LBTC / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against LBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.49% a year and borrowers pay 5.38% right now.
Data from Morpho's API · updated
Borrow APY
5.38%
30-day average 5.94%
Supply APY
4.49%
30-day average 5.14%
Supplied
$2.32M
2.32M USDC
Borrowed
$1.94M
83.7% utilization
Available to borrow
$377K
free liquidity right now
Collateral posted
$3.74M
51.95 LBTC
LBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
LBTC / 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 5.69% 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 LBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's LBTC 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 |
| LBTC price in USDC | 72.30K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xDCc0…29DB |
| Price feeds | 0xb415…bc81 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 $0.9997 |
|---|---|
| Collateral | LBTCprice $71.9K |
| Borrow APY, last year | 5.06% |
| Borrowers | 30 |
| Created | January 29, 2025 |
| Market ID | 0xbf02d6c6…5ce6d0 |
| Rate model | 0x870a…00BC |
| LBTC token | 0x8236…4494 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$2.31M of the $2.32M supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC FrontierV2lends directly | $1.80M |
| Gauntlet USDC Corelends directly | $456K |
| Galaxy USDC EnhancedV2lends directly | $59.9K |
Largest borrowers
30 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xB0A3…1329 | $508K | 1.47 |
| 0x7992…B8f2 | $504K | 2.12 |
| 0x310D…3689 | $400K | 1.37 |
| 0x0f63…346a | $191K | 1.08 |
| 0x2d17…1297 | $72.5K | 1.93 |
| 0xdDF6…3300 | $58.0K | 1.60 |
| 0x8d0a…442A | $46.7K | 2.57 |
| 0x702d…3B19 | $27.0K | 1.87 |
| 0x2945…358F | $23.6K | 1.39 |
| 0x0344…F96c | $20.2K | 1.18 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
None recorded in the last 90 days
About the LBTC / USDC market
The LBTC / USDC market on Ethereum was created on January 29, 2025. Anyone can lend USDC into it, and anyone holding LBTC 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 $2.32M is supplied and $1.94M borrowed, so 83.7% of the market is in use, backed by $3.74M of LBTC from 30 borrowers. Borrowers pay 5.38% a year, 5.94% on average over the last 30 days and 5.06% over the last year. Lenders earn 4.49%.
3 listed vaults lend here, providing $2.31M of the supply; the largest are Gauntlet USDC Frontier, Gauntlet USDC Core and Galaxy USDC Enhanced. Liquidators who close an unsafe loan here receive a 4.38% bonus in LBTC. If LBTC fell 20% against USDC, about $269K of collateral would be at risk of liquidation.
LBTC / USDC on Ethereum: quick answers
What is the USDC borrow rate against LBTC on Morpho Ethereum?
In this market it is 5.38% a year right now, and it averaged 5.94% 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 LBTC / 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 LBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if LBTC fell to about 42.03K USDC.
How much USDC can be borrowed here right now?
$377K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the LBTC / USDC market?
Lenders earn 4.49% a year right now (5.14% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Frontier, Gauntlet USDC Core and Galaxy USDC Enhanced, which spread deposits across several markets.
Other LBTC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| LBTC / USDCBase · LLTV 86% | 8.92% | 9.84% |
More ways to borrow against LBTC
Other loan assets with LBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| LBTC / cbBTCBase · LLTV 91.5% | 0.06% | 0.08% |
| LBTC / cbBTCBase · LLTV 94.5% | 1.22% | 1.23% |
| LBTC / EURCVEthereum · LLTV 86% | 15.09% | 16.30% |
| LBTC / vbUSDCKatana · LLTV 86% | 0.25% | 0.27% |
| LBTC / PYUSDEthereum · LLTV 86% | 6.28% | 6.99% |
