "2.99%",
        "impliedSpread": 0,
        "impliedSpreadDisplay": "0.0%",
        "rawSpread": -0.20311842756780085,
        "rawSpreadDisplay": "−20.3%"
      },
      {
        "chain": "Arbitrum",
        "symbol": "USDC",
        "tvl": 15847615.12676,
        "tvlDisplay": "$15.8M",
        "utilization": 0.73204,
        "utilizationDisplay": "73.2%",
        "supplyApr": 0.026353,
        "supplyAprDisplay": "2.64%",
        "borrowApr": 0.035335,
        "borrowAprDisplay": "3.53%",
        "impliedSpread": 0,
        "impliedSpreadDisplay": "0.0%",
        "rawSpread": -0.018802856656251254,
        "rawSpreadDisplay": "−1.9%"
      },
      {
        "chain": "Base",
        "symbol": "USDC",
        "tvl": 8323348.794608,
        "tvlDisplay": "$8.3M",
        "utilization": null,
        "utilizationDisplay": "not measured",
        "supplyApr": 0.078809,
        "supplyAprDisplay": "7.88%",
        "borrowApr": null,
        "borrowAprDisplay": "not reported",
        "impliedSpread": null,
        "impliedSpreadDisplay": "not computable",
        "rawSpread": null,
        "rawSpreadDisplay": null
      },
      {
        "chain": "Ethereum",
        "symbol": "USDS",
        "tvl": 1877863.897378,
        "tvlDisplay": "$1.9M",
        "utilization": 0.877382,
        "utilizationDisplay": "87.7%",
        "supplyApr": 0.031586,
        "supplyAprDisplay": "3.16%",
        "borrowApr": 0.039372,
        "borrowAprDisplay": "3.94%",
        "impliedSpread": 0.085643,
        "impliedSpreadDisplay": "8.6%",
        "rawSpread": 0.08563744135190932,
        "rawSpreadDisplay": "8.6%"
      },
      {
        "chain": "Base",
        "symbol": "USDS",
        "tvl": 459249.032054,
        "tvlDisplay": "$459K",
        "utilization": 0.23459,
        "utilizationDisplay": "23.5%",
        "supplyApr": 0.012668,
        "supplyAprDisplay": "1.27%",
        "borrowApr": 0.026729,
        "borrowAprDisplay": "2.67%",
        "impliedSpread": 0,
        "impliedSpreadDisplay": "0.0%",
        "rawSpread": -1.020299928387959,
        "rawSpreadDisplay": "−102.0%"
      },
      {
        "chain": "Base",
        "symbol": "AERO",
        "tvl": 359783.004137,
        "tvlDisplay": "$360K",
        "utilization": 0.298667,
        "utilizationDisplay": "29.9%",
        "supplyApr": 0.011947,
        "supplyAprDisplay": "1.19%",
        "borrowApr": 0.031826,
        "borrowAprDisplay": "3.18%",
        "impliedSpread": 0,
        "impliedSpreadDisplay": "0.0%",
        "rawSpread": -0.25686770022546446,
        "rawSpreadDisplay": "−25.7%"
      }
    ],
    "rewardDependent": [
      {
        "protocol": "Morpho",
        "chain": "Ethereum",
        "symbol": "PYUSD",
        "tvl": "$327.9M",
        "realYieldShare": "39.1%",
        "utilization": "84.7%"
      },
      {
        "protocol": "Morpho",
        "chain": "Ethereum",
        "symbol": "RLUSD",
        "tvl": "$266.7M",
        "realYieldShare": "40.3%",
        "utilization": "82.5%"
      },
      {
        "protocol": "Morpho",
        "chain": "Ethereum",
        "symbol": "USDS",
        "tvl": "$41.8M",
        "realYieldShare": "9.5%",
        "utilization": "17.5%"
      },
      {
        "protocol": "Morpho",
        "chain": "Ethereum",
        "symbol": "tGBP",
        "tvl": "$5.2M",
        "realYieldShare": "1.7%",
        "utilization": "5.8%"
      },
      {
        "protocol": "Morpho",
        "chain": "Monad",
        "symbol": "USD1",
        "tvl": "$4.0M",
        "realYieldShare": "20.4%",
        "utilization": "90.0%"
      },
      {
        "protocol": "Morpho",
        "chain": "Base",
        "symbol": "USDC",
        "tvl": "$2.7M",
        "realYieldShare": "39.9%",
        "utilization": "75.0%"
      }
    ]
  }
}