PGNGI+ / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against PGNGI+. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 7.42% a year and borrowers pay 8.24% right now.
Data from Morpho's API · updated
Borrow APY
8.24%
30-day average 8.37%
Supply APY
7.42%
30-day average 7.63%
Supplied
$275K
275.38K USDC
Borrowed
$249K
90.4% utilization
Available to borrow
$26.4K
free liquidity right now
Collateral posted
$340K
281.51 PGNGI+
PGNGI+ / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
PGNGI+ / 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 7.30% 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 PGNGI+ collateral could be liquidated if its price fell by each amount
Based on today's loans and today's PGNGI+ price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 77%fixed for the life of the market |
|---|---|
| Liquidation bonus | 7.41%extra collateral a liquidator receives |
| PGNGI+ price in USDC | 1.21K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x0222…d3b3 |
| Price feeds | 0x5C4D…1d8C 0x8fFf…18f6 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | PGNGI+price $1.2K |
| Borrowers | 2 |
| Created | October 10, 2026 |
| Market ID | 0xbcf05d1b…673fad |
| Rate model | 0x870a…00BC |
| PGNGI+ token | 0x0e6f…374c |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$275K of the $275K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Flowmark fGenesisV2lends directly | $275K |
Largest borrowers
2 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xEB0a…fCD4 | $249K | 1.05 |
| 0xe5F7…9744 | $1.00 | 10.25 |
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 PGNGI+ / USDC market
The PGNGI+ / USDC market on Ethereum was created on October 10, 2026. Anyone can lend USDC into it, and anyone holding PGNGI+ can borrow that USDC against it, up to a loan-to-value of 77% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $275K is supplied and $249K borrowed, so 90.4% of the market is in use, backed by $340K of PGNGI+ from 2 borrowers. Borrowers pay 8.24% a year, 8.37% on average over the last 30 days. Lenders earn 7.42%.
1 listed vault lends here, providing $275K of the supply; the largest is Flowmark fGenesis. Liquidators who close an unsafe loan here receive a 7.41% bonus in PGNGI+. If PGNGI+ fell 20% against USDC, about $340K of collateral would be at risk of liquidation.
PGNGI+ / USDC on Ethereum: quick answers
What is the USDC borrow rate against PGNGI+ on Morpho Ethereum?
In this market it is 8.24% a year right now, and it averaged 8.37% 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 PGNGI+ / USDC loans liquidated?
When a loan reaches 77% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes PGNGI+ worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if PGNGI+ fell to about 783.57 USDC.
How much USDC can be borrowed here right now?
$26.4K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the PGNGI+ / USDC market?
Lenders earn 7.42% a year right now (7.63% averaged over 30 days). Most lend through vaults, such as Flowmark fGenesis, which spread deposits across several markets.