Borrow against DeFi governance tokens
Teller pools accept 15 DeFi governance and protocol tokens as collateral, including UNI, COMP, PENDLE and ENS, at up to 33.3% LTV lending USDC. There is no health factor to defend, because every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| WELL | Base | 20% | 25% |
| UNI | Ethereum | 28.6% | 25% |
| COMP | Arbitrum | 25% | 25% |
| SUSHI | Ethereum | 20% | 1% |
| COMP | Ethereum | 25% | 25% |
| COW | Ethereum | 20% | 25% |
| ENS | Ethereum | 25% | 25% |
| PENDLE | Ethereum | 28.6% | 25% |
| SKY | Ethereum | 33.3% | 25% |
| SNX | Ethereum | 22.2% | 25% |
| SYRUP | Ethereum | 33.3% | 25% |
| W | Ethereum | 25% | 25% |
| wTAO | Ethereum | 28.6% | 25% |
| MORPHO | Base | 28.6% | 25.5% |
| EIGEN | Ethereum | 28.6% | 26.1% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
Reading the spread
These 15 rows are the same kind of asset priced by different operators, which makes the table above a comparison rather than a list. The ceilings run from 33.3% downward and the rates vary more than the ceilings do, with SUSHI currently cheapest to borrow against and SKY lending furthest against the same dollar of collateral.
Those two rarely coincide. A wide ceiling and a low rate are set by different judgements: how far the asset can travel inside a term, and how quickly a forfeited position could be sold. Deciding which matters more to you is most of the choice on this page.
When the same token appears twice
COMP each appear on more than one network here. Same project, different contract per chain, and every pool accepts exactly one address. The rates across those pairs have differed by more than the difference in gas, so check both rows before bridging rather than assuming the busier chain is the better borrow.
What none of them ask of you
Several of these tokens govern lending markets of their own, where borrowing means holding a position above a liquidation threshold for as long as it stays open. Every row here is the other instrument. Rate, LTV and the roll window lock when the loan opens, and every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
The practical consequence is that these two things compose. A money market handles the position you intend to manage; a fixed-term loan handles the part of the balance you would rather not think about until the date.
What the pools will not take
A staked, locked, delegated or supplied balance is a position rather than a token, whichever protocol it sits in, and none of them can be deposited. Withdraw to a plain balance first. Voting weight follows the tokens too, so arrange any delegation before you borrow rather than during the term.
The larger names have pages of their own: AAVE, UNI, LINK and MORPHO among them.
Frequently asked questions
The collateral sits with the protocol for the length of the term, so plan around any vote you intend to cast rather than assuming the balance stays in your wallet.
No. A delegated or locked position is a separate asset. The pool takes the plain ERC-20 at the address it names.
Those are liquidation-based markets where a borrow creates a position with a health factor and a liquidation price. A Teller loan is fixed-term with no threshold during it, so nothing needs topping up.
COMP is on Ethereum and Arbitrum. Each chain has its own contract and each pool accepts one address, so the chain you hold on decides which row you can use without bridging.
USDC, delivered to the wallet that signed the borrow on the same chain as the collateral.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.