Lending

Collateralised lending protocols on Stellar. Yield comes from borrowers paying interest, not from external strategies — see /aggregators for protocols that route into these.

Blend

Live

Isolated-pool lending · Reflector-priced collateral · Comet backstop

Blend is the primary lending protocol on Stellar. Each pool is isolated (Aave-V3 style), with collateral and borrow assets chosen per-pool by the operator. Liquidations execute against a Comet-style auction backstop.

  • •Reflector-priced. Each pool reads the SEP-40 Reflector oracle for collateral valuation. A divergence between Reflector and our VWAP materially changes the liquidation threshold — we surface it on the canonical coin pages via flags.divergence_warning.
  • •Backstop is a Comet pool. The Balancer-V1-derived Comet contract auctions liquidated positions. We index the same Comet code path (see /dexes); the Blend backstop is one specific contract address.
  • •MEV-relevant. Liquidations can sandwich, especially when the oracle update and the liquidate call land in the same ledger. The future /mev page tracks Blend liquidation MEV separately from DEX MEV.
Discovery notes (Blend)Discovery notes (Comet backstop)Contracts source

Coming next

Per-pool TVL + utilisation + supply/borrow APY plumb in once the TVL writer worker ships (Phase 3 — pending the protocol→pool registry on r1). The auctions panel and backstop coverage % follow alongside.

For now, head to /sources to see Blend in the source registry, or to /oracles to see the Reflector dependency Blend reads from.