Ionic Protocol

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

Ionic Protocol's governance or utility token carries a market capitalisation of $14.8K based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($14.8K) is small relative to deposits secured by the protocol ($2M); a mcap/TVL multiple of 0.01× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Jan 26, 2024
   Listed on DeFiLlama

Ionic Protocol is a Lending protocol that lets users supply assets as collateral, borrow against them, and earn interest from borrowers paying variable or stable rates. It is deployed across 6 chains, including Mode, Base, Lisk, Optimism and 2 other chains. The codebase has been independently audited (1 report on file).

Ionic Protocol runs a multi-chain deployment, with smart contracts live on 6 networks. Roughly 96% of its on-chain value sits on just three networks (Mode, Base, Lisk), so a fault on any one of them would affect a large slice of users. Price discovery relies on 5 oracle providers (eOracle, RedStone, Chainlink, and others), which diversifies the data-feed surface but also expands the set of third parties users implicitly trust. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap ($14.8K) is small relative to TVL ($2M) — a mcap/TVL ratio of 0.01 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Ionic Protocol — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Ionic Protocol is one of 7 Lending protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Aave V3, Morpho V1, JustLend, and 3 more. These peer protocols collectively secure $43.4B in deposits, giving you a frame of reference for whether Ionic Protocol's own TVL is at the top, middle, or tail of the category.

Aave V3

TVL $26.2B · 24h +0.16%

Morpho V1

TVL $7B · 24h +0.57%

JustLend

TVL $3.4B · 24h +1.86%

Maple

TVL $2.4B · 24h -1.17%

SparkLend

TVL $2.2B · 24h +3.62%

Kamino Lend

TVL $2.1B · 24h -0.02%