Lending · Review
ActiveBlend Pools V2 Review 2026: Stellar Lending After the Exploit
Blend Pools V2 lists the lending pools built on Blend, a permissionless lending protocol on Stellar. A February 2026 report of a $10M+ oracle-manipulation exploit is the main risk flag for new users.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.0/10
Mixed
Our verdict on Blend Pools V2
6.0/10Blend Pools V2 suits users already on Stellar who want flexible, isolated lending markets and are comfortable reading pool settings. Its main strength is the pool model, which lets creators build markets with a backstop safety layer and keeps risk contained. The main caveat is the reported $10M+ oracle-manipulation exploit in February 2026. Check the official account of what happened, confirm each pool's oracle and backstop setup, and start small.
Score breakdown
How Blend Pools V2 scores
- Security
- 4.5/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- 7.5/10
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 Blend Pools V2?
Blend Pools V2 is the DefiLlama listing for lending markets created with Blend, a protocol on the Stellar network. The homepage describes it as a universal liquidity protocol primitive, with decentralized lending pools created by users, DAOs and institutions.
DefiLlama shows about $128.2M in TVL, a 2.7% drop over seven days, and a listing date of April 30, 2025. It lists the BLND token and two audits. Blend Pools V2 is classed as Lending and runs only on Stellar.
A search result dated Feb 23, 2026 says Blend lost more than $10M to an oracle manipulation. Public sources do not give the full story, so check the team's own updates for the current state of the protocol before relying on this page.
How Blend Pools V2 works
Blend is a lending protocol where each pool is its own market. A creator picks the supported assets and settings. Lenders deposit assets into the pool's smart contracts to earn interest, while borrowers post collateral and take out loans against it.
Pools are isolated, so a problem in one pool is intended to stay in that pool. A backstop module adds a safety layer: backstop depositors support pools and, according to the documentation results, earn emissions for doing so. The docs cap the reward zone at 50 pools to prevent liquidity fragmentation.
Lending pools generally rely on price oracles to value collateral and decide when positions can be liquidated. A bad or manipulated price feed can therefore create losses, which is relevant given the reported oracle-manipulation exploit.
6 features
Key features
01
Permissionless pool creation
Anyone, including users, DAOs and institutions, can create a lending pool and choose its supported assets, per the homepage.
02
Isolated lending pools
Each pool is separate, so the risk of one market is meant to stay within that pool rather than spreading across the protocol.
03
Backstop module
The docs describe a backstop module that acts as a safety layer for pools. Users are advised to check that a pool has a well-capitalized backstop.
04
Emission reward zone
Pools can earn BLND emissions through a reward zone, which the docs say is capped at 50 pools to avoid liquidity fragmentation.
05
Lend, borrow, collateralize
Users can lend, borrow or post collateral in any pool that supports the asset they want.
06
Testnet and open docs
The homepage links a testnet app, documentation, code repositories and a Discord community.
Pros and cons
What we like
- Isolated pools keep each market's risk separate from the others
- Anyone can create a pool, so markets can fit specific assets or institutions
- A backstop module adds a safety layer for pool losses
- Roughly $128M TVL on Stellar shows meaningful usage
- A testnet and public documentation and repositories make it easy to learn and inspect
- Two audits are listed on DefiLlama
Watch out for
- A search result dated Feb 23, 2026 reports a $10M+ exploit tied to oracle manipulation, though public sources give no further detail on scope or recovery
- Each pool carries its own risk, so quality depends on how the pool creator chose assets and settings
- Liquidity sits mostly on a single chain, Stellar, which limits reach compared with multi-chain lenders
- TVL fell 2.7% over seven days in the listed data, and the figure may not reflect the effects of the reported exploit
- Pool and backstop mechanics are more complex than a single-market lender, which can confuse newcomers
- Only two audits are listed, and public sources do not name the auditors or their findings
Blend Pools V2 fees
The project does not publish specific fee figures. In lending protocols of this type, borrowers typically pay interest set by each pool's rate model, and lenders earn part of it. Some pools may also direct a share of interest to the backstop.
Users would see the actual rates, supported assets and any pool-level parameters in the app and in the documentation. Network transaction fees on Stellar apply in addition. Because pool settings differ, compare them pool by pool rather than assuming one rate.
Is Blend Pools V2 safe?
DefiLlama lists two audits for the protocol, but public sources do not say who performed them or what they found. Audits reduce risk and do not remove it. Users supply funds to smart contracts and carry smart-contract, oracle and pool-creator risk.
A search result dated Feb 23, 2026 reports that Blend lost more than $10M to an oracle manipulation. Treat this as a serious incident, and check official channels for the response and any compensation. The documentation advises choosing pools that support your asset and have a well-capitalized backstop. Nothing describes regulatory status.
6 steps
How to get started with Blend Pools V2
- 1
Read the Blend docs and FAQ to understand isolated pools and the backstop.
- 2
Try Blend on testnet first to learn deposits and borrowing without real funds.
- 3
Check the pool-selection guidance and confirm the pool supports your asset and has a well-capitalized backstop.
- 4
Read recent official announcements about the reported February 2026 exploit before depositing.
- 5
Connect a Stellar-compatible wallet to the Launch App and start with a small deposit.
- 6
Monitor your collateral ratio if you borrow, since positions can be liquidated.
Who Blend Pools V2 is for
Blend Pools V2 is for DeFi users on Stellar who want to lend, borrow or create custom pools and accept pool-by-pool risk. It also fits DAOs and institutions that need a tailored market. It is less suited to users who want a single, simple lending market or who are unwilling to take smart-contract and oracle risk.
Blend Pools V2 FAQs
What is Blend Pools V2?
Blend is a lending protocol on Stellar where users, DAOs and institutions can create their own isolated lending pools. Others then lend, borrow or post collateral in those pools. Blend Pools V2 is the DefiLlama listing for the lending markets created with Blend.
Has Blend been hacked?
Public sources include a search result dated Feb 23, 2026 saying Blend lost more than $10M to an oracle manipulation. Public sources do not give the full details, so readers should check the project's official announcements for the current status before depositing.
Which blockchain does Blend run on?
DefiLlama lists Blend Pools V2 only on Stellar. The protocol is described as a lending primitive built for that network.
What is the BLND token?
BLND is the token DefiLlama lists for the project. Public sources do not describe its supply or exact uses beyond a backstop and emissions system mentioned in the documentation results.
How do Blend pools differ from each other?
Each pool is a separate lending market with its own supported assets, set by the pool creator. Users should check the asset list and whether the pool has a well-capitalized backstop module, as the project's own documentation advises.
Can I try Blend without real money?
The homepage offers a testnet for experimenting, and the docs and FAQ are linked from the site. Using the testnet first lets newcomers learn the interface without risking real funds.
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.