Best of · Ethereum · Updated
The best CDPs on Ethereum in 2026
We track 41 CDPs that run on Ethereum and have reviewed 24 of them in full. Our top pick is Liquity V1. Each one is scored on security, ease of use, fees and features.
Ranked list
- 1
Liquity V1
CDPs · Ethereum
Liquity V1 lets you borrow LUSD against ETH without ongoing interest, but your collateral can be liquidated if its value falls too far. Check the current borrowing fee and frontend before connecting your wallet.
ScoreScore 7.0 out of 10TVL $156M−1.2% - 2
Liquity
CDPs · Ethereum
Liquity V2 lets you borrow BOLD against ETH or staked-ETH tokens at a rate you choose. It is non-custodial and immutable, but you must use an independent frontend and manage liquidation risk yourself.
ScoreScore 6.8 out of 10TVL — - 3
Liquity V2
CDPs · Ethereum
Liquity V2 lets you borrow BOLD against ETH, wstETH or rETH at a rate you choose. You use an independent frontend, so check its safety and the protocol’s borrowing and liquidation risks before depositing.
ScoreScore 6.5 out of 10TVL $87.4M−0.5% - 4
Frankencoin
CDPs · Ethereum
Frankencoin is a Swiss-franc stablecoin backed by on-chain collateral, with borrowing, savings and payment options. Check the collateral and liquidation risks, supported network and actual fees before using it.
ScoreScore 6.2 out of 10TVL $59.3M+2.8% - 5
Parallel Protocol V3
CDPs · Hyperliquid L1, Base, Ethereum +2
Parallel Protocol V3 lets you mint and hold USDp, then put it into sUSDp savings. Its advertised zero-fee routes and headline yield are appealing, but check the collateral, changing APY and contract risks before depositing.
ScoreScore 6.2 out of 10TVL $851K−1.2% - 6
Inverse Finance Frontier
CDPs · Ethereum
Inverse Finance is an Ethereum DeFi protocol for fixed-rate borrowing through FiRM and yield through sDOLA. Rates, collateral risks and security details need checking before you connect a wallet.
ScoreScore 6.1 out of 10TVL $5.01M−4.5% - 7
Gravita Protocol
CDPs · Ethereum, Optimism, Arbitrum +4
Gravita Protocol lets you borrow its GRAI debt token against liquid-staking and yield-generating assets. Its interest-free borrowing model may appeal to DeFi users, but check the full fee schedule, contract audits and liquidation rules before supplying collateral.
ScoreScore 5.5 out of 10TVL $363K−1.4% - 8
Makerdao
CDPs · Ethereum
MakerDAO’s portal is for viewing governance proposals and voting or delegating—not for opening a collateralized loan. Check which token a vote accepts: the portal also displays Sky governance and MKR as legacy governance.
ScoreScore 5.5 out of 10TVL — - 9
QiDao
CDPs · Polygon, Base, Ethereum +11
QiDao lets you borrow MAI against crypto collateral without selling it. The stated 0% interest is only part of the cost: check collateral, liquidation and transaction terms before borrowing.
ScoreScore 5.3 out of 10TVL $2.10M−1.7% - 10
Angle
CDPs · Ethereum, Arbitrum, Polygon +5
Angle is a DeFi protocol for stablecoin swaps, borrowing and yield across several networks. Its published fee and security details are too limited to judge the cost or safety of a deposit confidently.
ScoreScore 5.3 out of 10TVL $1.61M−6.4% - 11
Alto
CDPs · Ethereum
Alto is an Ethereum-based lending and collateral protocol built around DUSD. It offers borrowing, lending and leveraged strategies, but its fees, audit details and key risk controls need closer checking before you commit funds.
ScoreScore 5.3 out of 10TVL $148K−1.1% - 12
BIMA CDP
CDPs · Bitcoin, Ethereum, Hemi +5
BIMA CDP is presented as a Bitcoin-collateral loan service with fixed terms and no scheduled cash interest. The option collar can still cost you through its premium and capped upside, and the custody and counterparty details deserve careful checking.
ScoreScore 5.0 out of 10TVL $10.3M−1.8% - 13
Asymmetry Finance
CDPs · Ethereum
Asymmetry Finance offers Ethereum-based stablecoin borrowing and yield vaults, but you should verify current rates, collateral terms and audit details before committing funds.
ScoreScore 5.0 out of 10TVL $1.24M−11.4% - 14
Decentralized Euro
CDPs · Ethereum, Polygon, Arbitrum +2
dEURO is a euro-pegged stablecoin backed by crypto collateral, with lending, savings and protocol-share features. Check the risks and current savings terms before depositing.
ScoreScore 5.0 out of 10TVL $1.10M+2.0% - 15
Reservoir Protocol
CDPs · Monad, Ethereum, Plasma +14
Reservoir is a DeFi stablecoin protocol with rUSD and yield-oriented assets, but its fees, redemption terms and collateral details are unclear. Treat it as a higher-risk option until you verify those terms before using it.
ScoreScore 4.5 out of 10TVL $89.8M+20.6% - 16
Abracadabra Spell
CDPs · Ethereum, Arbitrum, BNB Chain +5
Abracadabra lets you borrow its MIM stablecoin against interest-bearing crypto collateral. The borrowing model is clear, but current costs, collateral markets and audit details need checking before you deposit.
ScoreScore 4.5 out of 10TVL $4.45M−1.8% - 17
Avalon USDa
CDPs · Ethereum, BNB Chain, Mantle +3
Avalon USDa is a Bitcoin-focused stablecoin borrowing product, but its borrowing costs, liquidation rules and redemption process need checking before you commit collateral. The project names four audit firms, though that alone does not establish that funds are safe.
