tBTC / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against tBTC. A loan can be liquidated once it reaches 77% of the collateral's value. Lenders earn 12.27% a year and borrowers pay 13.42% right now.
Data from Morpho's API · updated
Borrow APY
13.42%
30-day average 8.31%
Supply APY
12.27%
30-day average 7.64%
Supplied
$793K
793.52K USDC
Borrowed
$729K
91.9% utilization
Available to borrow
$64.2K
free liquidity right now
Collateral posted
$1.77M
24.69 tBTC
tBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
tBTC / 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 8.34% 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 tBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's tBTC 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 |
| tBTC price in USDC | 72.56K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20x57bf…CA5b |
| Price feeds | 0xCf17…bd45 0x6a5a…6024 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 72.74% LTV |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | tBTCprice $71.8K |
| Borrow APY, last year | 4.96% |
| Borrowers | 16 |
| Created | May 29, 2024 |
| Market ID | 0xe4cfbee9…3d3f08 |
| Rate model | 0x870a…00BC |
| tBTC token | 0x1808…3a88 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$642K of the $793K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Gauntlet USDC Corelends directly | $642K |
Largest borrowers
16 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xa8f7…7C96 | $419K | 2.02 |
| 0x4517…6a6a | $202K | 1.68 |
| 0x1575…754f | $40.0K | 1.81 |
| 0xC070…7cD5 | $16.2K | 1.38 |
| 0xbaE8…F6FB | $15.7K | 1.44 |
| 0xe24F…f426 | $7.9K | 3.59 |
| 0xfCe0…E37E | $7.2K | 1.56 |
| 0x899c…71cd | $6.2K | 1.44 |
| 0x1da9…2530 | $5.6K | 2.02 |
| 0xb249…57eB | $5.2K | 1.75 |
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 tBTC / USDC market
The tBTC / USDC market on Ethereum was created on May 29, 2024. Anyone can lend USDC into it, and anyone holding tBTC 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 $793K is supplied and $729K borrowed, so 91.9% of the market is in use, backed by $1.77M of tBTC from 16 borrowers. Borrowers pay 13.42% a year, 8.31% on average over the last 30 days and 4.96% over the last year. Lenders earn 12.27%.
1 listed vault lends here, providing $642K of the supply; the largest is Gauntlet USDC Core. Liquidators who close an unsafe loan here receive a 7.41% bonus in tBTC.
tBTC / USDC on Ethereum: quick answers
What is the USDC borrow rate against tBTC on Morpho Ethereum?
In this market it is 13.42% a year right now, and it averaged 8.31% 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 tBTC / 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 tBTC worth 7.41% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if tBTC fell to about 47.12K USDC.
How much USDC can be borrowed here right now?
$64.2K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the tBTC / USDC market?
Lenders earn 12.27% a year right now (7.64% averaged over 30 days). Most lend through vaults, such as Gauntlet USDC Core, which spread deposits across several markets.