Aave

DeFi pool lending (WBTC and others)

Major DeFi lending protocol. BTC exposure is typically via wrapped BTC on Ethereum or other chains.

Best for: DeFi-native users who already hold WBTC or similar and want open-ended borrows.

Product and eligibility

Product type

DeFi revolving

Collateral

Wrapped BTC (WBTC etc.)

Eligible borrowers

Anyone with a wallet

US availability

Global on-chain; interfaces may restrict

Custody model

DeFi smart contract

Protocol risk; WBTC custodian risk on wrapped asset

Rehypothecation

Yes

PoR / audits / insurance

Extensive audit history; still smart-contract risk

Track record

One of the largest DeFi lending protocols

Notice, grace period, partial vs full sale, and fees all differ by provider.

1. Starting LTV

73%

2. Margin call

Health factor alerts in wallets/UIs

3. Cure window

None enforced by protocol

4. Liquidation

78%

At 73% starting LTV, Bitcoin must fall about 6.4% for LTV to reach 78%.

Max initial LTV: Market-specific. Ethereum V3 WBTC/cbBTC standard: max LTV 73% (not a global Aave max; eMode and V4 can differ)
Liquidation style: Permissionless liquidators when Health Factor < 1; partial or full by V3 rules
Liquidation fee: Per-asset liquidation bonus (often ~5% class on majors reserve UI) plus protocol share of bonus
Collateral retrieval: Repay to free collateral

Rate range	Variable only (stable rate deprecated). Live utilization-driven (e.g. USDC borrow often low-to-mid single digits; snapshot changes)
Origination fee	None (gas)
Prepayment fee	None
Renewal / refinance	N/A
Minimum loan	None
Term options	Open-ended
Liquidation fee	Per-asset liquidation bonus (often ~5% class on majors reserve UI) plus protocol share of bonus
Collateral retrieval	Repay to free collateral
US availability	Global on-chain; interfaces may restrict
Unique features	Deep liquidity; multi-chain; no KYC at protocol layer

DeFi-native users who already hold WBTC or similar and want open-ended borrows.

You want native BTC custody, USD bank wires, or a fixed term loan.