LsETH / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against LsETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.36% a year and borrowers pay 3.73% right now.
Data from Morpho's API · updated
Borrow APY
3.73%
30-day average 3.58%
Supply APY
3.36%
30-day average 3.19%
Supplied
$292K
291.92K USDC
Borrowed
$263K
90.2% utilization
Available to borrow
$28.7K
free liquidity right now
Collateral posted
$353K
117.48 LsETH
LsETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
LsETH / 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 3.55% 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 LsETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's LsETH 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 |
| LsETH price in USDC | 3.00K USDC |
| Oracle | ChainlinkOracleV20x377F…1c7b |
| Price feeds | 0xE858…ED2C 0xc005…73aD 0x37be…8cAa |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9999 |
|---|---|
| Collateral | LsETHprice $3.0K |
| Borrowers | 3 |
| Created | June 22, 2026 |
| Market ID | 0xfb7d54e0…501e80 |
| Rate model | 0x870a…00BC |
| LsETH token | 0x8c1B…6549 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$292K of the $292K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| KPK USDC PrimeV2lends directly | $292K |
Largest borrowers
3 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x15d8…cCba | $263K | 1.15 |
| 0x059D…52d2 | $2.00 | 15.07 |
| 0xF0Cf…2A75 | $1.00 | 5.67 |
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 LsETH / USDC market
The LsETH / USDC market on Ethereum was created on June 22, 2026. Anyone can lend USDC into it, and anyone holding LsETH 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 $292K is supplied and $263K borrowed, so 90.2% of the market is in use, backed by $353K of LsETH from 3 borrowers. Borrowers pay 3.73% a year, 3.58% on average over the last 30 days. Lenders earn 3.36%.
1 listed vault lends here, providing $292K of the supply; the largest is KPK USDC Prime. Liquidators who close an unsafe loan here receive a 4.38% bonus in LsETH. If LsETH fell 20% against USDC, about $353K of collateral would be at risk of liquidation.
LsETH / USDC on Ethereum: quick answers
What is the USDC borrow rate against LsETH on Morpho Ethereum?
In this market it is 3.73% a year right now, and it averaged 3.58% 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 LsETH / 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 LsETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if LsETH fell to about 1.75K USDC.
How much USDC can be borrowed here right now?
$28.7K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the LsETH / USDC market?
Lenders earn 3.36% a year right now (3.19% averaged over 30 days). Most lend through vaults, such as KPK USDC Prime, which spread deposits across several markets.
More ways to borrow against LsETH
Other loan assets with LsETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| LsETH / WETHEthereum · LLTV 86% | 0.31% | 0.34% |
