syrupUSDC / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against syrupUSDC. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 4.44% a year and borrowers pay 5.14% right now.
Data from Morpho's API · updated
Borrow APY
5.14%
30-day average 5.51%
Supply APY
4.44%
30-day average 4.93%
Supplied
$28.8K
28.79K USDC
Borrowed
$24.9K
86.6% utilization
Available to borrow
$3.9K
free liquidity right now
Collateral posted
$30.2K
25.33K syrupUSDC
syrupUSDC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
syrupUSDC / 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 5.30% 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 syrupUSDC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's syrupUSDC 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 |
| syrupUSDC price in USDC | 1.19 USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x8003…90cC |
| Price feeds | 0x80ac…Cc0b |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 89.79% LTV |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | syrupUSDCprice $1.1920 |
| Borrow APY, last year | 4.50% |
| Borrowers | 23 |
| Created | March 9, 2025 |
| Market ID | 0x729badf2…58cf44 |
| Rate model | 0x870a…00BC |
| syrupUSDC token | 0x80ac…Cc0b |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$17.3K of the $28.8K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC Corelends directly | $14.9K |
| Gauntlet USDC FrontierV2lends directly | $2.4K |
Largest borrowers
23 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x9Bba…b67D | $10.9K | 1.12 |
| 0xbA7e…8101 | $6.2K | 1.07 |
| 0xbc48…BF9F | $4.2K | 1.05 |
| 0x3743…465c | $1.4K | 1.14 |
| 0xda68…BcCE | $1.4K | 1.08 |
| 0x4f1e…B47f | $421 | 1.51 |
| 0x9EF8…a4b4 | $85.00 | 1.12 |
| 0x34B4…1E85 | $85.00 | 1.08 |
| 0x3648…fb0E | $84.00 | 1.15 |
| 0x362C…991F | $10.00 | 1.05 |
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, $866 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $866866.34 USDC | 0xa8e1…b737 |
About the syrupUSDC / USDC market
The syrupUSDC / USDC market on Ethereum was created on March 9, 2025. Anyone can lend USDC into it, and anyone holding syrupUSDC 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 $28.8K is supplied and $24.9K borrowed, so 86.6% of the market is in use, backed by $30.2K of syrupUSDC from 23 borrowers. Borrowers pay 5.14% a year, 5.51% on average over the last 30 days and 4.50% over the last year. Lenders earn 4.44%.
2 listed vaults lend here, providing $17.3K of the supply; the largest are Gauntlet USDC Core and Gauntlet USDC Frontier. Liquidators who close an unsafe loan here receive a 2.62% bonus in syrupUSDC. If syrupUSDC fell 20% against USDC, about $29.3K of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
syrupUSDC / USDC on Ethereum: quick answers
What is the USDC borrow rate against syrupUSDC on Morpho Ethereum?
In this market it is 5.14% a year right now, and it averaged 5.51% 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 syrupUSDC / 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 syrupUSDC worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if syrupUSDC fell to about 0.652 USDC.
How much USDC can be borrowed here right now?
$3.9K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the syrupUSDC / USDC market?
Lenders earn 4.44% a year right now (4.93% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Core and Gauntlet USDC Frontier, which spread deposits across several markets.
Other syrupUSDC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| syrupUSDC / USDCArc · LLTV 91.5% | 13.69% | 14.60%−9.27% rewards |
| syrupUSDC / USDCArbitrum · LLTV 91.5% | 7.08% | 7.69% |
More ways to borrow against syrupUSDC
Other loan assets with syrupUSDC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| syrupUSDC / PYUSDEthereum · LLTV 91.5% | 4.04% | 4.50% |
| syrupUSDC / AUSDEthereum · LLTV 91.5% | 4.11% | 4.47% |
| syrupUSDC / RLUSDEthereum · LLTV 91.5% | 3.95% | 4.47% |
| syrupUSDC / USDT0Arbitrum · LLTV 91.5% | 0.02% | 0.05% |