ScoreScore 4.5 out of 10TVL $3−0.1% - 18
Sky Lending
CDPs · Ethereum
Sky Lending is an Ethereum CDP protocol in the Sky ecosystem, which is built around USDS. The core idea is familiar, but check the specific collateral, borrowing costs and liquidation terms before you commit funds.
ScoreScore 4.0 out of 10TVL $4.27B−15.7% - 19
Resupply
CDPs · Ethereum
Resupply lets you borrow reUSD against crvUSD or frxUSD lending positions on Ethereum. A reported 2025 exploit makes checking the incident response and current protocol status essential before depositing.
ScoreScore 4.0 out of 10TVL $47.8M−5.2% - 20
Ebisu V2
CDPs · Ethereum, Plasma
Ebisu V2 is a CDP-based credit market: borrow ebUSD against supported collateral or supply ebUSD to earn borrower interest and liquidation proceeds. Rates are market-set, while key details such as exact fees, collateral rules and audit scope are not published.
ScoreScore 4.0 out of 10TVL — - 21
Yamato Protocol
CDPs · Ethereum
Yamato Protocol is an Ethereum CDP for issuing CJPY against ETH collateral. Its basic purpose is clear, but published details on fees, collateral rules and security are too limited to judge the risks confidently.
ScoreScore 3.5 out of 10TVL $1.50M−1.3% - 22
BitStable Finance
CDPs · Bitcoin, BNB Chain, Ethereum
BitStable Finance is a CDP protocol for generating the DAII stablecoin against Bitcoin-ecosystem collateral. Its public details leave key questions about fees, collateral rules and security unanswered, so check the app carefully before committing funds.
ScoreScore 3.5 out of 10TVL $15.1K−2.4% - 23
Button Wrappers
CDPs · Base, Ethereum, Avalanche +1
Buttonwood’s app offers a USDX rollover vault that routes deposits into lending pools. The basic flow is clear, but fees, audits and custody details are not, so check the pool terms before depositing.
ScoreScore 3.0 out of 10TVL $26.6K−0.9% - 24
Davos Protocol
CDPs · BNB Chain, Ethereum, Polygon +5
Davos Protocol is a CDP platform for borrowing its DUSD stablecoin against liquid-staking collateral. Key details on costs, liquidation rules and contract security remain unclear, so verify them before depositing.
ScoreScore 3.0 out of 10TVL $22.9K−0.7% - 25
crvUSD
CDPs · Ethereum
crvUSD is Curve’s Ethereum stablecoin, designed to track the US dollar and issued through collateralized debt positions. Key details about collateral, borrowing costs and audit scope are not published here, so check them before using it.
ScoreNot rated yetTVL $112M−7.4%
CDPs on Ethereum: the numbers
- Tracked
- 41
- Reviewed
- 41
- Total TVL
- $4.93B
- Avg. score
- 5.0/10
There are 41 CDPs on Ethereum in the SkyBitcoins index. Every one of them has a full review. Across the 36 with TVL data, the combined value locked is $4.93B, counting value on every chain they support. Sky Lending dominates, with 87% of that total. The top five account for 96%, while the median CDP holds $1.10M.
By value locked, the largest CDPs on Ethereum are Sky Lending ($4.27B), Liquity V1 ($156M) and crvUSD ($112M). On SkyBitcoins scores, Liquity V1 ranks first at 7.0/10, ahead of Liquity (6.8) and Liquity V2 (6.5). The 24 rated CDPs average 5.0/10, and none scores 8 or above yet.
Beyond Ethereum, these CDPs most often also run on Arbitrum (11), BNB Chain (9) and Optimism (8). Of the 34 with a confirmed status, 33 are active and 1 is inactive or wound down. Over the last seven days, combined TVL fell 13.9%. Monolith Market gained the most (+236%), while Sky Lending dropped the most (−15.7%).
Largest by TVL
- 1
Sky Lending$4.27B
- 2
Liquity V1$156M
- 3
crvUSD$112M
- 4
Reservoir Protocol$89.8M
- 5
Liquity V2$87.4M
Highest rated
- 1
- 2Liquity6.8
- 3
- 4
Frankencoin6.2
- 5
Parallel Protocol V36.2
Method
How we ranked them
Reviewed dApps come first. Each SkyBitcoins review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.
Guides
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Frequently asked questions
What is the largest CDP on Ethereum by TVL?
Sky Lending is the largest CDP on Ethereum by total value locked, with $4.27B across all the chains it supports. It is followed by Liquity V1 ($156M) and crvUSD ($112M). TVL figures come from DefiLlama and change daily.
Which CDP on Ethereum has the highest SkyBitcoins score?
Liquity V1 has the highest score at 7.0/10, ahead of Liquity (6.8) and Liquity V2 (6.5). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many CDPs on Ethereum has SkyBitcoins reviewed?
SkyBitcoins tracks 41 CDPs on Ethereum. Of these, 41 have a full review and 36 report value locked, $4.93B in total, counting value on every chain they support.
Which CDPs on Ethereum grew the most this week?
Among CDPs with at least $1M locked, Monolith Market had the biggest 7-day TVL gain (+236%) and Sky Lending the biggest drop (−15.7%). Combined TVL moved −13.9% over the same seven days.
What is the average score for CDPs on Ethereum?
The 24 rated CDPs on Ethereum average 5.0 out of 10. Of these, 0 score 8 or higher and 10 score below 5.