Covenant
Covenant is a liquid credit market on Monad that turns any on-chain asset into leverage and yield tokens.
What is Covenant?
Covenant wraps on-chain collateral into two paired tokens: LEVERAGE-Coins, which trade like liquidation-free levered positions on the underlying asset, and YIELD-Coins, over-collateralized yield-bearing debt. The protocol uses the collateral itself as liquidity, so both leverage and yield trade like a DEX.
Web3 dapps and developer tools related to Covenant
Discover blockchain applications that are frequently used with Covenant.
Shade Protocol
Flying Tulip
OpenLeverage
Buttonwood
Developer resources from Alchemy
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How Alchemy powers financial services onchain
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How Aave runs the largest lending protocol in DeFi across 20+ chains with Alchemy
Aave has run its traffic on Alchemy since 2021, powering protocol data across 20+ networks and a gasless consumer app, through V4, Cortex, and spikes above 2M CU/s.
Covenant alternatives
Explore web3 competitors and apps like Covenant.
Aave
Compound
Auro Finance
Pike FinanceApp store listings are independently reviewed and written by Alchemy using a combination of inbound submissions, editorial research, public project sources, and third-party directories, including ecosystem data from The Grid under the Open Database License, DefiLlama, DappRadar, Reown, and chain ecosystem pages.
