WBTC / USDC on Ethereum (86% LLTV, Chainlink V1 oracle)
A Morpho market on Ethereum where people borrow USDC against WBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.44% a year and borrowers pay 5.15% right now.
Data from Morpho's API · updated
Borrow APY
5.15%
30-day average 5.43%
Supply APY
4.44%
30-day average 4.86%
Supplied
$142.3M
142.32M USDC
Borrowed
$123.0M
86.4% utilization
Available to borrow
$19.30M
up to $19.30M with vault liquidity
Collateral posted
$226.9M
3.16K WBTC
WBTC / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
WBTC / 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 5.31% 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 WBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's WBTC price in USDC. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 86%fixed for the life of the market |
|---|---|
| Liquidation bonus | 4.38%extra collateral a liquidator receives |
| WBTC price in USDC | 71.85K USDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracle0xDddd…6b83 |
| Price feeds | 0xfdFD…BB23 0xF403…E88c 0x8fFf…18f6 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 83.26% LTV |
Details
| Loan asset | USDCprice $0.9997 |
|---|---|
| Collateral | WBTCprice $71.8K |
| Borrow APY, last year | 4.26% |
| Borrowers | 648 |
| Created | January 17, 2024 |
| Market ID | 0x3a85e619…cfee49 |
| Rate model | 0x870a…00BC |
| WBTC token | 0x2260…C599 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$139.8M of the $142.3M supplied comes from these vaults
Largest borrowers
648 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0xeB9b…7c20 | $8.98M | 1.33 |
| 0xc998…4e68 | $8.41M | 1.15 |
| 0xbdc3…fF72 | $7.85M | 1.10 |
| 0x8343…4Faf | $6.29M | 1.31 |
| 0xac79…6683 | $5.79M | 2.05 |
| 0x86D8…c8d6 | $5.20M | 2.32 |
| 0xd843…fC61 | $4.57M | 1.52 |
| 0xE71C…264D | $2.81M | 1.40 |
| 0x5B07…08Be | $2.62M | 1.61 |
| 0xB5fB…B9d6 | $2.25M | 1.30 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
10 in the last 30 days, $330K of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $1.9K1.92K USDC | 0xdc27…d16d | |
| $92.3K92.33K USDC | 0x86e8…9701 | |
| $526525.62 USDC | 0x89cc…0a14 | |
| $55.8K55.76K USDC | 0x8011…27cc | |
| $956956.07 USDC | 0xc790…c352 | |
| $3.543.54 USDC | 0xf089…6734 | |
| $1.581.58 USDC | 0x1a84…196c | |
| $86.5K86.63K USDC | 0x36cf…ea8c | |
| $92.2K92.31K USDC | 0xcc89…bf70 | |
| $8.098.09 USDC | 0xcf27…1b9e |
About the WBTC / USDC market
The WBTC / USDC market on Ethereum was created on January 17, 2024. Anyone can lend USDC into it, and anyone holding WBTC can borrow that USDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $142.3M is supplied and $123.0M borrowed, so 86.4% of the market is in use, backed by $226.9M of WBTC from 648 borrowers. Borrowers pay 5.15% a year, 5.43% on average over the last 30 days and 4.26% over the last year. Lenders earn 4.44%.
19 listed vaults lend here, providing $139.8M of the supply; the largest are Steakhouse Prime USDC, Gauntlet USDC Prime and Steakhouse USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in WBTC. If WBTC fell 20% against USDC, about $44.12M of collateral would be at risk of liquidation. 10 loans were liquidated here in the last 30 days.
WBTC / USDC (86% LLTV, Chainlink V1 oracle) on Ethereum: quick answers
What is the USDC borrow rate against WBTC on Morpho Ethereum?
In this market it is 5.15% a year right now, and it averaged 5.43% 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 WBTC / USDC loans liquidated?
When a loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes WBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if WBTC fell to about 41.77K USDC.
How much USDC can be borrowed here right now?
$19.30M is free in the market, and vaults can move in up to $2.73 more through Morpho's public allocator, for about $19.30M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the WBTC / USDC market?
Lenders earn 4.44% a year right now (4.86% averaged over 30 days). Most lend through vaults, such as Steakhouse Prime USDC, Gauntlet USDC Prime and Steakhouse USDC, which spread deposits across several markets.
Other WBTC / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDCArbitrum · LLTV 86% | 6.92% | 7.43% |
| WBTC / USDCEthereum · LLTV 86% | 4.54% | 5.20% |
| WBTC / USDCPolygon · LLTV 86% | 7.33% | 8.90% |
| WBTC / USDCOP Mainnet · LLTV 86% | 8.99% | 9.86% |
| WBTC / USDCUnichain · LLTV 86% | 3.19% | 6.59% |
| WBTC / USDCMonad · LLTV 86% | 1.79% | 2.02% |
More ways to borrow against WBTC
Other loan assets with WBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| WBTC / USDTEthereum · LLTV 86% | 3.00% | 3.66% |
| WBTC / RLUSDEthereum · LLTV 86% | 3.65% | 4.00% |
| WBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| WBTC / USDTEthereum · LLTV 86% | 3.00% | 3.66% |
| WBTC / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| WBTC / EURCEthereum · LLTV 86% | 2.35% | 2.77% |
