cbBTC / USDC on Ethereum
A Morpho market on Ethereum 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 5.00% right now.
Data from Morpho's API · updated
Borrow APY
5.00%
30-day average 4.79%
Supply APY
4.50%
30-day average 4.30%
Supplied
$338.3M
338.33M USDC
Borrowed
$305.2M
90.2% utilization
Available to borrow
$33.10M
up to $34.09M with vault liquidity
Collateral posted
$704.2M
8.39K cbBTC
cbBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
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 4.69% 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 bonus | 4.38%extra collateral a liquidator receives |
| cbBTC price in USDC | 83.90K USDC |
| Oracle | ChainlinkOracleV20xA6D6…182a |
| Price feeds | 0xF403…E88c |
| 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 $0.9999 |
|---|---|
| Collateral | cbBTCprice $83.9K |
| Borrow APY, last year | 4.20% |
| Borrowers | 436 |
| Created | September 4, 2024 |
| Market ID | 0x64d65c9a…3fcc64 |
| Rate model | 0x870a…00BC |
| cbBTC token | 0xcbB7…33Bf |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$320.7M of the $338.3M supplied comes from these vaults
Largest borrowers
436 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xbCd1…8eE0 | $173.0M | 1.95 |
| 0x56eC…4adc | $30.50M | 2.34 |
| 0x5130…6E54 | $20.95M | 2.33 |
| 0x34A8…49BC | $6.18M | 1.40 |
| 0xeB9b…7c20 | $5.22M | 1.28 |
| 0x0932…8219 | $4.97M | 1.34 |
| 0x4a4C…3dE2 | $4.10M | 1.89 |
| 0x4158…b756 | $3.25M | 1.66 |
| 0x70fC…7137 | $2.99M | 2.63 |
| 0xeD1E…6632 | $2.95M | 2.33 |
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, $373 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $373372.67 USDC | 0x2449…f1df | |
| $798798.19 USDC | 0xb4f4…d9bf | |
| $705705.03 USDC | 0x25bd…af7f |
About the cbBTC / USDC market
The cbBTC / USDC market on Ethereum 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.
Right now $338.3M is supplied and $305.2M borrowed, so 90.2% of the market is in use, backed by $704.2M of cbBTC from 436 borrowers. Borrowers pay 5.00% a year, 4.79% on average over the last 30 days and 4.20% over the last year. Lenders earn 4.50%.
35 listed vaults lend here, providing $320.7M of the supply; the largest are Steakhouse Prime USDC, Gauntlet USDC Prime and Steakhouse Confidential Prime USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in cbBTC. If cbBTC fell 20% against USDC, about $56.5K of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
cbBTC / USDC 86% (64d65c) on Ethereum: quick answers
What is the USDC borrow rate against cbBTC on Morpho Ethereum?
In this market it is 5.00% a year right now, and it averaged 4.79% 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 is a cbBTC / USDC 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 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 48.78K USDC.
How much USDC can be borrowed here right now?
$33.10M is free in the market, and vaults can move in up to $983K more through Morpho's public allocator, for about $34.09M 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 (4.30% averaged over 30 days). Most lend through vaults, such as Steakhouse Prime USDC, Gauntlet USDC Prime and Steakhouse Confidential Prime USDC, which spread deposits across several markets.
Other cbBTC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDCBase · LLTV 86% | 4.31% | 4.80% |
| cbBTC / USDCEthereum · LLTV 86% | 4.66% | 5.13% |
| cbBTC / USDCEthereum · LLTV 86% | 4.53% | 5.01% |
| cbBTC / USDCMonad · LLTV 77% | 15.29%+0.15% rewards | 16.52% |
More ways to borrow against cbBTC
Other loan assets with cbBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDTEthereum · LLTV 86% | 4.33% | 4.78% |
| cbBTC / EURCVEthereum · LLTV 86% | 1.88% | 2.09% |
| cbBTC / RLUSDEthereum · LLTV 86% | 3.51% | 3.91% |
| cbBTC / EURCBase · LLTV 86% | 2.43% | 3.03% |
| cbBTC / USDSEthereum · LLTV 86% | 2.66% | 2.96% |
| cbBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
