Granite is Now Listed on Borrow On Bitcoin

Granite is now tracked on BorrowOnBitcoin, the leading independent comparison site for Bitcoin-backed loans. Bitcoin holders researching how to borrow against their Bitcoin can now find Granite's market data, rate history, and risk parameters alongside every other major onchain and CeFi Bitcoin lender, all on one site.

As of the listing date, Granite's variable borrow rate of 1.66% APR is among the lowest of any tracked onchain Bitcoin lending market, well below the 3.57% floor and the 4.03% average across the 24 EVM DeFi markets in the BorrowOnBitcoin DeFi Rate Index.

See Granite on BorrowOnBitcoin

Why onchain Bitcoin lending matters now

The maturation of Bitcoin treasuries has highlighted borrowing, along with staking, as primary mechanisms for accessing working capital without relinquishing long positions. However, the legacy of the 2022 market downturn, marked by the failures of entities like Celsius, BlockFi, and Genesis, revealed critical structural vulnerabilities. Because these platforms assumed full custody of user funds, clients were reduced to unsecured creditors in bankruptcy proceedings rather than retaining explicit ownership rights over their assets. This underscored that the fundamental risk lay not in loan-to-value parameters or interest rates, but in custody and rehypothecation practices.

Decentralized onchain protocols address these custody issues by removing intermediaries entirely, ensuring there is no centralized balance sheet or management team that could block access to assets. For enterprise treasuries requiring direct alignment with Bitcoin, assets like sBTC function via an explicit 1:1 backing mechanism that settles natively to Bitcoin rather than relying on a single third-party vault. By leveraging isolated market designs on Stacks, collateral deposits are safeguarded against lending exploitation and insulated from risks associated with weaker assets in shared liquidity pools.

What is BorrowOnBitcoin?

BorrowOnBitcoin is a free, independent publisher that tracks and compares Bitcoin-backed loan rates across both CeFi and DeFi. It is one of the most referenced Bitcoin loan comparison resources available, covering everything from personal Bitcoin loans and Bitcoin mortgages to onchain DeFi lending protocols.

Their BoB DeFi Rate Index tracks 24 onchain markets across 9 protocols, publishing daily borrow rates, TVL, utilization, and risk parameters. Their BoB CeFi Rate Index covers 6 centralized lenders with rates refreshed weekly. Borrowers can compare Bitcoin loan rates by size, loan type, custody model, and LTV all in one place, with no credit pull and no account required. BorrowOnBitcoin is published by Sypher Capital and is not a lender, broker, or registered investment adviser. They do not take applications or sell user data.

Why Granite belongs on a Bitcoin loan comparison site

Bitcoin holders have more options for borrowing against Bitcoin than at any point in the asset's history. CeFi lenders like Arch, Ledn, and SALT offer fixed-rate personal Bitcoin loans with rates currently ranging from 7.25% to 18.9% APR. Onchain DeFi protocols like Morpho, Aave, and Euler offer variable-rate loans against wrapped Bitcoin, with rates between 3.43% and 8.02% APR across the 24 markets tracked on the protocol index.

Granite sits in a category of its own: an onchain Bitcoin loan against sBTC, a decentralized non-custodial 1:1 Bitcoin-backed asset on Stacks, with a variable rate currently at 1.66% APR and protections that no other tracked market offers together.

The three things that separate Granite from every other option on the index:

No rehypothecation. Your sBTC collateral is never lent to other borrowers or reused by the protocol. This is the protection that CeFi lenders failed to honor before major bankruptcies in 2022 and 2023, and it is what BorrowOnBitcoin flags as one of the five most important things to verify before borrowing against your Bitcoin. Learn more about Bitcoin loan custody and rehypothecation. Granite is also listed on BorrowOnBitcoin's dedicated index of no-rehypothecation Bitcoin loans.

Soft Liquidation. Granite features fully automated, onchain liquidations eliminating the need to fully close positions. When an LTV crosses the liquidation threshold, the protocol relies on an algorithmic process where soft liquidations ensure only the fractional collateral required to regain solvency is sold. In a near-threshold scenario, the protocol's documented examples show this represents roughly 2% of the position, stark contrast to typical DeFi protocols that often liquidate 45% to 100% all at once

No credit check. Granite is a permissionless set of smart contracts. Anyone can open a position with no application, no identity-based approval, and no credit score involved. Approval is based entirely on collateral. See all no-credit-check Bitcoin loans tracked on BorrowOnBitcoin.

Granite vs CeFi Bitcoin loans

CeFi Bitcoin loans from lenders like Arch, Ledn, and SALT are centralized and custodial. Your Bitcoin is held by the lender or their custodian during the loan term. Rates are generally fixed, ranging from 7.25% to 18.9% APR. Most run a KYC process. Some rehypothecate your collateral. All issue margin calls before liquidation.

Granite runs onchain with no custodian. Your sBTC is held by the protocol's smart contracts on Stacks. The rate is variable and is currently significantly lower than that of any CeFi lender on the index. There is no KYC, no application, and no margin call. The tradeoff is smart-contract risk and the extra step of bridging BTC to sBTC via the Stacks sBTC bridge before borrowing.

If you are weighing whether to sell or borrow, BorrowOnBitcoin has a useful breakdown of the borrow vs sell tax tradeoffs and their Bitcoin loan calculator lets you model your LTV, monthly cost, and liquidation price before committing.

Granite vs onchain DeFi Bitcoin loans

The 24 EVM DeFi markets on BorrowOnBitcoin use wrapped or tokenized Bitcoin as collateral: cbBTC, LBTC, wBTC, SolvBTC, and tBTC. These are issued by centralized custodians (Coinbase in the case of cbBTC, for example) and live on Ethereum, Base, BNB Chain, Avalanche, Solana, and Arbitrum. Rates currently range from 3.57% to 8.02% variable APR across the index.

Granite uses sBTC, a non-custodial 1:1 Bitcoin bridge on Stacks secured by Stacks validators through a threshold signature script on the Bitcoin blockchain. There is no centralized custodian behind the collateral. And the rate at 1.66% variable APR is currently below every EVM market in the index.

What BorrowOnBitcoin tracks for Granite

BorrowOnBitcoin publishes the following for Granite's market, updated daily:

• Variable borrow rate (APR)
• Total TVL and pool utilization
• Collateral type (sBTC) and borrow asset (USDCx)
• Market structure (isolated, no rehypothecation)
• Liquidation parameters and liquidation reward
• Audit status and bug bounty posture
• Supported wallets

The full Granite review page covers the protocol in depth, including how soft liquidations work, Granite's withdrawal cap system, and an explanation of the Stacks Bitcoin L2 for borrowers unfamiliar with it.

Read the full Granite review on BorrowOnBitcoin

How to borrow against Bitcoin on Granite

1. Bridge your BTC to sBTC using the Stacks sBTC bridge.
2. Connect a compatible wallet (Leather or Xverse) at app.granite.world.
3. Deposit sBTC as collateral.
4. Borrow USDCx up to the protocol's maximum LTV.