USDe / DAI on Ethereum
A Morpho market on Ethereum where people borrow DAI against USDe. A loan can be liquidated once it reaches 91.5% of the collateral's value. Lenders earn 9.19% a year and borrowers pay 10.26% right now.
Data from Morpho's API · updated
Borrow APY
10.26%
30-day average 10.12%
Supply APY
9.19%
30-day average 8.95%
Supplied
$34.9K
34.95K DAI
Borrowed
$31.5K
90.0% utilization
Available to borrow
$3.5K
free liquidity right now
Collateral posted
$365K
364.94K USDe
USDe / DAI rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
USDe / DAI 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 10.17% 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 USDe collateral could be liquidated if its price fell by each amount
Based on today's loans and today's USDe price in DAI. 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 |
| USDe price in DAI | 1.00 DAIthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xaE47…cA35 |
| 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 | DAIprice $0.9998 |
|---|---|
| Collateral | USDeprice $0.9994 |
| Borrow APY, last year | 5.47% |
| Borrowers | 60 |
| Created | March 14, 2024 |
| Market ID | 0x8e6aeb10…d9d02c |
| Rate model | 0x870a…00BC |
| USDe token | 0x4c9E…68B3 |
| DAI token | 0x6B17…1d0F |
Vaults lending here
No listed vault lends to this market right now
Largest borrowers
60 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xfDE0…fF5D | $24.5K | 5.72 |
| 0x5F2A…Fe7D | $4.7K | 1.26 |
| 0xc711…e691 | $1.5K | 1.20 |
| 0x0B8B…30FE | $312 | 1.17 |
| 0xD9bB…8faf | $232 | 1.03 |
| 0x051E…7319 | $118 | 1.21 |
| 0xE7b5…EF0b | $62.00 | 1.47 |
| 0xd578…C0AB | $21.00 | 1.04 |
| 0xeC9D…1F37 | $7.00 | 1.01 |
| 0x0670…4F7f | $6.00 | 1.46 |
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
| When | Debt repaid | Transaction |
|---|---|---|
| $82.4882.49 DAI | 0xa584…bbc0 |
About the USDe / DAI market
The USDe / DAI market on Ethereum was created on March 14, 2024. Anyone can lend DAI into it, and anyone holding USDe can borrow that DAI 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 $34.9K is supplied and $31.5K borrowed, so 90.0% of the market is in use, backed by $365K of USDe from 60 borrowers. Borrowers pay 10.26% a year, 10.12% on average over the last 30 days and 5.47% over the last year. Lenders earn 9.19%.
No listed vault lends to this market right now, so its supply comes from direct lenders. Liquidators who close an unsafe loan here receive a 2.62% bonus in USDe. If USDe fell 20% against DAI, about $2.8K of collateral would be at risk of liquidation.
USDe / DAI on Ethereum: quick answers
What is the DAI borrow rate against USDe on Morpho Ethereum?
In this market it is 10.26% a year right now, and it averaged 10.12% over the last 30 days. The rate is variable: it follows how much of the market's DAI is borrowed, rising quickly above 90%.
When are USDe / DAI 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 USDe worth 2.62% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if USDe fell to about 0.546 DAI.
How much DAI can be borrowed here right now?
$3.5K is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the USDe / DAI market?
Lenders earn 9.19% a year right now (8.95% averaged over 30 days). No listed vault lends here, so the supply comes from people lending directly.
More ways to borrow against USDe
Other loan assets with USDe as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| USDe / USDCBase · LLTV 91.5% | 4.10% | 4.65% |
| USDe / USDGRobinhood Chain · LLTV 91.5% | 5.07% | 5.60% |
| USDe / RLUSDEthereum · LLTV 91.5% | 3.45% | 3.99% |
