cbDOGE / USDC on Base
A Morpho market on Base where people borrow USDC against cbDOGE. A loan can be liquidated once it reaches 62.5% of the collateral's value. Lenders earn 5.55% a year and borrowers pay 6.67% right now.
Data from Morpho's API · updated
Borrow APY
6.67%
30-day average 7.47%
Supply APY
5.55%
30-day average 6.66%
Supplied
$2.70M
2.70M USDC
Borrowed
$2.26M
83.7% utilization
Available to borrow
$440K
free liquidity right now
Collateral posted
$5.57M
84.39M cbDOGE
This is the market behind Coinbase's Dogecoin loans →
See every Coinbase loan market and what each costs right now.
cbDOGE / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
cbDOGE / 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 7.05% 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 cbDOGE collateral could be liquidated if its price fell by each amount
Based on today's loans and today's cbDOGE price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 62.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 12.68%extra collateral a liquidator receives |
| cbDOGE price in USDC | 0.0658 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xA9D3…91B2 |
| Price feeds | 0x8422…8e57 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 56.26% LTV |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | cbDOGEprice $0.0660 |
| Borrow APY, last year | 6.44% |
| Borrowers | 1,283 |
| Created | October 10, 2025 |
| Market ID | 0x73527ddd…8875d8 |
| Rate model | 0x4641…2687 |
| cbDOGE token | 0xcbD0…b510 |
| USDC token | 0x8335…2913 |
Vaults lending here
$1.98M of the $2.70M supplied comes from these vaults
Largest borrowers
1,283 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x804a…0B30 | $98.5K | 1.59 |
| 0x4b5A…F689 | $78.4K | 1.35 |
| 0x3D04…1E2F | $75.3K | 1.22 |
| 0x2fdf…AC5D | $67.9K | 1.32 |
| 0x301c…E259 | $62.1K | 1.08 |
| 0x0a77…1175 | $52.3K | 2.14 |
| 0xD92B…8BC6 | $51.9K | 1.45 |
| 0x243c…BF63 | $51.5K | 2.11 |
| 0xfae1…6109 | $51.0K | 2.40 |
| 0x1C09…E620 | $50.9K | 2.20 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
190 in the last 30 days, $274K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $3.4K3.44K USDC | 0xfdd9…b83e | |
| $46.9346.95 USDC | 0xd116…68b9 | |
| $8.0K7.97K USDC | 0xd116…68b9 | |
| $262262.25 USDC | 0xaca5…72ba | |
| $3.163.16 USDC | 0x7f34…4372 | |
| $13.0313.04 USDC | 0x8cbb…f1e2 | |
| $20.3220.32 USDC | 0x8cbb…f1e2 | |
| $9.189.18 USDC | 0x6e77…3aea | |
| $32.5632.57 USDC | 0x6e77…3aea | |
| $39.5339.54 USDC | 0x6e77…3aea |
About the cbDOGE / USDC market
The cbDOGE / USDC market on Base was created on October 10, 2025. Anyone can lend USDC into it, and anyone holding cbDOGE can borrow that USDC against it, up to a loan-to-value of 62.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds. Public on-chain data shows this is the market behind Coinbase's Dogecoin loans.
Right now $2.70M is supplied and $2.26M borrowed, so 83.7% of the market is in use, backed by $5.57M of cbDOGE from 1,283 borrowers. Borrowers pay 6.67% a year, 7.47% on average over the last 30 days and 6.44% over the last year. Lenders earn 5.55%.
6 listed vaults lend here, providing $1.98M of the supply; the largest are Clearstar cbAssets Vault, Gauntlet USDC Frontier and Steakhouse High Yield USDC. Liquidators who close an unsafe loan here receive a 12.68% bonus in cbDOGE. If cbDOGE fell 20% against USDC, about $1.26M of collateral would be at risk of liquidation. 190 loans were liquidated here in the last 30 days.
cbDOGE / USDC on Base: quick answers
What is the USDC borrow rate against cbDOGE on Morpho Base?
In this market it is 6.67% a year right now, and it averaged 7.47% 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 cbDOGE / USDC loans liquidated?
When a loan reaches 62.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes cbDOGE worth 12.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if cbDOGE fell to about 0.0527 USDC.
How much USDC can be borrowed here right now?
$440K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the cbDOGE / USDC market?
Lenders earn 5.55% a year right now (6.66% averaged over 30 days). Most lend through vaults, such as Clearstar cbAssets Vault, Gauntlet USDC Frontier and Steakhouse High Yield USDC, which spread deposits across several markets.
More ways to borrow against cbDOGE
Other loan assets with cbDOGE as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbDOGE / WETHBase · LLTV 77% | 3.17% | 3.50%−3.50% rewards |
