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Risk Parameters

Overview​

Risk parameters are the limits and thresholds a lending market's governance sets to bound how it can be used: how much can be supplied or borrowed, how much of a deposit's value can be borrowed against, and what happens at liquidation. They are set by protocol governance and change only when governance updates them, unlike the rates and balances documented elsewhere in Protocol Metrics. See that page for the shared entity model (protocol, chain, market) and the beginning-of-interval timestamp convention.

At a Glance​

Data typeEntitiesFrequency / cadenceUnitPrimary endpointCoverage
Supply and borrow caps, loan-to-value, and liquidation parametersProtocol markets (protocol + chain + market)1d and 1mNative units, U.S. dollars where available, or percent/timeseries/protocol-metricscoming soon....

Metrics​

None of these metrics has a _mean form: each is a governance-set parameter, not a rate that fluctuates within the day.

MetricDescriptionFrequency
supply_cap_ntvThe maximum amount that can be supplied to the market, in the market's native asset units.1d, 1m
supply_cap_usdThe maximum amount that can be supplied to the market, in U.S. dollars.1d, 1m
borrow_cap_ntvThe maximum amount that can be borrowed from the market, in the market's native asset units.1d, 1m
borrow_cap_usdThe maximum amount that can be borrowed from the market, in U.S. dollars.1d, 1m
ltv_max_pctThe maximum loan-to-value ratio for a position collateralized by this market's asset: the largest percentage of the collateral's value that can be borrowed against it.1d, 1m
liquidation_threshold_pctThe loan-to-value ratio at which a position collateralized by this market's asset becomes eligible for liquidation.1d, 1m
liquidation_bonus_pctThe bonus paid to a liquidator who liquidates a position collateralized by this market's asset, expressed as a bonus factor above 100 (for example 105 means the liquidator receives 105% of the seized collateral's value, a 5% bonus).1d, 1m
info

Conventions.

  • Metric values are returned as JSON strings to preserve precision.
  • time marks the beginning of the interval a row covers (see Protocol Metrics: Conventions).
  • The _usd cap variants are published where available: a market whose underlying asset has no Coin Metrics reference rate has no _usd cap values, even though its _ntv values are published.
  • The _pct metrics are already scaled to percent (for example 80.5 means 80.5%, not 0.805%), except liquidation_bonus_pct, which is a bonus factor above 100 rather than a plain percent (see Methodology below).
  • ltv_max_pct is always less than or equal to liquidation_threshold_pct, since a position must be allowed to be opened before it can become eligible for liquidation.

Methodology​

  • Each of these values is read directly from the protocol's on-chain risk configuration for the market, as set by the protocol's governance process. They change only when governance passes an update, so unlike the rates and balances on the other Protocol Metrics pages, a flat series here reflects an unchanged configuration rather than a lack of activity.
  • liquidation_bonus_pct is published as a bonus factor above 100, not a plain percentage: a value of 105 means the liquidator receives 105% of the seized collateral's value, a 5% bonus. See the live example below, which returns exactly this value for a real market.

Accessing the Data​

Python Client
import os
from coinmetrics.api_client import CoinMetricsClient

client = CoinMetricsClient(os.environ["CM_API_KEY"])

df = client.get_protocol_metrics(
    protocols="aave_v3",
    markets="core-weth",
    metrics=["ltv_max_pct", "liquidation_threshold_pct", "liquidation_bonus_pct"],
    frequency="1d",
).to_dataframe()
Shell
curl --compressed "https://api.coinmetrics.io/v4/timeseries/protocol-metrics?protocols=aave_v3&markets=core-weth&metrics=ltv_max_pct,liquidation_threshold_pct,liquidation_bonus_pct&frequency=1d&page_size=10000&api_key=$CM_API_KEY"
Python
import os, requests

response = requests.get(
    "https://api.coinmetrics.io/v4/timeseries/protocol-metrics",
    params={"protocols": "aave_v3", "markets": "core-weth",
            "metrics": "ltv_max_pct,liquidation_threshold_pct,liquidation_bonus_pct",
            "frequency": "1d", "page_size": 10000, "api_key": os.environ["CM_API_KEY"]},
).json()
print(response)

Full parameter reference: see the API Reference for /timeseries/protocol-metrics.

Examples​

The example below is a live pull, returned as JSON strings, and changes on each pull.

Example: risk parameters for a lending market​

Caps and liquidation parameters for the Aave v3 WETH market on Ethereum (browser):

[
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-08T00:00:00.000000000Z",
    "borrow_cap_usd": "4599014118.516864",
    "liquidation_bonus_pct": "105",
    "liquidation_threshold_pct": "83",
    "ltv_max_pct": "80.5",
    "supply_cap_usd": "5173890883.331472"
  },
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-09T00:00:00.000000000Z",
    "borrow_cap_usd": "4586234954.527968",
    "liquidation_bonus_pct": "105",
    "liquidation_threshold_pct": "83",
    "ltv_max_pct": "80.5",
    "supply_cap_usd": "5159514323.843964"
  }
]

Note that liquidation_bonus_pct reads 105 here: a bonus factor above 100, meaning a 5% bonus expressed as 105% of the seized collateral's value, not a plain percentage. See Methodology above.

Coverage​

See Protocol Metrics: Coverage for how to check current availability against the catalog directly.

  • Protocol Metrics: the parent page, with the shared entity model and frequency semantics.
  • Liquidity and Size: the total borrowed and total market size figures these caps bound.
  • Rates and Yield: utilization and the rates these risk parameters help govern.