Morpho Watch

cbBTC / USDC on Base

A Morpho market on Base where people borrow USDC against cbBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.50% a year and borrowers pay 5.32% right now.

Data from Morpho's API · updated

Borrow APY

5.32%

30-day average 5.79%

Supply APY

4.50%

30-day average 5.20%

Supplied

$1.90B

1.90B USDC

Borrowed

$1.61B

84.9% utilization

Available to borrow

$286.7M

up to $305.4M with vault liquidity

Collateral posted

$2.91B

40.60K cbBTC

Open in the Morpho app ↗Liquidation price calculatorBorrow cost calculator

This is the market behind Coinbase's Bitcoin loans →

Its exact daily borrow rate history, and what a Coinbase loan costs over time.

cbBTC / USDC rate history

Average supply and borrow APY for each day

Utilization

cbBTC / USDC interest rate curve

What borrowers would pay at each utilization level, with today's settings

Borrow APY Supply APY

At the 90% target, borrowers pay 5.56% right now. Below it the rate falls to as little as a quarter of that; above it, it climbs to four times that when the market is fully borrowed. The curve itself also moves: while utilization stays above 90% the whole curve drifts up, and below 90% it drifts down. How Morpho interest rates work.

Liquidation map

How much cbBTC collateral could be liquidated if its price fell by each amount

Based on today's loans and today's cbBTC price in USDC. Borrowers who repay or add collateral move these numbers every day.

Risk settings

Liquidation LTV (LLTV)86%fixed for the life of the market
Liquidation bonus4.38%extra collateral a liquidator receives
cbBTC price in USDC71.84K USDCthe market's oracle, which liquidations follow
OracleChainlinkOracleV20x663B…39B9
Price feeds0x64c9…848F
Market feeNoneshare of interest taken by the protocol
Pre-liquidationAvailableborrowers can opt in to gentler, earlier liquidations from 83.26% LTV

LLTV and liquidations · How oracles work

Details

Loan assetUSDCprice $0.9997
CollateralcbBTCprice $71.8K
Borrow APY, last year5.17%
Borrowers42,351
CreatedSeptember 4, 2024
Market ID0x9103c3b4…191836
Rate model0x4641…2687
cbBTC token0xcbB7…33Bf
USDC token0x8335…2913

Vaults lending here

$1.78B of the $1.90B supplied comes from these vaults

VaultLent hereVault net APYVault deposits
Grove x Steakhouse USDCV2lends directly$475.3M4.50%$523.7M
Gauntlet USDC Primelends directly$372.5M4.50%$398.2M
Spark USDC Vaultlends directly$371.1M4.04%$371.1M
Gauntlet USDC PrimeV2lends directly$224.4M4.50%$229.7M
Steakhouse Prime USDCV2lends directly$121.0M4.50%$134.1M
Steakhouse USDClends directly$96.87M3.36%$104.5M
Steakhouse High Yield USDC EditionV2lends directly$94.89M3.33%$458.2M
Pangolins USDClends directly$6.90M4.04%$6.90M
Clearstar cbAssets VaultV2lends directly$4.06M6.06%$35.33M
SoSoValue x Unified Labs USDCV2lends directly$3.47M4.50%$3.47M
Galaxy USDC QualityV2lends directly$2.04M4.50%$2.04M
Re7 USDCV2lends directly$1.25M4.27%$1.25M

Largest borrowers

42,351 open loans in this market

AddressBorrowedCollateralHealthPrice drop to liquidation
0x6aBB…eAf2$15.06M$22.26M1.2721.2%
0x0248…95Ff$8.00M$11.04M1.1815.6%
0xdA90…8Ee9$7.00M$11.04M1.3526.2%
0x0Efa…36a2$6.59M$9.10M1.1915.6%
0xe8BC…4083$6.10M$12.52M1.7643.3%
0x6469…6e8B$5.90M$10.50M1.5334.6%
0x7445…97C4$5.20M$13.85M2.2956.3%
0xD3d7…07Fc$5.18M$8.44M1.4028.6%
0xA89C…da74$5.04M$9.07M1.5435.2%
0x8622…2FC4$4.85M$7.09M1.2620.4%

Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.

