Collateral Map
v0Tokenized credit is becoming collateral across DeFi lending protocols, but risk is still monitored venue by venue. The Collateral Map tracks a curated set of tokenized credit products to surface where leverage is building, which oracles and chains they depend on, and where NAV shocks could create simultaneous liquidation pressure across protocols.
v0 monitors 16 assets with curated and estimated data. Not a complete market view.
Overview
Watchlist
| Asset | Protocols | Chains | LTV | Liq. | Est. borrowed | Exposure | Watchlist | Confidence |
|---|---|---|---|---|---|---|---|---|
mF-ONE Midas | Morpho | Ethereum | 85% | 92% | $11.5M | $24.9M | High liquidation sensitivity | Verified |
ACRED / sACRED Securitize | MorphoKamino | EthereumSolanaAptosSeiInkAvalanchePolygon | 77% | -- | $0 | $114.3M | Emerging collateral use | Verified |
syrupUSDC Maple | MorphoKaminoAaveJupiter LendFluid | EthereumSolanaBaseArbitrum | 88% | 92% | $218.9M | $266.6M | High liquidation sensitivity | Verified |
Maple High Yield Secured Maple | Maple | Ethereum | -- | -- | $0 | $420.0M | Emerging collateral use | Estimated |
Goldfinch Senior Pool Goldfinch | Goldfinch | Ethereum | -- | -- | $0 | $58.5M | Insufficient transparency | Verified |
BUIDL BlackRock / Securitize | EthereumAvalancheSolanaAptosBSCOP MainnetArbitrumPolygon | -- | -- | $0 | $2.5B | Low observed leverage | Estimated | |
USTB Superstate | Aave Horizon | Ethereum | 75% | 80% | $18.0M | $25.0M | Cross-protocol exposure | Estimated |
USCC Superstate | Aave Horizon | EthereumSolana | 65% | 70% | $86.0M | $118.4M | Cross-protocol exposure | Estimated |
USYC Hashnote / Circle | Morpho | EthereumBSC | -- | 98% | $0 | $3.0B | Emerging collateral use | Estimated |
OUSG Ondo Finance | Flux Finance | EthereumXRPLSolanaMantleSuiArbitrumSei | 92% | 95% | $34.0M | $254.6M | Cross-protocol exposure | Estimated |
STAC Securitize | Ethereum | -- | -- | $0 | $102.0M | Emerging collateral use | Estimated | |
VBILL VanEck | Aave Horizon | EthereumBSCSolanaAvalanche | -- | -- | $4.6M | $6.3M | Emerging collateral use | Estimated |
mTBILL Midas | Morpho | Ethereum | -- | 97% | $0 | $0 | Low observed leverage | Estimated |
mBASIS Midas | Morpho | EthereumBase | -- | 86% | $0 | $29.0K | Emerging collateral use | Estimated |
Tokenized Treasury (Control) Illustrative | Morpho | Ethereum | 92% | 95% | $0 | $0 | Low observed leverage | Placeholder |
Pareto FalconX Pareto | Morpho | Ethereum | 77% | 77% | $45.0M | $49.7M | High liquidation sensitivity | Verified |
Exposure
Estimated borrowed-against by asset
Borrowed and collateral by protocol
NAV Shock Simulator
Directional screening tool. Estimates are based on available parameters and may not reflect actual liquidation behavior.
$11.5M
$24.9M
Baseline
$0
Morpho
This model is a directional screening tool. It estimates sensitivity based on available collateral parameters, estimated borrowed-against exposure, and NAV shock assumptions. It is not a liquidation prediction engine.
Dependency Map
Select an asset to trace its dependency chain from credit strategy through token wrapper, oracle, chain, lending protocol, and liquidation engine.
Methodology
The Collateral Map extends the altrntv assessment framework into ongoing observation of tokenized credit collateral across DeFi lending venues. It is not a ratings product, not investment advice, and not a prediction of liquidation outcomes. It is a risk visibility layer built on curated data.
What the monitor tracks
- Where tokenized credit products are accepted as collateral
- Estimated borrowed-against exposure per asset and protocol
- Oracle and NAV dependencies for collateral pricing
- Liquidation parameters and sensitivity to NAV shocks
- Cross-protocol exposure concentration
- Chain and bridge dependencies
What it does not track yet
- Real-time on-chain positions or wallet-level exposure
- Automated oracle feed monitoring
- Protocol governance proposal tracking
- Cross-chain bridge health monitoring
- Borrower-level credit risk assessment
- Secondary market liquidity depth
Why protocol-level risk is incomplete
Each lending protocol manages its own risk parameters. But when the same tokenized credit product is used as collateral across multiple venues, a single NAV decline can create liquidation pressure on all of them simultaneously. No individual protocol risk manager sees the aggregate picture. The Collateral Map surfaces that cross-protocol exposure.
Core risk dimensions
The first five dimensions are the altrntv assessment framework, applied during pre-deployment product assessment. The remaining five extend that framework into post-deployment collateral observation: where the product goes after it enters DeFi.
Watchlist categories
Data confidence labels
Data freshness
Morpho data is updated daily via API. Aave Horizon and Flux Finance figures are estimated from periodic manual review and may lag by up to a week. Assets without an active lending adapter are updated on a best-effort basis. All values carry a data confidence label indicating their source and reliability.