Best of · Ethereum · Updated Nov 6, 2026

The best CDPs on Ethereum in 2026

We track 41 CDPs that run on Ethereum and have reviewed 35 of them in full. Our top pick is Liquity V2. Each one is scored on security, ease of use, fees and features.

1
Liquity V2
CDPs · Ethereum
Liquity V2 is an immutable, over-collateralized borrowing protocol on Ethereum where users set their own interest rate and mint the BOLD stablecoin against ETH or staked ETH. Its main strengths are user-controlled rates and no admin keys, while the trade-offs are frontend choice and liquidation risk.
Read the Liquity V2 review Visit Liquity V2(opens in a new tab)
ScoreScore 7.8 out of 10
TVL $86.7M+0.6%
2
Frankencoin
CDPs · Ethereum
Frankencoin is an over-collateralized, oracle-free stablecoin pegged to the Swiss franc (ZCHF), running on Ethereum with DefiLlama TVL near 60 million dollars. It suits users who want on-chain Swiss franc exposure, but it is a niche asset with smart-contract and equity-reserve risk.
Read the Frankencoin review Visit Frankencoin(opens in a new tab)
ScoreScore 7.8 out of 10
TVL $59.3M+2.1%
3
Liquity V1
CDPs · Ethereum
Liquity V1 is an immutable Ethereum borrowing protocol that lets users take 0% interest loans against ETH. It holds roughly $170M in TVL, but the project's focus has moved to V2.
Read the Liquity V1 review Visit Liquity V1(opens in a new tab)
ScoreScore 7.4 out of 10
TVL $155M−0.8%
4
crvUSD
CDPs · Ethereum
crvUSD is Curve's overcollateralized, dollar-pegged stablecoin, minted against crypto collateral on Ethereum. It holds about $127 million in TVL and uses a distinctive soft-liquidation design.
Read the crvUSD review Visit crvUSD(opens in a new tab)
ScoreScore 7.4 out of 10
TVL $112M−13.2%
5
Liquity
CDPs · Ethereum
Liquity is an Ethereum lending protocol where users lock ETH to borrow a dollar-pegged stablecoin, with V1 offering interest-free loans and V2 adding the BOLD stablecoin. Its main appeal is a minimal, immutable design; the main risk is liquidation if collateral falls.
Read the Liquity review
ScoreScore 7.2 out of 10
TVL —
6
Reservoir Protocol
CDPs · Monad, Ethereum, Plasma +14
Reservoir is a stablecoin protocol built around the rUSD stablecoin, with yield-bearing versions srUSD and trUSD, and about $69.7 million in TVL. It is multichain and relies partly on real-world assets, so reserve and counterparty details deserve a close read.
Read the Reservoir Protocol review Visit Reservoir Protocol(opens in a new tab)
ScoreScore 7.0 out of 10
TVL $69.6M−2.3%
7
River Omni-CDP
CDPs · BNB Chain, BSquared, Ethereum +9
River is a multi-chain stablecoin protocol that lets users post collateral on one chain and mint the satUSD stablecoin without bridging. DefiLlama shows about $79 million in TVL, but fee and risk details are not published.
Read the River Omni-CDP review Visit River Omni-CDP(opens in a new tab)
ScoreScore 6.8 out of 10
TVL $74.3M−3.9%
8
BIMA CDP
CDPs · Bitcoin, Ethereum, Hemi +5
Bima is a Bitcoin-backed credit protocol that began with minting the USBD stablecoin and now promotes collar loans that let holders borrow against BTC without selling it. Terms are fixed upfront with no margin calls, but the model relies on custodians and option counterparties.
Read the BIMA CDP review Visit BIMA CDP(opens in a new tab)
ScoreScore 6.8 out of 10
TVL $10.3M−3.3%
9
Inverse Finance Frontier
CDPs · Ethereum
Inverse Finance Frontier is a lending market on Ethereum from the Inverse Finance DAO, whose current focus is the FiRM fixed-rate market and the DOLA stablecoin. It holds roughly $5.2M in TVL.
Read the Inverse Finance Frontier review Visit Inverse Finance Frontier(opens in a new tab)
ScoreScore 6.8 out of 10
TVL $5.03M−5.8%
10
Parallel Protocol V3
CDPs · Hyperliquid L1, Base, Ethereum +2
Parallel Protocol V3 is a small, multi-chain stablecoin protocol that issues USDp against yield-bearing collateral and pays savings yield through sUSDp. It is audited and transparent about reserves, but its size and track record are modest.
Read the Parallel Protocol V3 review Visit Parallel Protocol V3(opens in a new tab)
ScoreScore 6.8 out of 10
TVL $852K−1.1%
11
Makerdao
CDPs · Ethereum
MakerDAO is a decentralized lending protocol on Ethereum that lets users lock crypto collateral to mint DAI, a crypto-backed stablecoin. It is governed by holders of the MKR token, and it is best understood as a borrowing and stablecoin system rather than a trading venue.
Read the Makerdao review Visit Makerdao(opens in a new tab)
ScoreScore 6.8 out of 10
TVL —
12
Angle
CDPs · Ethereum, Arbitrum, Polygon +5
Angle is an over-collateralized stablecoin protocol that mints the euro stablecoin agEUR, offers perpetuals and borrowing, and lets users earn yield. It is a niche, small-TVL protocol that suits users who want euro-denominated DeFi and accept smart-contract risk.
Read the Angle review Visit Angle(opens in a new tab)
