Lending · Review
ActiveAurigami Review 2026: Aurora's Native Money Market
Aurigami is a noncustodial money market on the Aurora network where users lend, borrow and earn the PLY token. Its TVL has shrunk to roughly $666K, so it is a small, niche venue today.
By the DappsAtlas editorial team · Updated
DappsAtlas score
5.5/10
Mixed
Our verdict on Aurigami
5.5/10Aurigami suits experienced DeFi users already active on Aurora who want a noncustodial place to lend or borrow USDC, ETH, NEAR-ecosystem assets and WBTC. Its strengths are a clear product, a named auditor and a sizeable bug bounty. The main caveat is scale: TVL near $666K and a very small PLY market suggest limited liquidity and activity. Check live rates, read the audits and keep positions conservative.
Score breakdown
How Aurigami scores
- Security
- 6.0/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 5.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Aurigami?
Aurigami is a noncustodial lending and borrowing protocol on the Aurora network. DefiLlama files it under Lending and describes it as a haven for lending and borrowing on Aurora. It has been listed since March 2022.
The homepage calls it the native money market on Aurora and lists USDC, USDT, ETH, WNEAR, WBTC and STNEAR as its top assets. It also promotes PLY LP staking rewards and a real-time risk dashboard.
Activity is now modest. TVL is about $666K, down 5.9% over seven days. Public reporting shows the PLY token at a very small price, with low reported volume on at least one tracker. The project was backed at launch by named investors according to a search snippet, but that is background rather than a sign of current activity.
How Aurigami works
Aurigami is a money market. Lenders deposit tokens into shared pools and earn interest paid by borrowers. Depositors receive a claim on their share of the pool, and the interest rate moves with supply and demand.
Borrowers post collateral and can borrow other assets up to a limit. Loans are over-collateralized, so if collateral value drops too far, the position can be liquidated to repay the debt. This protects lenders from losses.
The protocol runs on Aurora, an EVM network. The PLY token is used for incentives, and the homepage mentions PLY LP staking rewards in addition to ordinary lending yield.
6 features
Key features
01
Lending and borrowing
Users supply assets such as USDC, USDT, ETH, WNEAR, WBTC and STNEAR to earn a deposit APY, and can borrow against that collateral.
02
Noncustodial design
The protocol describes itself as noncustodial, so users keep control of funds through their own wallet rather than handing them to a company.
03
Risk dashboard
The homepage links a real-time risk management dashboard for monitoring the protocol's health.
04
PLY LP staking
The site mentions PLY LP staking with an APR, accessed through a Rewards tab in the app.
05
Audits and bug bounty
Smart-contract audits by Watchpug are cited, along with a bug bounty of up to $500,000 on Immunefi.
06
Aurora-native market
The homepage describes Aurigami as the native money market on Aurora, so it is built around that network's assets.
Pros and cons
What we like
- Noncustodial design means users hold their own funds through a wallet
- Supports familiar assets including USDC, USDT, ETH, WBTC and NEAR-ecosystem tokens
- Audited by Watchpug according to the homepage, with two audits listed on DefiLlama
- Bug bounty of up to $500,000 on Immunefi signals a security process
- Public risk dashboard for monitoring protocol health
- Extra PLY LP staking rewards on top of base lending yield
Watch out for
- TVL is only about $666K, very small for a lending market, which can mean thin liquidity and limited borrowing capacity
- Runs only on Aurora, so it depends on that chain's activity and health
- PLY token trades at a tiny price and market cap, with very low reported 24-hour volume in the listed public reporting
- The 'healthiest lending protocol with $0 bad debt' claim comes from the project's own homepage and is tied to a RiskDAO label we cannot verify here
- Audit details beyond the named auditor, and the dates of those audits, are not given publicly
- Overcollateralized lending carries liquidation risk, and smart-contract risk remains despite audits
Aurigami fees
Fees are not published in the material we reviewed. The homepage shows deposit APYs per asset but the figures are loaded in the app and not stated in the text.
Like other money markets, users would normally expect to pay borrow interest and network gas on Aurora. Exact rates, reserve factors and any liquidation penalties are shown in the app and the official docs, and users should check them before borrowing.
Is Aurigami safe?
The homepage cites smart-contract audits from Watchpug, a bug bounty of up to $500,000 on Immunefi, and a RiskDAO-linked claim of zero bad debt. DefiLlama lists two audits. The zero bad debt statement is the project's own marketing and is not independently verified here.
Lending protocols carry smart-contract, oracle and liquidation risks, and small markets can have thin liquidity. Aurigami also depends on the Aurora network and on any bridges used to move assets there. The site includes a legal disclaimer saying nothing on it is financial advice. No hacks or incidents are described, but that does not guarantee none occurred.
6 steps
How to get started with Aurigami
- 1
Read the official docs and the audit information linked on the website before depositing.
- 2
Set up a wallet that supports Aurora and add the Aurora network.
- 3
Bridge or hold supported assets on Aurora, such as USDC, USDT, ETH or WNEAR, plus a little ETH for gas.
- 4
Open the app from the official site and connect your wallet.
- 5
Check the deposit APY and collateral settings for the asset you want to supply, then deposit.
- 6
If borrowing, keep a safe margin above the liquidation threshold and watch your position with the risk dashboard.
Who Aurigami is for
Aurigami is for DeFi users who already hold assets on Aurora and want to lend, borrow or earn PLY incentives without a custodian. It is less suited to anyone who needs deep liquidity, large loans or multi-chain access, since the protocol is small and Aurora-only.
Aurigami FAQs
What is Aurigami?
Aurigami is a noncustodial lending and borrowing protocol on Aurora, an EVM-compatible network connected to NEAR. Users deposit assets to earn interest and can borrow against their deposits. Its token is PLY.
Which assets can you lend on Aurigami?
The homepage lists USDC, USDT, ETH, WNEAR, WBTC and STNEAR as top listed assets. Live deposit totals and APYs are shown in the app, not in the text we reviewed.
Is Aurigami audited?
Public sources name Watchpug as a smart-contract auditor and list a bug bounty of up to $500,000 through Immunefi. DefiLlama lists two audits. No audit reduces risk to zero, and users should read the reports before depositing.
What is the PLY token?
PLY is Aurigami's token. The homepage mentions PLY LP staking rewards through a Rewards tab. Public reporting shows the token trading at a very small price and low volume, so liquidity may be thin.
How much value is locked in Aurigami?
DefiLlama shows about $665,751 in TVL, down 5.9% over the past seven days. That is small for a lending protocol. Check the current figures before relying on them, as they change daily.
What are the risks of using Aurigami?
Borrowing is over-collateralized, so a sharp fall in collateral value can trigger liquidation. Other risks include smart-contract bugs, oracle problems and the small size of the market. Only use funds you can afford to lose.
Compare
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How we checked
Sources
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