Base Credit Markets Surge 31% as Outstanding Loans Reach $2.3B

On Sep 4, jessepollak spotlighted data from @HorinekPM indicating Base credit markets have expanded significantly over the past year. The dashboard tracks every floating-rate credit market on Base and reveals outstanding loans grew from approximately $1.7 billion to $2.3 billion — a 31% increase.

Utilization rates climbed from 58% to 75%, signaling that capital is being deployed more efficiently. @MorphoLabs more than doubled its deposits on Base, reaching $2.1 billion, while aave added 200 million in deposits since July, up 32% in two months.

USDC borrowing on Base doubled to $2.0 billion and is now 90% utilized. Loan demand is outpacing supply, with USD lenders earning 4.5% for supplying liquidity.

New asset classes are also emerging. Loans backed by @Ripple's cbXRP collateral went from zero to 45 million borrowed against 130 million posted. Similarly, mGLO — a token from @MidasRWA and @FasanaraDigital — jumped from zero in June to 25 million in posted collateral against 22 million borrowed.

The full dashboard is available on @Dune, providing real-time visibility into Base's rapidly growing onchain credit ecosystem.