100% sustainable / 0% emissions / 0% counterparty, projected on target allocation2.6 day redemptionvault not yet deployedAnchor 0.31Solana mainnet

Advancing

Assay Board

A quoted rate, broken into what it is actually made of

Assaying is the bench step between finding ore and believing it is worth something. Enter a bitcoin amount and the board separates the projected return by who pays it, prints the rate that survives every incentive schedule, and prices the exit at the same moment as the entry.

Sample weight

BTC

Nothing is sent anywhere. The catalogue is already loaded and the split below is arithmetic done in this browser, so the numbers move as fast as the figure does.

Chamber

Where the return comes from

A single blended rate hides its own payer. These are the three payers, kept apart, because only one of them keeps paying without a schedule or a loser behind it.

Sustainable

100.0%

7.95%

0.0795 BTC · $7,950 per year

Paid by borrowers, traders and swap fees.

Paid by people using the venue. Survives any incentive schedule ending.

Emitted

0.0%

0.00%

0 BTC · $0.00 per year

Paid by the protocol's own token schedule.

Printed on a schedule. Stops when the schedule stops, and most operators publish no end date.

Quoted total

7.95%

0.0795 BTC a year on 1 BTC

After schedules end

7.95%

No incentive programme contributes, so nothing here depends on one continuing

Redemption

2.6 days

Policy ceiling 14 days. Standard fee 10 bps.

Seam thickness

Each trace is one working face. Width is what that seam adds to the blended rate. Colour is who pays for it.

Orca · cbBTC · cbBTC / USDC concentrated liquidity

15.51% (7 day) at 25% allocation

Orca · cbBTC · SOL / cbBTC concentrated liquidity

21.02% (7 day) at 15% allocation

Orca · cbBTC · cbBTC / WBTC concentrated liquidity

4.23% (7 day) at 15% allocation

Orca · xBTC · USDG / xBTC concentrated liquidity

1.55% (7 day) at 10% allocation

Kamino Liquidity · xBTC · USDG / xBTC managed liquidity

1.20% (7 day) at 5% allocation

Loopscale · zBTC · zBTC lending

1.06% (7 day) at 5% allocation

Save · cbBTC · cbBTC lending reserve

0.19% (7 day) at 10% allocation

Kamino Lend · cbBTC · cbBTC lending reserve

<0.01% (7 day) at 15% allocation

When the printing stops

Emissions 0.00%

Nothing in this allocation is paid by a token schedule.

The quoted rate and the rate after schedules end are the same number, so there is no runway to draw. That is worth stating plainly rather than leaving as an empty panel: a rate with no emitted component cannot fall simply because an operator decided to stop funding it.

Impermanent loss

IL unknown

The rates above are gross of impermanent loss.

5 liquidity positions carry impermanent loss, and no impermanent loss figure is published for them by the sources behind this catalogue. LODZ will not print an estimate in that gap. Read the liquidity share of the return as an upper bound: the fee is real, and part of it is paid back through the position moving against you.

Orca · cbBTC / USDC concentrated liquidity: 11.57% gross · IL unknown
Orca · SOL / cbBTC concentrated liquidity: 12.20% gross · IL unknown
Orca · cbBTC / WBTC concentrated liquidity: 3.21% gross · IL unknown
Orca · USDG / xBTC concentrated liquidity: 1.03% gross · IL unknown
Kamino Liquidity · USDG / xBTC managed liquidity: 0.85% gross · IL unknown

What is lit on the way in

Every one of these sits between a depositor and their bitcoin. They are graded separately because they fail separately.

Issuance

medium

Every asset routed here is a claim issued by a third party against bitcoin held somewhere else. If issuance halts or the issuer is compromised, the claim can trade below the coin it represents no matter how the venues perform.

Custody of the underlying

medium

The bitcoin behind each representation sits with a custodian, a signer set or a guardian network. LODZ never holds it and cannot recover it for a holder.

Venue contracts

medium

Each seam is a position inside somebody else's program. An exploit, a bad upgrade or an oracle failure at a venue hits the capital in it directly.

Market, liquidity and divergence

high

Fee income is quoted gross of divergence loss, and the whole BTC LP market on Solana is roughly $24M. Both the rate and the exit are smaller than they look.

Incentive programmes

low

There are none. Across 94 BTC pools on Solana, zero pay a reward token, and the two largest have paid none on any of the 647 days on record. Emissions exposure is reported as zero because it is measured at zero.

LODZ operations

medium

The router, the keeper that rebalances it and the redemption queue are LODZ's own code and a failure point in their own right.

Data integrity

medium

A healthy looking signal is not a working one. The research caught three separate cases, and each one is now a check in this service.

