Compare the top 10 crypto lending platforms in 2025. Find the best rates, features, and security across DeFi and CeFi options for borrowers.
Arkadii Kaminskyi
Arkadii Kaminskyi
Head of Operations at Sats Terminal
Head of Operations at Sats Terminal with 5 years of experience in crypto. Specializes in DeFi, yield farming, and borrowing — has reviewed 50+ crypto products.
The crypto lending market has matured significantly over the past few years, and choosing the right crypto lending platform in 2025 is more important than ever. Whether you want to borrow stablecoins against your Bitcoin, earn yield on idle crypto assets, or access liquidity without triggering a taxable sale, the platform you pick can make or break your experience. Interest rates, collateral requirements, security track records, and user experience all vary dramatically from one protocol to the next.
In this comprehensive guide, we rank and review the top 10 crypto lending platforms available today. We cover decentralized finance (DeFi) protocols, centralized finance (CeFi) services, and aggregators that help you compare across all of them. By the end, you will know exactly which crypto lending platform fits your goals, risk tolerance, and portfolio size.
Before diving in, it helps to understand how rates are determined and what separates a good deal from a bad one. Our guide on crypto lending rates in 2025 breaks that down in detail. And if you are weighing centralized versus decentralized options, our CeFi vs DeFi crypto lending comparison is a must-read companion piece.
We assessed each platform across the following criteria:
With those factors in mind, here are the top 10 crypto lending platforms for 2025.
Aave is the largest decentralized lending protocol by total value locked (TVL), consistently holding over $15 billion in deposits across multiple blockchain networks. Launched in 2020 as a successor to ETHLend, Aave pioneered innovations like flash loans, rate switching between variable and stable rates, and multi-chain deployment. In 2025 it operates on Ethereum, Arbitrum, Optimism, Polygon, Avalanche, Base, and several other networks through Aave V3.
Over 100 assets across all deployments, including ETH, WBTC, cbBTC, USDC, USDT, DAI, LINK, and many long-tail tokens in isolated markets.
Variable borrow rates for stablecoins generally range from 3% to 8% APY depending on utilization. ETH borrowing costs typically sit between 1% and 4%. Supply rates for stablecoins often land in the 2% to 6% range.
DeFi-native users who value self-custody, transparency, and deep liquidity. Ideal for borrowers comfortable managing wallets and interacting with smart contracts directly.
Morpho started as an optimizer sitting on top of Aave and Compound, matching lenders and borrowers peer-to-peer to offer better rates for both sides. In 2024-2025, Morpho evolved into Morpho Blue, a fully independent, permissionless lending primitive. Morpho Blue lets anyone create isolated lending markets with custom parameters — any collateral asset, any loan asset, any oracle, and any LTV. Curators (like Gauntlet, Steakhouse, and others) build pre-configured vaults on top of Morpho Blue for users who prefer a managed experience.
Because market creation is permissionless, virtually any ERC-20 token can be used. Popular markets include WBTC/USDC, ETH/USDC, wstETH/ETH, and various LST pairs. Morpho is deployed on Ethereum and Base.
Borrowing rates for stablecoins against blue-chip collateral (ETH, WBTC) often range from 2% to 7%. The peer-to-peer matching can offer rates 0.5% to 2% better than comparable pools on Aave or Compound.
DeFi power users and institutions looking for optimized rates and capital efficiency. Also excellent for projects that want to bootstrap their own lending markets without governance overhead.
Compound Finance launched in 2018 and effectively created the DeFi lending category. Its algorithmic interest rate model — where rates adjust automatically based on supply and demand — became the blueprint for nearly every lending protocol that followed. Compound V3 (also called Comet) simplified the architecture to a single-borrowable-asset model, focusing on USDC as the primary borrowable asset with multiple collateral types.
Collateral assets in V3 include ETH, WBTC, cbBTC, COMP, LINK, UNI, and wstETH. The primary borrowable asset is USDC, with separate markets for USDT and ETH on some chains.
USDC borrow rates typically range from 3% to 7%. When factoring in COMP rewards, the effective rate can be 1% to 3% lower depending on market conditions.
Users who prioritize a time-tested protocol and want to borrow stablecoins with minimal complexity. The COMP incentives make it attractive for cost-conscious borrowers.
MakerDAO pioneered decentralized lending by creating DAI, the first decentralized stablecoin backed by crypto collateral, in 2017. In 2024, MakerDAO rebranded to Sky Protocol, introducing the USDS stablecoin and the SKY governance token alongside the legacy MKR and DAI tokens. The Spark Protocol sub-DAO now handles the primary lending frontend, functioning similarly to Aave but with direct access to Sky's DAI/USDS minting engine.
