WETH / USDC on Base
A Morpho market on Base where people borrow USDC against WETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.52% a year and borrowers pay 5.34% right now.
Data from Morpho's API · updated
Borrow APY
5.34%
30-day average 5.81%
Supply APY
4.52%
30-day average 5.21%
Supplied
$106.7M
106.72M USDC
Borrowed
$90.66M
85.0% utilization
Available to borrow
$16.04M
up to $24.28M with vault liquidity
Collateral posted
$167.1M
82.95K WETH
This is the market behind Coinbase's Ether loans →
Its exact daily borrow rate history, and what a Coinbase loan costs over time.
WETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WETH / 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 5.58% 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 WETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WETH 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 bonus | 4.38%extra collateral a liquidator receives |
| WETH price in USDC | 2.02K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xFEa2…aFE4 |
| Price feeds | 0x7104…Bb70 0x7e86…bc6B |
| 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 | USDCprice $0.9997 |
|---|---|
| Collateral | WETHprice $2.0K |
| Borrow APY, last year | 5.11% |
| Borrowers | 10,061 |
| Created | June 7, 2024 |
| Market ID | 0x8793cf30…ba1bda |
| Rate model | 0x4641…2687 |
| WETH token | 0x4200…0006 |
| USDC token | 0x8335…2913 |
Vaults lending here
$103.0M of the $106.7M supplied comes from these vaults
Largest borrowers
10,061 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x2dF1…e7eA | $1.23M | 1.38 |
| 0x8A8f…1300 | $1.04M | 1.61 |
| 0xFb79…9532 | $1.04M | 1.61 |
| 0xF4Df…98Cf | $1.03M | 1.86 |
| 0xD59E…265F | $1.03M | 1.54 |
| 0xe8FA…22E4 | $1.02M | 1.47 |
| 0xD8ad…7ceA | $1.01M | 1.38 |
| 0x5255…49C5 | $958K | 2.55 |
| 0xa7cc…A9d3 | $910K | 1.10 |
| 0x486a…F932 | $851K | 1.02 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1081 in the last 30 days, $6.70M of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $2.952.95 USDC | 0x1b8f…6a77 | |
| $8.2K8.20K USDC | 0x1b8f…6a77 | |
| $12.3K12.30K USDC | 0xf853…3c3f | |
| $29.9K29.93K USDC | 0xf853…3c3f | |
| $43.9043.91 USDC | 0xf853…3c3f | |
| $51.8151.82 USDC | 0xf853…3c3f | |
| $175175.31 USDC | 0xf853…3c3f | |
| $185185.52 USDC | 0xf853…3c3f | |
| $328327.69 USDC | 0xf853…3c3f | |
| $1.7K1.70K USDC | 0xf853…3c3f |
About the WETH / USDC market
The WETH / USDC market on Base was created on June 7, 2024. Anyone can lend USDC into it, and anyone holding WETH 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 Ether loans.
Right now $106.7M is supplied and $90.66M borrowed, so 85.0% of the market is in use, backed by $167.1M of WETH from 10,061 borrowers. Borrowers pay 5.34% a year, 5.81% on average over the last 30 days and 5.11% over the last year. Lenders earn 4.52%.
16 listed vaults lend here, providing $103.0M of the supply; the largest are Grove x Steakhouse USDC, Gauntlet USDC Prime and Steakhouse Prime USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in WETH. If WETH fell 20% against USDC, about $28.47M of collateral would be at risk of liquidation. 1081 loans were liquidated here in the last 30 days.
WETH / USDC on Base: quick answers
What is the USDC borrow rate against WETH on Morpho Base?
In this market it is 5.34% a year right now, and it averaged 5.81% 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 WETH / 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 WETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WETH fell to about 1.17K USDC.
How much USDC can be borrowed here right now?
$16.04M is free in the market, and vaults can move in up to $8.24M more through Morpho's public allocator, for about $24.28M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WETH / USDC market?
Lenders earn 4.52% a year right now (5.21% averaged over 30 days). Most lend through vaults, such as Grove x Steakhouse USDC, Gauntlet USDC Prime and Steakhouse Prime USDC, which spread deposits across several markets.
Other WETH / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / USDCEthereum · LLTV 86% | 4.48% | 5.18% |
| WETH / USDCArbitrum · LLTV 86% | 6.65% | 7.16% |
| WETH / USDCArc · LLTV 86% | 12.28% | 12.35%−0.14% rewards |
| WETH / USDCMonad · LLTV 86% | 1.82% | 2.02% |
| WETH / USDCOP Mainnet · LLTV 86% | 32.93% | 35.91% |
More ways to borrow against WETH
Other loan assets with WETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WETH / EURCBase · LLTV 86% | 6.86% | 7.13% |
| WETH / USDTEthereum · LLTV 86% | 2.99% | 3.57% |
| WETH / mUSDMonad · LLTV 86% | 0.05% | 0.43% |
| WETH / tGBPEthereum · LLTV 86% | 1.00% | 1.11% |
| WETH / USDT0Arbitrum · LLTV 86% | 3.24% | 3.69% |
| WETH / EURCEthereum · LLTV 86% | 2.35% | 2.76% |