Recent liquidations here

3000 in the last 30 days, $31.08M of debt repaid

All liquidations →
WhenDebt repaidCollateral takenBorrowerTransaction
$1.891.89 USDC $1.970.0000277 cbBTC 0x5fF5…A840 0xf7b6…7dea
$4.864.87 USDC $5.080.0000713 cbBTC 0xdB80…6793 0xf7b6…7dea
$1.1K1.07K USDC $1.1K0.0157 cbBTC 0x805b…9450 0x6e97…cfc6
$1.8K1.76K USDC $1.8K0.0258 cbBTC 0x248a…1258 0x6e97…cfc6
$109108.86 USDC $1140.0016 cbBTC 0xa740…367b 0x6e97…cfc6
$309309.36 USDC $3230.00453 cbBTC 0xf6e7…3CAB 0x0816…d615
$821821.21 USDC $8580.012 cbBTC 0xca7C…e03c 0x0816…d615
$72.5972.61 USDC $75.860.00106 cbBTC 0x7432…FFad 0x0816…d615
$2.062.06 USDC $2.150.0000302 cbBTC 0xAF6d…6dF8 0xfcfb…7ed4
$27.7727.78 USDC $29.030.000407 cbBTC 0xBbd6…C8A1 0xf5b4…b72e

About the cbBTC / USDC market

The cbBTC / USDC market on Base was created on September 4, 2024. Anyone can lend USDC into it, and anyone holding cbBTC can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds. Public on-chain data shows this is the market behind Coinbase's Bitcoin loans.

Right now $1.90B is supplied and $1.61B borrowed, so 84.9% of the market is in use, backed by $2.91B of cbBTC from 42,351 borrowers. Borrowers pay 5.32% a year, 5.79% on average over the last 30 days and 5.17% over the last year. Lenders earn 4.50%.

27 listed vaults lend here, providing $1.78B of the supply; the largest are Grove x Steakhouse USDC, Gauntlet USDC Prime and Spark USDC Vault. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC. If cbBTC fell 20% against USDC, about $246.1M of collateral would be at risk of liquidation. 3000 loans were liquidated here in the last 30 days.

cbBTC / USDC on Base: quick answers

What is the USDC borrow rate against cbBTC on Morpho Base?

In this market it is 5.32% a year right now, and it averaged 5.79% over the last 30 days. The rate is variable: it follows how much of the market's USDC is borrowed, rising quickly above 90%.

When are cbBTC / USDC loans liquidated?

When a loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes cbBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cbBTC fell to about 41.77K USDC.

How much USDC can be borrowed here right now?

$286.7M is free in the market, and vaults can move in up to $18.68M more through Morpho's public allocator, for about $305.4M in all. Borrowing more than that would have to wait for repayments or new lenders.

What do lenders earn in the cbBTC / USDC market?

Lenders earn 4.50% a year right now (5.20% averaged over 30 days). Most lend through vaults, such as Grove x Steakhouse USDC, Gauntlet USDC Prime and Spark USDC Vault, which spread deposits across several markets.

Other cbBTC / USDC markets

The same pair with a different LLTV, oracle or network

Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCEthereum · LLTV 86% $350.6M350.71M USDC 4.43% $303.7M$613.4M collateral 5.13% 86.6%
cbBTC / USDCEthereum · LLTV 86% $5.14M5.14M USDC 4.55% $4.64M$7.25M collateral 5.06% 90.1%
cbBTC / USDCEthereum · LLTV 86% $588K587.66K USDC 6.44% $523K$1.05M collateral 7.26% 89.1%
cbBTC / USDCMonad · LLTV 77% $8.0K8.04K USDC 23.85% $7.5K$17.2K collateral 25.89% 92.9%

More ways to borrow against cbBTC

Other loan assets with cbBTC as collateral

All cbBTC markets →
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / EURCVEthereum · LLTV 86% $19.43M17.58M EURCV 1.82% $17.52M$27.36M collateral 2.02% 90.1%
cbBTC / USDTEthereum · LLTV 86% $9.61M9.62M USDT 3.00% $7.91M$14.71M collateral 3.66% 82.3%
cbBTC / EURCBase · LLTV 86% $5.78M5.23M EURC 6.84% $5.41M$8.94M collateral 7.32% 93.7%
cbBTC / USDSEthereum · LLTV 86% $1.94M1.94M USDS 3.96% $1.75M$2.84M collateral 4.40% 90.1%
cbBTC / PYUSDEthereum · LLTV 86% $1.68M1.68M PYUSD 3.79% $1.51M$3.75M collateral 4.22% 90.0%
cbBTC / RLUSDEthereum · LLTV 86% $1.56M1.56M RLUSD 3.18% $1.19M$2.23M collateral 4.20% 76.2%