wstETH / USDC on Ethereum
A Morpho market on Ethereum where people borrow USDC against wstETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 4.50% a year and borrowers pay 5.00% right now.
Data from Morpho's API · updated
Borrow APY
5.00%
30-day average 4.79%
Supply APY
4.50%
30-day average 4.30%
Supplied
$31.55M
31.55M USDC
Borrowed
$28.46M
90.2% utilization
Available to borrow
$3.09M
up to $3.11M with vault liquidity
Collateral posted
$85.97M
25.72K wstETH
wstETH / USDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
wstETH / 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 4.68% 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 wstETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's wstETH 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 |
| wstETH price in USDC | 3.34K USDC |
| Oracle | ChainlinkOracle0x48F7…40e2 |
| Price feeds | 0x4F67…8e79 0x986b…bbD4 |
| 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 $0.9999 |
|---|---|
| Collateral | wstETHprice $3.3K |
| Borrow APY, last year | 4.22% |
| Borrowers | 355 |
| Created | January 3, 2024 |
| Market ID | 0xb323495f…bc86cc |
| Rate model | 0x870a…00BC |
| wstETH token | 0x7f39…2Ca0 |
| USDC token | 0xA0b8…eB48 |
Vaults lending here
$30.06M of the $31.55M supplied comes from these vaults
Largest borrowers
355 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x20F6…176D | $5.51M | 2.99 |
| 0x5775…4A81 | $2.95M | 1.67 |
| 0x3BEB…5999 | $2.41M | 1.89 |
| 0x9630…2Aa0 | $1.61M | 1.50 |
| 0x930a…4b19 | $1.10M | 1.39 |
| 0x1867…43e8 | $756K | 2.38 |
| 0x2197…8b90 | $582K | 1.66 |
| 0x43F9…9BA4 | $576K | 2.88 |
| 0x3cC6…230E | $518K | 2.38 |
| 0xA2a2…8441 | $480K | 2.09 |
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 wstETH / USDC market
The wstETH / USDC market on Ethereum was created on January 3, 2024. Anyone can lend USDC into it, and anyone holding wstETH 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 $31.55M is supplied and $28.46M borrowed, so 90.2% of the market is in use, backed by $85.97M of wstETH from 355 borrowers. Borrowers pay 5.00% a year, 4.79% on average over the last 30 days and 4.22% over the last year. Lenders earn 4.50%.
24 listed vaults lend here, providing $30.06M of the supply; the largest are Api3 dCOMP USDC, Gauntlet USDC Prime and Steakhouse Prime USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in wstETH. If wstETH fell 20% against USDC, about $366K of collateral would be at risk of liquidation.
wstETH / USDC 86% (b32349) on Ethereum: quick answers
What is the USDC borrow rate against wstETH on Morpho Ethereum?
In this market it is 5.00% a year right now, and it averaged 4.79% 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 is a wstETH / USDC loan liquidated?
When the loan reaches 86% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes wstETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if wstETH fell to about 1.94K USDC.
How much USDC can be borrowed here right now?
$3.09M is free in the market, and vaults can move in up to $28.0K more through Morpho's public allocator, for about $3.11M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the wstETH / USDC market?
Lenders earn 4.50% a year right now (4.30% averaged over 30 days). Most lend through vaults, such as Api3 dCOMP USDC, Gauntlet USDC Prime and Steakhouse Prime USDC, which spread deposits across several markets.
Other wstETH / USDC markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / USDCEthereum · LLTV 86% | 4.57% | 5.08% |
| wstETH / USDCBase · LLTV 86% | 4.30% | 4.79% |
| wstETH / USDCArbitrum · LLTV 86% | 1.95% | 2.95% |
| wstETH / USDCEthereum · LLTV 86% | 4.52% | 5.01% |
| wstETH / USDCOP Mainnet · LLTV 86% | 3.15% | 3.86% |
More ways to borrow against wstETH
Other loan assets with wstETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / USDTEthereum · LLTV 86% | 4.37% | 4.81% |
| wstETH / WETHEthereum · LLTV 96.5% | 2.01% | 2.22% |
| wstETH / WETHMonad · LLTV 94.5% | 1.54%+1.50% rewards | 1.71% |
| wstETH / WETHEthereum · LLTV 94.5% | 1.62% | 1.82% |
| wstETH / EURCVEthereum · LLTV 86% | 1.76% | 1.96% |
| wstETH / WETHBase · LLTV 94.5% | 1.54% | 1.71% |
