BTC lending, visualized
On-chain BTC lending pays ~0% APY — and that is the truth, not a bug. BTC is barely borrowed on-chain (utilization ~2-6%), so the supply rate is near zero. We monitor it read-only and refuse to pretend otherwise.
The one picture
On-chain BTC yield ≈ 0 — and that's the truth
BTC supply APY (safe wrappers)
Not dressed up. The adapter band accepts 0-5%; anything above that on "safe" BTC lending is rejected as an anomaly.
Why so low: BTC is barely borrowed
A lender only earns on the borrowed fraction. If ~2-6% is borrowed, the yield is ~0. Stablecoins are borrowed eagerly (utilization in the tens of %) — that's why stables pay ~3–4% and BTC pays almost nothing.
What we do NOT do
We do not fabricate a BTC yield. We don't "find" an 8% BTC APY via points-restaking, we don't blend airdrops into the rate, and we don't show WBTC as safe. The honest ~0% is the whole point of this page.
What we monitor
Two safe wrappers — read-only
In BTC-DeFi the real risk is the wrapper (bridge / custody / governance of the wrapped token), not the APY. So we track exactly two: one decentralized, one regulated. Live figures come from the adapters (fail-closed).
tBTC Lending
APY (live)
~0%
TVL (live)
—
Status
ADVISORY
Threshold ECDSA signer group — no single party can move funds. Lowest wrapper SPOF.
cbBTC Lending
APY (live)
~0%
TVL (live)
—
Status
ADVISORY
Coinbase — a single US-regulated public company. Regulated, but single-entity custody.
source: static / offline · /api/adapters · APY may read 0% — expected & correct
Refusals — the honest risk reasons
What we excluded, and why
A higher advertised BTC "yield" almost always comes from a riskier wrapper. We refuse it by name.
Governance overhang: the BitGo → BiT Global custody transition + Coinbase delisting. Not held as primary collateral.
Restaking "extra" yield is points / airdrop-driven leverage on the bridge, not contractual yield. Rejected.
How we hold it
Read-only / advisory — the guardrails
| Property | Value | What it means |
|---|---|---|
| Domain | READ-ONLY | Feed only — never writes execution state, no allocate()/withdraw(). |
| Flag | IS_ADVISORY | Simulate / monitor. Never allocates live capital, never touches the go-live track. |
| Tier | T2 | Lending + wrapped-BTC bridge / custody risk. |
| APY band | 0% … 5% | 0% is a legitimate, expected read. >5% on "safe" BTC = anomaly → rejected. |
| TVL floor | ≥ $5M | Below this it is not considered (the same RiskPolicy floor). |
The bottom line, honestly
BTC is an exposure diversifier, not an on-chain yield source. As long as BTC is barely borrowed, the honest answer is ~0%. We show exactly that, and we frame BTC as a strategy we assess, not one we hold for yield.
Personal research project in paper validation — not investment advice, not a regulated service, not raising capital; results are simulated. Full disclaimer & risk disclosure →