On 4 September, wrapped-bitcoin lending sat at $8.12 billion of TVL across 11 protocols, 91% utilised. Aave leads. The rest of the pack follows at a distance. We hold the count. We do not hold a slogan.

Utilisation at 91% means the book is full, not that the trade is safe. A liquidation cascade on a $80,000 break is a different sentence. Friday’s tape tested that. We do not have a protocol-by-protocol liquidation tape for this sitting. We have a TVL and a ratio.

Wrapped, not native

This is not bitcoin on Layer 1 as collateral everywhere. It is wrapped bitcoin, with wrapper risk, bridge risk, oracle risk. Aave is a contract. It is not a vault in Zurich. See DeFi.

For a French reader MiCA does not bless this book. A wallet that deposits wrapped BTC is signing a contract, not buying an ETF share.

$8.12 billion, 91% used, Aave in front. A full book on a Friday that lost $80,000. Not a trophy.— The newsroom

What is held, what is not

  • Held: $8.12 billion TVL, 91% utilisation, 11 protocols, Aave first, as of 4 September.
  • Not held: that “Bitcoin DeFi won”. A safe yield. A liquidation-free book. A buy note on AAVE.

We will reread utilisation if bitcoin trends away from $80,000. A full book can empty. That is the product.

Sources: DeFiLlama / protocol dashboards as reported. Nothing here is investment advice.