DeFi lenders supplied $12.7 billion in a week. Morpho Blue had 84% of liquidations
DeepSea's lending data for October 26 to November 1 shows deposits far ahead of withdrawals, borrowing almost exactly matched by repayments, and $12.69 million liquidated, most of it on Morpho Blue.
Key points
- Wallets supplied $12.70 billion to EVM lending protocols and withdrew $8.98 billion from October 26 to November 1, 2026, DeepSea shows.
- Borrowing ($3.24 billion) and repayments ($3.25 billion) nearly canceled out. Liquidations totaled $12.69 million, $10.61 million of it on Morpho Blue.
- Net supply rose $2.06 billion on Ethereum and $1.65 billion on Base. Aave v3 saw more withdrawn ($7.00 billion) than supplied ($6.55 billion).
What DeepSea's data shows
DeepSea's weekly report for October 26 to November 1, 2026 tracks lending protocols on EVM chains (Ethereum and networks built like it). Wallets supplied $12.70 billion and withdrew $8.98 billion, a net supply of plus $3.72 billion. They borrowed $3.24 billion and repaid $3.25 billion, so net borrowing was minus $4.54 million.
$12.69 million was liquidated. A liquidation happens when a borrower's collateral falls too far in value and the protocol sells it to repay the loan.
Data: DeepSea (desea.io), checked November 3, 2026, 6:30 p.m. ET.
Protocol by protocol
Aave v3, the largest, had $6.55 billion supplied and $7.00 billion withdrawn, $1.39 billion borrowed and $1.44 billion repaid, with $1.73 million liquidated. Morpho Blue had $3.97 billion supplied, $770.44 million borrowed, $768.96 million repaid and $10.61 million liquidated, about 84% of the week's total. Spark had $2.13 billion supplied and $1.93 billion withdrawn, with just $27 liquidated, DeepSea shows.
Liquidations by protocol, October 26 to November 1
US$ million
A caveat on Morpho
DeepSea's table shows $0 withdrawn from Morpho Blue all week (Venus also shows $0). DeepSea does not explain this. If you add up the protocol rows, Morpho's $3.97 billion is more than the whole plus $3.72 billion net supply, because Aave v3 was net minus $450 million. So the headline net figure leans on that one row, and readers should treat it with care.
Where the money landed
By chain, net supply was +$2.06 billion on Ethereum and +$1.65 billion on Base, Coinbase's layer 2 network. BSC added $7.33 million and Arbitrum $1.77 million, while Polygon lost $1.17 million.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the near-perfect match of $3.24 billion borrowed and $3.25 billion repaid points to a calm week for credit: net borrowing barely moved.
- Liquidations of $12.69 million are small next to billions supplied, but 84% of them happened on Morpho Blue. DeepSea's data does not say which Morpho markets were hit or why.
- Base's +$1.65 billion is large for a layer 2 and worth tracking, though without a withdrawal figure for Morpho we cannot say how much of it will stay.
What's next
- Whether DeepSea's next report shows Morpho Blue withdrawals
- Aave v3 net supply after a minus $450 million week
- Base net supply versus +$1.65 billion
- Liquidation totals if markets turn volatile
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