Every asset routed here is a wrapped or bridged claim on bitcoin held by a third party. It is not a coin on the Bitcoin base chain, and its value depends on that third party honouring redemption.
Yield is reported in three kinds and they are never added into one another. Sustainable yield is paid by people using the venue. Emissions are printed by a protocol. Counterparty yield is funded by other traders' losses.
Emissions exposure across this catalogue is zero, measured rather than assumed: no BTC pool on Solana currently pays a reward token.
Liquidity provision fee rates are quoted gross of divergence loss by every upstream source. Where LODZ can estimate that loss from pool price history it subtracts it; where it cannot, the seam is marked and no net figure is given.
BTC lending on Solana pays close to nothing. The largest reserve, $44.0M of cbBTC on Kamino, pays 0.00459 percent because almost nobody borrows BTC. Any product advertising a meaningful BTC lending rate on this chain is describing something else.
Principal is at risk. Deposits here are not bank deposits, carry no insurance, and can be impaired by a venue exploit, an issuer failure or a custody failure.
Redemption is a claim on the vault's open positions. Its speed depends on venue depth at the time of exit, and the queue lengthens under stress.
The vault program is not deployed. Every projection served by this API models what the current catalogue would pay; none of it reports realised performance.

Every seam in this projection

Seam	Payer	Rate	Allocation	Yield / year	Impermanent loss
cbBTC / USDC concentrated liquidityOrca · cbBTC	Sustainable	15.51%7 day	25%0.25 BTC	0.038775$3,878	0.66%
SOL / cbBTC concentrated liquidityOrca · cbBTC	Sustainable	21.02%7 day	15%0.15 BTC	0.03153$3,153	0.38%
cbBTC / WBTC concentrated liquidityOrca · cbBTC	Sustainable	4.23%7 day	15%0.15 BTC	0.006345$635	0.00%
USDG / xBTC concentrated liquidityOrca · xBTC	Sustainable	1.55%7 day	10%0.1 BTC	0.00155$155	unknown
USDG / xBTC managed liquidityKamino Liquidity · xBTC	Sustainable	1.20%7 day	5%0.05 BTC	0.0006$60.00	unknown
zBTC lendingLoopscale · zBTC	Sustainable	1.06%7 day	5%0.05 BTC	0.00053$53.00	not applicable
cbBTC lending reserveSave · cbBTC	Sustainable	0.19%7 day	10%0.1 BTC	0.00019$19.00	not applicable
cbBTC lending reserveKamino Lend · cbBTC	Sustainable	<0.01%7 day	15%0.15 BTC	0$0.00	not applicable

In the catalogue, not routed into

These are tracked and quoted, and this chamber sends nothing to them. The rate is real; what differs is who has to keep paying it and how much capital the venue can actually absorb.

Seam	Payer	Quoted rate	Venue capacity
SOL / WBTC concentrated liquidityOrca · WBTC	SustainableBorrowers, traders and swap fees	5.89%	$929K
cbBTC / JLP concentrated liquidityOrca · cbBTC	SustainableBorrowers, traders and swap fees	3.08%	$213K
WBTC / USDC concentrated liquidityOrca · WBTC	SustainableBorrowers, traders and swap fees	1.66%	$106K
cbBTC / xBTC concentrated liquidityOrca · cbBTC	SustainableBorrowers, traders and swap fees	0.82%	$277K
WBTC lending reserveKamino Lend · WBTC	SustainableBorrowers, traders and swap fees	0.02%	$153K

Left out of this projection

These positions are in the catalogue and are not counted above. Each one states why, so the difference between this board and a venue's own headline number is inspectable rather than assumed.

GMTrade · BTC-USDC perpetuals vault

Counterparty180.33%$1.7M

Yield is other traders' losses. LODZ reports it for comparison and does not take the other side of leveraged trades with depositor principal.

Take the breakdown with you

1 BTC assayed on LODZ: 7.95% quoted, 0.0% of it paid by token emissions, 7.95% left when those schedules end.

Post the split

Provenance

Live sourceBTC reference $100K

Live venue state from DefiLlama yields, cross-checked against Orca and Kamino's own APIs, with ninety day medians computed from per pool history.

Orca · cbBTC / USDC concentrated liquidity: The spot rate on this pool printed 74,187 percent on one day of its 646 day history, a low TVL artifact. Only the seven day figure and the ninety day median are safe to display.
Kamino Lend · cbBTC lending reserve: Utilisation is 3.2 percent: $45.5M supplied against $1.5M borrowed. The rate is near zero because almost nobody borrows BTC, not because the venue is broken. This is the single number that decides whether BTC lending is a product.
Orca · cbBTC / WBTC concentrated liquidity: Both legs track bitcoin, so divergence loss is small. The exposure that replaces it is holding two different issuers at once.
Orca · SOL / cbBTC concentrated liquidity: Two independently volatile legs. Divergence loss is largest here and is not included in the quoted fee rate.
Orca · USDG / xBTC concentrated liquidity: xBTC is exchange issued: mint and freeze are both off-chain keys.
Save · cbBTC lending reserve: 0.19 percent. Among BTC lending on Solana this counts as the good one.
Kamino Liquidity · USDG / xBTC managed liquidity: A manager rebalances the range, which adds strategy risk on top of the pool's own.
Loopscale · zBTC lending: $295K of capacity. The rate is real and the room to use it is not large. zBTC is also the smallest representation routed here.

defillama · live_source · generated 2026-08-15 · compiled 2026-08-15