Ask about Covenant
Logo of CovenantCovenant
Total Value Locked$39,405.04

TVL by Chain

Monad$39,405.04

Protocol 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).

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Category:Lending

Audits:

Methodology

TVL: Value of all assets in the covenant contractView code on GitHub

Competitors

Aave V3 ($17.358b)Morpho Blue ($9.665b)Euler V2 ($341.32m)Curvance ($140.6m)Gearbox ($22.18m)Neverland ($9.2m)Folks Finance xChain ($5.15m)Sumer.money ($1.27m)TownSquare Lending ($217,036.46)Peridot ($46,088.02)

Frequently Asked Questions

What is Covenant's TVL?

Covenant currently has $39,405.04 in total value locked. TVL has decreased 20.8% 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 #268 by TVL. The category holds $50.385b across 523 protocols, and Covenant accounts for <0.1% of that total. Other leading protocols include Aave V3, Morpho Blue, Euler V2, Curvance, Gearbox, Neverland, Folks Finance xChain, Sumer.money, TownSquare Lending, and Peridot.