USDC / WETH on Base
A Morpho market on Base where people borrow WETH against USDC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 1.15% a year and borrowers pay 1.19% right now.
Data from Morpho's API · updated
Borrow APY
1.19%
30-day average 0.59%
Supply APY
1.15%
30-day average 0.54%
Supplied
$43.7K
16.27 WETH
Borrowed
$42.1K
96.4% utilization
Available to borrow
$1.6K
free liquidity right now
Collateral posted
$65.8K
65.80K USDC
USDC / WETH rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USDC / WETH 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 0.41% 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 USDC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USDC price in WETH. 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 bonus | 4.38%extra collateral a liquidator receives |
| USDC price in WETH | 0.000372 WETH |
| Oracle | ChainlinkOracleV20xD090…4858 |
| Price feeds | 0x7e86…bc6B 0x7104…Bb70 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 83.26% LTV |
Details
| Loan asset | WETHprice $2.7K |
|---|---|
| Collateral | USDCprice $0.9999 |
| Borrow APY, last year | 2.74% |
| Borrowers | 293 |
| Created | June 20, 2024 |
| Market ID | 0x3b3769cf…7eabb5 |
| Rate model | 0x4641…2687 |
| USDC token | 0x8335…2913 |
| WETH token | 0x4200…0006 |
Vaults lending here
$43.7K of the $43.7K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Moonwell Flagship ETHlends directly | $43.7K |
Largest borrowers
293 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xf79b…f0AE | $21.5K | 1.28 |
| 0x74e1…Bfa9 | $17.3K | 1.26 |
| 0x0DF2…1FFb | $900 | 1.48 |
| 0x3203…AE50 | $296 | 1.16 |
| 0x4127…c09B | $288 | 1.35 |
| 0xeAF9…c842 | $262 | 2.01 |
| 0x5A4B…4600 | $178 | 1.56 |
| 0x024B…4Aa6 | $161 | 1.87 |
| 0x791F…887a | $152 | 1.77 |
| 0xf24e…FeE5 | $129 | 2.98 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
9 in the last 30 days, $410 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $37.250.0138 WETH | 0x4304…ae44 | |
| $59.920.0223 WETH | 0xfa45…73d7 | |
| $59.670.0222 WETH | 0x6d5d…a245 | |
| $59.780.0222 WETH | 0x99a2…9da2 | |
| $60.030.0223 WETH | 0xd8b7…843b | |
| $60.460.0225 WETH | 0xe9f4…4435 | |
| $59.280.0220 WETH | 0xab63…f2c8 | |
| $6.720.00250 WETH | 0x8dd3…b55f | |
| $6.720.00250 WETH | 0x2bce…7eba | |
| $2070.0768 WETH | 0x5d3a…86ba |
About the USDC / WETH market
The USDC / WETH market on Base was created on June 20, 2024. Anyone can lend WETH into it, and anyone holding USDC can borrow that WETH against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $43.7K is supplied and $42.1K borrowed, so 96.4% of the market is in use, backed by $65.8K of USDC from 293 borrowers. Borrowers pay 1.19% a year, 0.59% on average over the last 30 days and 2.74% over the last year. Lenders earn 1.15%.
1 listed vault lends here, providing $43.7K of the supply; the largest is Moonwell Flagship ETH. Liquidators who close an unsafe loan here receive a 4.38% bonus in USDC. If USDC fell 20% against WETH, about $639 of collateral would be at risk of liquidation. 9 loans were liquidated here in the last 30 days.
USDC / WETH on Base: quick answers
What is the WETH borrow rate against USDC on Morpho Base?
In this market it is 1.19% a year right now, and it averaged 0.59% over the last 30 days. The rate is variable: it follows how much of the market's WETH is borrowed, rising quickly above 90%.
When is a USDC / WETH loan liquidated?
When the loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes USDC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USDC fell to about 0.000216 WETH.
How much WETH can be borrowed here right now?
$1.6K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USDC / WETH market?
Lenders earn 1.15% a year right now (0.54% averaged over 30 days). Most lend through vaults, such as Moonwell Flagship ETH, which spread deposits across several markets.
More ways to borrow against USDC
Other loan assets with USDC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| USDC / MXNBBase · LLTV 91.5% | 5.47% | 6.09% |
| USDC / wARSEthereum · LLTV 77% | 20.93% | 23.41% |