ETH, WBTC, stETH, USDC (via the Peg Stability Module), and various LP tokens can serve as collateral. Borrowable assets are DAI and USDS.
Borrow rates are set by governance and typically range from 2% to 8% depending on the vault type and collateral. The Spark lending market offers variable rates competitive with Aave.
Long-term DeFi participants who want to mint stablecoins against their crypto without relying on a lending pool counterparty. Also suitable for yield seekers via the savings rate products.
Nexo is one of the most established centralized crypto lending platforms, offering an experience that closely mirrors traditional banking. Founded in 2018, Nexo provides instant crypto-backed credit lines, an interest-earning account, and a Mastercard-linked card that lets you spend against your crypto collateral. Nexo holds multiple licenses and operates in over 200 jurisdictions, though US availability has been limited since 2023.
Over 80 cryptocurrencies as collateral, including BTC, ETH, XRP, MATIC, DOT, ADA, and many more. Borrowable assets include USD, EUR, GBP, USDC, and USDT.
Borrow rates range from 2.9% to 13.9% APR depending on your NEXO token holdings and loyalty tier. Top-tier Platinum users with high NEXO balances access the lowest rates. Earn rates on stablecoins range from 8% to 14% depending on tier and lock-up.
Users outside the US who want a polished banking-like experience with crypto. Ideal if you prefer not to interact with DeFi smart contracts and want the convenience of a credit card backed by crypto.
Ledn is a Canadian-based crypto lending platform that focuses heavily on Bitcoin. It differentiated itself by being one of the few CeFi lenders to survive the 2022 crypto credit crisis without freezing withdrawals. Ledn offers Bitcoin-backed loans as well as yield-earning accounts for BTC and USDC. In 2024-2025, Ledn expanded its product suite with dual-asset loans and improved transparency features.
Primarily BTC and USDC. Ledn is deliberately focused on Bitcoin rather than trying to support every token.
Bitcoin-backed loan rates typically range from 9% to 12% APR. Yield accounts offer variable returns on BTC and USDC, typically in the 1% to 4% range for BTC and 6% to 9% for USDC.
Bitcoin holders who want a trusted CeFi lender with a proven track record and transparent operations. Particularly suitable for US-based borrowers who cannot access Nexo. For more on BTC-specific platforms, see our guide to the best crypto lending platforms for BTC.
Unchained Capital takes a radically different approach to Bitcoin lending by using collaborative custody with multi-signature (multisig) technology. Instead of handing over your BTC to a custodian, Unchained loans use a 2-of-3 multisig vault where the borrower, Unchained, and a third-party key agent each hold one key. This means no single party can move the collateral unilaterally. Unchained surpassed $1 billion in Bitcoin-collateralized loans in 2024, marking it as a serious player in the space.
Bitcoin only. No other assets are supported as collateral or for borrowing.
Loan rates have been trending downward, typically ranging from 10% to 14% APR for standard loans. Higher loan amounts and institutional clients may negotiate better terms. LTV ratios generally cap at 40% to 50%.
Bitcoin holders who want the security of never fully surrendering their keys. Especially appealing to high-net-worth individuals and those who want their Bitcoin lending integrated with retirement planning.
Arch, previously known as Hodl Hodl Lend, is a peer-to-peer Bitcoin lending platform that uses multisig escrow to facilitate loans directly between borrowers and lenders. The platform itself never takes custody of any funds. Instead, BTC collateral is locked in a 2-of-3 multisig escrow where the borrower, lender, and Arch each hold one key. This makes it one of the most trust-minimized lending platforms available.
Bitcoin as collateral. Loans are typically denominated in stablecoins (USDT, USDC) or other assets agreed upon by both parties.
Rates vary widely since they are negotiated peer-to-peer. Typical ranges are 6% to 15% APR depending on market conditions, LTV, and loan duration. Shorter-term, lower-LTV loans tend to get better rates.
Privacy-conscious Bitcoin holders who want the security of non-custodial lending without KYC requirements. Also suitable for borrowers who want maximum flexibility in negotiating custom loan terms.
Celsius Network was once one of the largest centralized crypto lending platforms, boasting over $20 billion in assets under management at its peak in 2021. However, in June 2022, Celsius froze all withdrawals, and by July 2022 it filed for Chapter 11 bankruptcy. The collapse revealed severe mismanagement, including unsecured lending to risky counterparties, use of customer deposits for proprietary trading, and inadequate risk controls. In 2024, Celsius emerged from bankruptcy under the new entity Fahrenheit (backed by a consortium including Hut 8), distributing partial recoveries to creditors primarily in BTC and ETH.