ScoreScore 6.7 out of 10
TVL $1.61M−6.9%
13
Decentralized Euro
CDPs · Ethereum, Polygon, Arbitrum +2
Decentralized Euro (dEURO) is a euro stablecoin minted against crypto collateral on Ethereum, with lending, savings and shareholder modules. It is a small, young protocol whose headline 10% yield depends on borrower demand.
Read the Decentralized Euro review Visit Decentralized Euro(opens in a new tab)
ScoreScore 6.5 out of 10
TVL $1.11M+8.8%
14
Yamato Protocol
CDPs · Ethereum
Yamato Protocol is an Ethereum CDP protocol that lets users borrow CJPY, a yen-equivalent stablecoin, against ETH. It is a niche, small-scale product aimed at yen-denominated DeFi.
Read the Yamato Protocol review Visit Yamato Protocol(opens in a new tab)
ScoreScore 6.3 out of 10
TVL $1.50M−0.9%
15
Asymmetry Finance
CDPs · Ethereum
Asymmetry Finance runs USDaf and AmpUSD, borrowing stablecoins where users pick their own fixed interest rate, plus yield vaults and liquid staking products on Ethereum. TVL is small and recently fell, so treat it as a niche, higher-risk protocol.
Read the Asymmetry Finance review Visit Asymmetry Finance(opens in a new tab)
ScoreScore 6.3 out of 10
TVL $1.27M−2.0%
16
Alto
CDPs · Ethereum
Alto is a small Ethereum credit protocol built around DUSD, a collateral-backed stablecoin with isolated lending markets. It is new and low in liquidity, so it suits experienced DeFi users who accept early-stage risk.
Read the Alto review Visit Alto(opens in a new tab)
ScoreScore 6.2 out of 10
TVL $147K+0.0%
17
Abracadabra Spell
CDPs · Ethereum, Arbitrum, BNB Chain +5
Abracadabra lets users deposit collateral and borrow its MIM stablecoin, with the SPELL token tied to the ecosystem. It runs on eight chains, but its TVL is modest and the smart-contract and peg risks are real.
Read the Abracadabra Spell review Visit Abracadabra Spell(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $4.46M−2.1%
18
QiDao
CDPs · Polygon, Base, Ethereum +11
QiDao is a CDP protocol that lets users borrow stablecoins against crypto collateral without selling it, advertising 0% interest. It is multi-chain but small by TVL, and key details are not.
Read the QiDao review Visit QiDao(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $2.10M−1.4%
19
Threshold thUSD
CDPs · Ethereum
Threshold USD (thUSD) is a dollar stablecoin that users borrow against Bitcoin and ETH collateral on Ethereum. It is a small CDP protocol with a clear purpose, but a modest TVL and no listed audits call for caution.
Read the Threshold thUSD review Visit Threshold thUSD(opens in a new tab)
ScoreScore 5.6 out of 10
TVL $2.02M−4.0%
20
Resupply
CDPs · Ethereum
Resupply is an Ethereum stablecoin protocol that lets users borrow reUSD against crvUSD or frxUSD lending positions. It carries real risk: a reported exploit of about $9.6 million in June 2025 is part of its record.
Read the Resupply review Visit Resupply(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $49.4M−0.4%
21
Parallel Protocol V2
CDPs · Ethereum, Polygon, Fantom
Parallel Protocol V2 issues two collateral-backed stablecoins, PAR (euro) and paUSD (US dollar), on Ethereum, Polygon and Fantom. It is a small protocol, so the main takeaway is to check collateral rules and liquidity before using it.
Read the Parallel Protocol V2 review Visit Parallel Protocol V2(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $426K−9.2%
22
Asymmetry USDaf
CDPs · Ethereum
USDaf is a synthetic dollar from Asymmetry Finance. Users borrow it against BTC and yield-bearing stablecoins at an interest rate they choose. It is a niche, small-TVL product with real oracle and liquidity risks.
Read the Asymmetry USDaf review Visit Asymmetry USDaf(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $322K−9.9%
23
xDollar
CDPs · IoTeX, Ethereum, Arbitrum +2
xDollar is a cross-chain collateralized borrowing platform that lets users mint its XIM stablecoin from vaults. Zero interest and a stated 110% minimum collateral ratio are notable, but collateral and security details need closer scrutiny.
Read the xDollar review
ScoreScore 5.5 out of 10
TVL $158K−6.9%
24
Gravita Protocol
CDPs · Ethereum, Optimism, Arbitrum +4
Gravita Protocol is an ETH-centric borrowing protocol where users lock liquid staking tokens and yield-bearing assets to mint the GRAI debt token. It is live on several chains but holds a small amount of value, so treat it as a niche, higher-risk CDP.
Read the Gravita Protocol review Visit Gravita Protocol(opens in a new tab)
ScoreScore 5.4 out of 10
TVL $363K−1.0%
25
MochiFi
CDPs · Ethereum
MochiFi is an Ethereum protocol that lets users lock NFTs and long-tail assets as collateral and borrow the USDM stablecoin against them. Its TVL is small and falling, so it suits only experienced users who accept that risk.
Read the MochiFi review Visit MochiFi(opens in a new tab)
ScoreScore 5.2 out of 10
TVL $336K−18.9%

