{
  "experiment": "real-vs-vanity-money-markets",
  "linearIssue": "PHI-126",
  "source": "philidor",
  "phase": "phase-2",
  "phaseLabel": "PHASE 2 -- Philidor own-data run (published numbers)",
  "asOfDate": "2026-07-12",
  "dataSources": {
    "vaults": "https://api.philidor.io/v1/vaults",
    "stats": "https://api.philidor.io/v1/stats",
    "crossCheck": "https://yields.llama.fi/pools + https://yields.llama.fi/lendBorrow (labeled cross-check only)"
  },
  "universe": {
    "protocols": [
      "aave",
      "aave-v4",
      "compound",
      "morpho",
      "spark"
    ],
    "poolsInUniverse": 524,
    "totalTvlUsd": 40525095051.86
  },
  "coverage": {
    "poolsWithUtilization": 424,
    "matchRateByCount": 0.8092,
    "matchRateByTvl": 0.3474,
    "measurableTvlUsd": 14076948757.71,
    "note": "match rate = share of money-market vaults on our own API that carry a non-null utilization; the by-TVL gap is dominated by Aave Ethereum (pending) and savings vaults (utilization not applicable)."
  },
  "headline": {
    "activeLoansUsd": 7634877965.35,
    "weightedUtilization": 0.542367,
    "idlePoolsCount": 61,
    "idleTvlUsd": 4728218570.26,
    "idleShareOfMeasurable": 0.3359,
    "idleStableTvlUsd": 377662450.99,
    "idleCollateralTvlUsd": 4350556119.28,
    "stableMeasurableTvlUsd": 7750768917.74,
    "idleStableShareOfStable": 0.0487,
    "idleStableBasis": "is_stablecoin asset flag (not lending-intent filtered); includes yield-bearing collateral/savings stablecoins (e.g. sUSDe, sUSDS)",
    "idleStableConstituents": [
      {
        "protocol": "aave",
        "chain": "Plasma",
        "symbol": "sUSDe",
        "tvlUsd": 264891928.83,
        "utilization": 0.0
      },
      {
        "protocol": "spark",
        "chain": "Ethereum",
        "symbol": "PYUSD",
        "tvlUsd": 100000979.0,
        "utilization": 0.068729
      },
      {
        "protocol": "aave",
        "chain": "Monad",
        "symbol": "sUSDe",
        "tvlUsd": 3974619.4,
        "utilization": 0.0
      },
      {
        "protocol": "aave-v4",
        "chain": "Ethereum",
        "symbol": "sUSDe",
        "tvlUsd": 3657961.43,
        "utilization": 0.0
      },
      {
        "protocol": "spark",
        "chain": "Ethereum",
        "symbol": "sUSDS",
        "tvlUsd": 3284883.79,
        "utilization": 0.0
      },
      {
        "protocol": "aave",
        "chain": "Polygon",
        "symbol": "EURS",
        "tvlUsd": 1852078.52,
        "utilization": 0.135825
      }
    ]
  },
  "s0FlagCalibration": {
    "reward_dependent": {
      "rule": "real_yield_share < 0.5 AND net_apr >= 0.01 AND tvl >= $1,000,000",
      "poolsFlagged": 6,
      "tvlFlaggedUsd": 648433819.98,
      "shareOfRysKnown": 0.0164,
      "distribution": {
        "p10": 0.892026,
        "median": 1.0,
        "p90": 1.0,
        "mean": 0.957868
      }
    },
    "idle_capital": {
      "rule": "utilization < 0.15 AND tvl >= $1,000,000",
      "poolsFlagged": 61,
      "tvlFlaggedUsd": 4728218570.26,
      "shareOfMeasurable": 0.1439,
      "distribution": {
        "p10": 0.0,
        "median": 0.862708,
        "p90": 0.904678,
        "mean": 7.411171
      }
    },
    "exit_liquidity_thin": {
      "rule": "utilization > 0.95",
      "poolsFlagged": 16,
      "tvlFlaggedUsd": 434652376.04,
      "shareOfMeasurable": 0.0377
    }
  },
  "dataQuality": {
    "utilizationWarnBand": 1.1,
    "utilizationWarnCount": 4,
    "utilizationWarnWorst": [
      {
        "protocol": "morpho",
        "chain": "Monad",
        "symbol": "AUSD",
        "utilization": 2883.3637,