The original Celsius platform is defunct. Creditors received partial distributions in 2024. The successor entity focuses on Bitcoin mining operations rather than lending. Users with outstanding claims should consult the bankruptcy court filings for the latest distribution information.
No one — Celsius is no longer operational as a lending platform. We include it here as a critical reminder to evaluate the risks of CeFi platforms carefully and to always consider whether a platform's yield promises are sustainable.
Rather than being a single lending protocol, Borrow by Sats Terminal is a crypto lending aggregator that lets you compare loan offers across multiple DeFi protocols and CeFi platforms from a single interface. Instead of visiting Aave, Morpho, Compound, and various CeFi lenders separately to compare rates, Sats Terminal pulls real-time data from across the market and shows you the best available terms for your specific borrowing needs.
Aggregates listings across the platforms it integrates with. Focused primarily on BTC as collateral with stablecoin borrowing, but covers whatever the underlying platforms support.
Because Sats Terminal is an aggregator, rates reflect the underlying platforms. The advantage is that you will always see the most competitive rate available across all integrated platforms, which can save significant money compared to using a single platform without comparison shopping.
Anyone looking to borrow against crypto — especially Bitcoin — who wants to make sure they are getting the best available rate. Ideal for first-time borrowers who need help navigating the fragmented lending landscape, as well as experienced borrowers who want to save time. To learn more about how to choose the best crypto lending platform, start here.
The table below summarizes the key features of each platform covered in this guide.
| Platform | Type | Key Assets | Typical Borrow Rate | Max LTV | Custody | KYC Required |
|---|---|---|---|---|---|---|
| Aave | DeFi | ETH, WBTC, USDC, 100+ | 3%–8% | Up to 80% | Non-custodial | No |
| Morpho | DeFi | ETH, WBTC, USDC, any ERC-20 | 2%–7% | Up to 86% | Non-custodial | No |
| Compound | DeFi | ETH, WBTC, USDC, COMP | 3%–7% | Up to 83% | Non-custodial | No |
| MakerDAO / Sky | DeFi | ETH, WBTC, stETH, DAI | 2%–8% | Up to 80% | Non-custodial | No |
| Nexo | CeFi | BTC, ETH, 80+ tokens | 2.9%–13.9% | Up to 50% | Custodial | Yes |
| Ledn | CeFi | BTC, USDC | 9%–12% | Up to 50% | Custodial | Yes |
| Unchained Capital | CeFi | BTC only | 10%–14% | Up to 50% | Collaborative (multisig) | Yes |
| Arch | P2P | BTC collateral | 6%–15% | Negotiable | Non-custodial (multisig) | No |
| Celsius Network | CeFi (defunct) | N/A | N/A | N/A | N/A | N/A |
| Sats Terminal | Aggregator | BTC, varies by platform | Best available | Varies | Varies | Varies |
The crypto lending landscape has changed dramatically since the bear market of 2022. Several trends are shaping how platforms compete in 2025:
Proof of reserves has become table stakes. After the collapse of Celsius, FTX, and other CeFi platforms, borrowers now demand transparent reserve reporting. Platforms like Ledn and Nexo that adopted proof-of-reserves attestations early have gained significant trust.
DeFi protocols continue to gain market share. Aave, Morpho, and Compound have all seen substantial TVL growth as users move away from opaque CeFi models. The transparency and composability of DeFi lending make it increasingly attractive, even for institutional borrowers.
Rate compression is benefiting borrowers. Competition among platforms has driven borrowing rates down across the board. As we discuss in our analysis of crypto lending rates, borrowers today have access to historically competitive terms.
Aggregation is becoming essential. With dozens of viable lending platforms operating across multiple chains, manually comparing rates is impractical. Tools like Sats Terminal that aggregate offers across platforms help borrowers find optimal terms without exhaustive manual research.
For a deeper dive into how specific platforms have been ranked and reviewed this year, check out our best crypto lending platforms 2025 roundup.
Selecting the best crypto lending platform depends on your specific circumstances:
For a complete framework on evaluating platforms, read our guide on how to choose the best crypto lending platform for you.
Common Questions
Unchained Capital takes a radically different approach to Bitcoin lending by using collaborative custody with multi-signature (multisig) technology. Instead of handing over your BTC to a custodian, Unchained loans use a 2-of-3 multisig vault where the borrower, Unchained, and a third-party key agent each hold one key. This means no single party can move the collateral unilaterally. Unchained surpassed $1 billion in Bitcoin-collateralized loans in 2024, marking it as a serious player in the space.