CDPs on Ethereum: the numbers

Tracked: 41
Reviewed: 41
Total TVL: $5.31B
Avg. score: 6.0/10

There are 41 CDPs on Ethereum in the DappsAtlas index. Every one of them has a full review. Across the 36 with TVL data, the combined value locked is $5.31B, counting value on every chain they support. Sky Lending dominates, with 88% of that total. The top five account for 96%, while the median CDP holds $1.11M.

By value locked, the largest CDPs on Ethereum are Sky Lending ($4.67B), Liquity V1 ($155M) and crvUSD ($112M). On DappsAtlas scores, Liquity V2 ranks first at 7.8/10, ahead of Frankencoin (7.8) and Liquity V1 (7.4). The 34 rated CDPs average 6.0/10, 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 7.8%. Monolith Market gained the most (+174%), while crvUSD dropped the most (−13.2%).

Largest by TVL

1Sky Lending$4.67B
2Liquity V1$155M
3crvUSD$112M
4Liquity V2$86.7M
5River Omni-CDP$74.3M

Highest rated

Method

How we ranked them

Reviewed dApps come first. Each DappsAtlas 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 $4.67B across all the chains it supports. It is followed by Liquity V1 ($155M) and crvUSD ($112M). TVL figures come from DefiLlama and change daily.

Which CDP on Ethereum has the highest DappsAtlas score?

Liquity V2 has the highest score at 7.8/10, ahead of Frankencoin (7.8) and Liquity V1 (7.4). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many CDPs on Ethereum has DappsAtlas reviewed?

DappsAtlas tracks 41 CDPs on Ethereum. Of these, 41 have a full review and 36 report value locked, $5.31B 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 (+174%) and crvUSD the biggest drop (−13.2%). Combined TVL moved −7.8% over the same seven days.

What is the average score for CDPs on Ethereum?

The 34 rated CDPs on Ethereum average 6.0 out of 10. Of these, 0 score 8 or higher and 4 score below 5.

Ranked list