SPCXc / USDC on Base
A Morpho market on Base where people borrow USDC against SPCXc. A loan can be liquidated once it reaches 62.5% of the collateral's value. Lenders earn 4.87% a year and borrowers pay 5.58% right now.
Data from Morpho's API · updated
Borrow APY
5.58%
30-day average 6.65%
Supply APY
4.87%
30-day average 6.12%
Supplied
$5.9K
5.93K USDC
Borrowed
$5.2K
87.5% utilization
Available to borrow
$741
free liquidity right now
Collateral posted
$13.5K
94.41 SPCXc
SPCXc / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
SPCXc / 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 5.71% 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 SPCXc collateral could be liquidated if its price fell by each amount
Based on today's loans and today's SPCXc 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 |
| SPCXc price in USDC | 142.98 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x9079…6483 |
| Price feeds | 0x6A63…Fa68 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | SPCXcprice $143 |
| Borrowers | 8 |
| Created | September 7, 2026 |
| Market ID | 0xce983b9e…9cecf6 |
| Rate model | 0x4641…2687 |
| SPCXc token | 0xb200…CBd5 |
| USDC token | 0x8335…2913 |
Vaults lending here
$5.8K of the $5.9K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Steakhouse High Yield USDCV2lends directly | $5.8K |
Largest borrowers
8 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7E98…0820 | $5.1K | 1.51 |
| 0x12Be…8772 | $20.00 | 1.82 |
| 0x57A2…57A2 | $17.00 | 1.81 |
| 0xF8c2…Cbe1 | $4.00 | 1.21 |
| 0xE0E8…6531 | $2.00 | 70.44 |
| 0xfeed…3C9a | $2.00 | 1.28 |
| 0x00A3…10Bd | $1.00 | 1.26 |
| 0x3F81…f098 | $0 | >99 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1 in the last 30 days, $542 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $542542.50 USDC | 0x6c23…a85b |
About the SPCXc / USDC market
The SPCXc / USDC market on Base was created on September 7, 2026. Anyone can lend USDC into it, and anyone holding SPCXc 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.
Right now $5.9K is supplied and $5.2K borrowed, so 87.5% of the market is in use, backed by $13.5K of SPCXc from 8 borrowers. Borrowers pay 5.58% a year, 6.65% on average over the last 30 days. Lenders earn 4.87%.
1 listed vault lends here, providing $5.8K of the supply; the largest is Steakhouse High Yield USDC. Liquidators who close an unsafe loan here receive a 12.68% bonus in SPCXc. If SPCXc fell 20% against USDC, about $8.00 of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
SPCXc / USDC on Base: quick answers
What is the USDC borrow rate against SPCXc on Morpho Base?
In this market it is 5.58% a year right now, and it averaged 6.65% 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 SPCXc / 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 SPCXc worth 12.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if SPCXc fell to about 114.39 USDC.
How much USDC can be borrowed here right now?
$741 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the SPCXc / USDC market?
Lenders earn 4.87% a year right now (6.12% averaged over 30 days). Most lend through vaults, such as Steakhouse High Yield USDC, which spread deposits across several markets.