Lending · Review
ActiveYupana Review 2026: Small Tezos Lending Protocol
Yupana is an open-source, non-custodial lending protocol on Tezos from the MadFish.Solutions team. It works as described, but the very small TVL of roughly $18,000 limits how much it can be relied on.
By the DappsAtlas editorial team · Updated
DappsAtlas score
5.8/10
Mixed
Our verdict on Yupana
5.8/10Yupana suits Tezos users who want a simple, open-source, non-custodial way to earn interest on supplied assets or borrow against collateral, and who value the backing of the Temple and QuipuSwap developers. Its strength is a clear, audited design from an established Tezos team. The main caveat is scale: about $18,000 in TVL means thin liquidity, limited market depth and little evidence of heavy usage. Treat it as a niche, higher-risk venue.
Score breakdown
How Yupana scores
- Security
- 6.0/10
- Ease of use
- 7.0/10
- Fees
- n/a
- Features
- 5.0/10
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 Yupana?
Yupana is a decentralized lending protocol on Tezos. Users can supply assets to earn interest or borrow against collateral, with all activity handled by smart contracts. The homepage calls it the first open-source, non-custodial lending protocol on Tezos.
It was built by MadFish.Solutions, the team behind the Temple wallet and the QuipuSwap DEX. DefiLlama has listed it since September 2022 and notes two audits. It has no token of its own.
Traction is small. DefiLlama shows total value locked of about $18,493, down 4.0% over seven days. That makes it a niche venue within Tezos rather than a major lending market.
How Yupana works
Yupana is a pooled lending market. Depositors supply assets to the protocol and receive interest. The rate is variable and depends on market demand for each asset.
Borrowers take loans from that pool by posting cryptocurrency collateral worth more than the amount borrowed. This is overcollateralized lending. If collateral value falls too far, positions can be liquidated to protect lenders, which is standard for this type of protocol.
Everything is handled by smart contracts on Tezos, with no intermediary holding user funds. Users interact through their own wallet.
Pros and cons
What we like
- Open-source and non-custodial, so users keep control of funds through their wallet
- Built by the team behind the Temple wallet and QuipuSwap, established names in Tezos
- Two audits listed on DefiLlama, and the homepage cites an external audit
- Straightforward model of supply for yield or borrow against collateral
- No token needed to use the protocol
Watch out for
- TVL is very small at about $18,493, so liquidity is thin and large positions could be hard to enter or exit
- TVL fell 4.0% over the past 7 days according to DefiLlama
- Limited to the Tezos ecosystem, which has fewer assets and users than larger lending venues
- No governance or native token is listed, so there is no published community-ownership model
- Fee, interest rate and liquidation parameters are not stated on the homepage
- Smart-contract risk remains despite two audits listed; audit scope and dates are not given publicly
Yupana fees
Yupana's fee schedule is not published on the homepage or in the DefiLlama data. Suppliers earn a variable APY set by market demand for each asset, and borrowers pay interest on loans.
Specific borrow rates, protocol fees and liquidation penalties would be shown in the app's Markets view and in the documentation. Tezos network transaction fees also apply to each action.
Is Yupana safe?
Yupana is non-custodial, so there is no company holding deposits. The main risks are smart-contract bugs, oracle or liquidation issues, and low liquidity. DefiLlama lists two audits and the homepage says an external audit verified the protocol, but audit firms, dates and findings are not public. An audit does not remove risk.
No hacks or incidents appear. Regulatory status is not stated. With a TVL of about $18,000, only commit funds you can afford to lose and read the documentation before using it.
6 steps
How to get started with Yupana
- 1
Install a Tezos wallet such as Temple, which comes from the same team.
- 2
Fund the wallet with XTZ for network fees and with the assets you want to supply.
- 3
Open the Yupana app from the official website and connect the wallet.
- 4
Review the Markets page to compare supply APYs, borrow rates and collateral rules.
- 5
Supply an asset to earn interest, or deposit collateral before borrowing.
- 6
Monitor any loan against its collateral requirement to avoid liquidation, and read the documentation first.
Who Yupana is for
Yupana is for Tezos users who already hold assets in a Tezos wallet and want basic lending or borrowing without a centralized intermediary. It is less suited to anyone needing deep liquidity, many assets or multi-chain access.
Yupana FAQs
What is Yupana Finance?
Yupana is a decentralized lending protocol on Tezos. Users supply crypto assets to earn interest, and borrowers take overcollateralized loans from the pooled liquidity through smart contracts.
Which blockchain does Yupana use?
Yupana runs on Tezos. DefiLlama lists Tezos as its only chain.
Is Yupana safe?
Yupana is described as non-custodial, so users keep control of their assets through their own wallet. Funds are still exposed to smart-contract risk. DefiLlama lists two audits, and the homepage says the protocol is verified by an external audit.
How do you earn interest on Yupana?
Suppliers earn APY that is determined by market demand for the selected asset. The specific rates are not given publicly, so check the Markets page in the app for current figures.
Does Yupana have a token?
According to DefiLlama, Yupana has no token. Public sources name no governance or reward token.
Who built Yupana?
Yupana was created by MadFish.Solutions, the team behind the Temple wallet and the QuipuSwap DEX, according to the homepage. DefiLlama has listed it since September 2022.
Compare
Yupana alternatives
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Venus Core Pool is a multi-chain DeFi money market where users supply crypto to earn interest or borrow against collateral, with about $1.18B in TVL.
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How we checked
Sources
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