mStable V2

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.

Aggregates total value of each mStable vaults on Ethereum

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

mStable V2 is published as a versioned release inside the Dhedge protocol family. Releases inside the same family typically share governance, brand, and large parts of the audit history, but each version can run materially different contract logic — a release labelled v2 or v3 is not just a UI refresh. Newer versions inside a family typically launch with their own audit cycle and parameter set, so do not assume the previous release's safety record carries over without checking the linked audit reports.

Fork lineage and parent-protocol relationships are tracked by DeFiLlama for security and audit-history attribution; a fork inherits the upstream design but not necessarily the upstream audits or governance.

mStable V2 est une version au sein d'une famille de protocoles plus large. Ouvrez le protocole parent pour la TVL combinée et toutes les versions sœurs.

Événements majeurs signalés par la communauté DeFiLlama — lancements de protocole, exploits, changements de gouvernance et programmes d'incitations.

1. Oct 15, 2025
   Listé sur DeFiLlama

mStable V2 is a CDP protocol that lets users supply assets as collateral, borrow against them, and earn interest from borrowers paying variable or stable rates. It is deployed on Ethereum. No public audit reports are listed on DeFiLlama for this protocol.

Verified external resources for mStable V2 — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

mStable V2 is one of 7 CDP protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Sky Lending, USDD, Lista CDP, and 3 more. These peer protocols collectively secure 9,2 Md $US in deposits, giving you a frame of reference for whether mStable V2's own TVL is at the top, middle, or tail of the category.

Sky Lending

TVL 7,4 Md $US · 24h -0.04%

USDD

TVL 563,6 M $US · 24h -12.33%

Lista CDP

TVL 422,5 M $US · 24h -0.11%

Avalon USDa

TVL 403,7 M $US · 24h -0.57%

Liquity V1

TVL 180,4 M $US · 24h +0.29%

Reservoir Protocol

TVL 166,9 M $US · 24h +15.44%