        "tvlUsd": 2.0
      },
      {
        "protocol": "morpho",
        "chain": "Ethereum",
        "symbol": "USDC",
        "utilization": 3.1597,
        "tvlUsd": 288355.67
      },
      {
        "protocol": "morpho",
        "chain": "Ethereum",
        "symbol": "USDC",
        "utilization": 1.3173,
        "tvlUsd": 17727943.9
      },
      {
        "protocol": "morpho",
        "chain": "Ethereum",
        "symbol": "USDC",
        "utilization": 1.1589,
        "tvlUsd": 7568675.24
      }
    ]
  },
  "nullUtilization": {
    "vaults": 100,
    "tvlUsd": 26448146294.15,
    "topBuckets": [
      {
        "protocol": "aave",
        "chain": "Ethereum",
        "nullCount": 58,
        "totalCount": 58,
        "nullTvlUsd": 18991592923.33
      },
      {
        "protocol": "spark",
        "chain": "Ethereum",
        "nullCount": 6,
        "totalCount": 20,
        "nullTvlUsd": 7063493437.3
      },
      {
        "protocol": "spark",
        "chain": "Arbitrum",
        "nullCount": 2,
        "totalCount": 2,
        "nullTvlUsd": 281342854.67
      },
      {
        "protocol": "aave",
        "chain": "Avalanche",
        "nullCount": 2,
        "totalCount": 13,
        "nullTvlUsd": 56368194.16
      },
      {
        "protocol": "morpho",
        "chain": "Ethereum",
        "nullCount": 7,
        "totalCount": 180,
        "nullTvlUsd": 27569681.69
      },
      {
        "protocol": "compound",
        "chain": "Base",
        "nullCount": 1,
        "totalCount": 3,
        "nullTvlUsd": 8323348.79
      }
    ]
  },
  "byProtocol": {
    "aave": {
      "pools": 156,
      "measurable": 93,
      "tvlUsd": 23097204583.73,
      "measurableTvlUsd": 4045922311.09,
      "medianUtilization": 0.069688
    },
    "aave-v4": {
      "pools": 29,
      "measurable": 29,
      "tvlUsd": 274759087.88,
      "measurableTvlUsd": 274759087.88,
      "medianUtilization": 0.003312
    },
    "compound": {
      "pools": 8,
      "measurable": 7,
      "tvlUsd": 574278686.44,
      "measurableTvlUsd": 565955337.65,
      "medianUtilization": 0.73204
    },
    "morpho": {
      "pools": 308,
      "measurable": 281,
      "tvlUsd": 4116057788.44,
      "measurableTvlUsd": 4079709717.25,
      "medianUtilization": 0.886901
    },
    "spark": {
      "pools": 23,
      "measurable": 14,
      "tvlUsd": 12462794905.37,
      "measurableTvlUsd": 5110602303.85,
      "medianUtilization": 0.013303
    }
  },
  "statsHeadline": {
    "source": "https://api.philidor.io/v1/stats",
    "activeLoansUsd": 7634752879.820278,
    "weightedUtilization": 0.5456871518850059,
    "totalTvl": 42685603000.90185,
    "totalVaults": 866,
    "note": "weightedUtilization and activeLoansUsd are computed by the API over the vaults that carry utilization; our per-vault rollup reconciles to within <1pp (see headline.weightedUtilization / headline.activeLoansUsd)."
  },
  "defillamaCrossCheck": {
    "scope": "reserve markets only (aave, spark, compound)",
    "matchedRows": 123,
    "matchRateByCount": 0.2347,
    "bothMeasuredRows": 75,
    "medianAbsUtilDiff": 3e-06,
    "note": "DefiLlama utilization matched to our vaults on (protocol, chain, asset symbol) for reserve markets; (protocol, chain, symbol) keys that resolve to >1 DefiLlama market are DROPPED as ambiguous rather than collapsed to one pool (PHI-138). Morpho and Aave V4 are excluded (a vault does not map to a single DefiLlama market / no v4 borrow split)."
  },
  "figures": [
    "figures/f1_tvl_vs_active_loans.png",
    "figures/f3_utilization_by_protocol.png"
  ]
}