Surf Liquid

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

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

Counts the morpho deposits of each Surf Liquid vault.

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Surf Liquid's governance or utility token carries a market capitalisation of $160.5K based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token ($160.5K) above the protocol's on-chain TVL ($857.4) — a mcap/TVL multiple of 187.14× implies investors are paying for expected future fee flows rather than current deposits alone. A further $20.1K sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

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. Sep 24, 2025
   Listed on DeFiLlama

Surf Liquid operates in the Yield category of DeFi. It is deployed on Base.

Surf Liquid is a single-chain protocol, deployed exclusively on Base — this concentrates execution risk but simplifies the trust model. Its token market cap ($160.5K) currently exceeds total value locked ($857.4) — a mcap/TVL ratio of 187.14 suggests the market is pricing in more growth than current deposits support.

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

Surf Liquid is one of 7 Yield protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Pendle, Spark Savings, Convex Finance, and 3 more. These peer protocols collectively secure $5.2B in deposits, giving you a frame of reference for whether Surf Liquid's own TVL is at the top, middle, or tail of the category.

Pendle

TVL $2.3B · 24h +0.37%

Spark Savings

TVL $1.4B · 24h +0.35%

Convex Finance

TVL $722.7M · 24h +0.66%

Multipli.fi

TVL $342.7M · 24h -0.01%

Strata Markets

TVL $259.5M · 24h +0.70%

infiniFi

TVL $177M · 24h +1.74%