mF-ONE / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against mF-ONE. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 5.75% a year and borrowers pay 7.00% right now.
Data from Morpho's API · updated
Borrow APY
7.00%
30-day average 7.94%
Supply APY
5.75%
30-day average 7.05%
Supplied
$22.40M
22.40M USDC
Borrowed
$18.49M
82.6% utilization
Available to borrow
$3.91M
up to $3.91M with vault liquidity
Collateral posted
$26.35M
23.21M mF-ONE
mF-ONE / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
mF-ONE / 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 7.48% 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 mF-ONE collateral could be liquidated if its price fell by each amount
Based on today's loans and today's mF-ONE price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 91.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 2.62%extra collateral a liquidator receives |
| mF-ONE price in USDC | 1.05 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x0cB1…Eb78 |
| Price feeds | 0x4386…dC99 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | mF-ONEprice $1.1353 |
| Borrow APY, last year | 7.00% |
| Borrowers | 11 |
| Created | June 19, 2025 |
| Market ID | 0xef2c308b…c8d0ba |
| Rate model | 0x870a…00BC |
| mF-ONE token | 0x238a…66Ba |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$20.29M of the $22.40M supplied comes from these vaults
Largest borrowers
11 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x20DC…f425 | $5.30M | 1.15 |
| 0x6447…1aE8 | $4.75M | 1.40 |
| 0xD22C…95C1 | $3.33M | 1.23 |
| 0x2747…4940 | $2.97M | 1.06 |
| 0x9419…eDAF | $1.30M | 1.01 |
| 0xD0F1…AA9b | $296K | 1.08 |
| 0x774A…f888 | $194K | 1.15 |
| 0x7165…8775 | $157K | 1.26 |
| 0xE16B…6348 | $97.6K | 1.06 |
| 0xDF6f…60E5 | $87.0K | 1.54 |
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 mF-ONE / USDC market
The mF-ONE / USDC market on Ethereum was created on June 19, 2025. Anyone can lend USDC into it, and anyone holding mF-ONE can borrow that USDC against it, up to a loan-to-value of 91.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $22.40M is supplied and $18.49M borrowed, so 82.6% of the market is in use, backed by $26.35M of mF-ONE from 11 borrowers. Borrowers pay 7.00% a year, 7.94% on average over the last 30 days and 7.00% over the last year. Lenders earn 5.75%.
7 listed vaults lend here, providing $20.29M of the supply; the largest are Steakhouse High Yield USDC, Smokehouse USDC and Clearstar USDC Core. Liquidators who close an unsafe loan here receive a 2.62% bonus in mF-ONE. If mF-ONE fell 20% against USDC, about $18.08M of collateral would be at risk of liquidation.
mF-ONE / USDC on Ethereum: quick answers
What is the USDC borrow rate against mF-ONE on Morpho Ethereum?
In this market it is 7.00% a year right now, and it averaged 7.94% 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 mF-ONE / USDC loans liquidated?
When a loan reaches 91.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes mF-ONE worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if mF-ONE fell to about 0.573 USDC.
How much USDC can be borrowed here right now?
$3.91M is free in the market, and vaults can move in up to $0.76 more through Morpho's public allocator, for about $3.91M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the mF-ONE / USDC market?
Lenders earn 5.75% a year right now (7.05% averaged over 30 days). Most lend through vaults, such as Steakhouse High Yield USDC, Smokehouse USDC and Clearstar USDC Core, which spread deposits across several markets.