Ask about Covenant · freeProtocol Information
Covenant is a tranching layer on Monad that converts any tokenized asset intofully-backed leverage and yield markets. Each market mints two synthetictokens against the base collateral: a Yield Coin (fixed-rate, debt-side)and a Leverage Coin (levered exposure to the underlying).
Audits:
Methodology
TVL: Value of all assets in the covenant contractView code on GitHubCompetitors
Covenant history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from May 14, 2026 to Oct 28, 2026.
All-time high TVL: $54,056 on Aug 25, 2026. All-time low TVL: $23,905 on Jun 25, 2026.
Daily TVL, Sep 29, 2026 to Oct 28, 2026
| Date | TVL |
|---|---|
| Sep 29, 2026 | $31,430 |
| Sep 30, 2026 | $30,343 |
| Oct 1, 2026 | $32,754 |
| Oct 2, 2026 | $36,553 |
| Oct 3, 2026 | $36,832 |
| Oct 4, 2026 | $37,543 |
| Oct 5, 2026 | $39,139 |
| Oct 6, 2026 | $38,144 |
| Oct 7, 2026 | $38,351 |
| Oct 8, 2026 | $37,678 |
| Oct 9, 2026 | $40,323 |
| Oct 10, 2026 | $40,487 |
| Oct 11, 2026 | $40,894 |
| Oct 12, 2026 | $42,507 |
| Oct 13, 2026 | $41,145 |
| Oct 14, 2026 | $41,131 |
| Oct 15, 2026 | $40,861 |
| Oct 16, 2026 | $40,413 |
| Oct 17, 2026 | $40,385 |
| Oct 18, 2026 | $39,898 |
| Oct 19, 2026 | $39,722 |
| Oct 20, 2026 | $39,761 |
| Oct 21, 2026 | $41,310 |
| Oct 22, 2026 | $42,076 |
| Oct 23, 2026 | $41,733 |
| Oct 24, 2026 | $41,882 |
| Oct 25, 2026 | $41,855 |
| Oct 26, 2026 | $41,589 |
| Oct 27, 2026 | $41,588 |
| Oct 28, 2026 | $41,804 |
TVL at each month end, May 2026 to Oct 2026
| Date | TVL |
|---|---|
| May 31, 2026 | $34,424 |
| Jun 30, 2026 | $26,538 |
| Jul 31, 2026 | $49,448 |
| Aug 31, 2026 | $43,328 |
| Sep 30, 2026 | $30,343 |
| Oct 28, 2026 (latest) | $41,804 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/covenant
Frequently asked questions
What is Covenant's TVL?
As of Oct 28, 2026, Covenant has $41,584 in total value locked. TVL has increased 31.1% over the past 30 days.
What chains does Covenant operate on?
Covenant operates on Monad. Monad holds the largest share at 100%.
How does Covenant's TVL compare to similar protocols?
Among Lending protocols tracked by DefiLlama, Covenant ranks #258 by TVL. The category holds $52.169b across 518 protocols, and Covenant accounts for <0.1% of that total. Similar protocols include Aave V3, Morpho Blue, Euler V2, Curvance, Gearbox, Neverland, Folks Finance xChain, Sumer.money, TownSquare Lending, and Peridot.