wstETH / USDT on Ethereum (86% LLTV, Chainlink V1 oracle)
A Morpho market on Ethereum where people borrow USDT against wstETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 3.00% a year and borrowers pay 3.66% right now.
Data from Morpho's API · updated
Borrow APY
3.66%
30-day average 4.43%
Supply APY
3.00%
30-day average 3.90%
Supplied
$127.3M
127.44M USDT
Borrowed
$104.8M
82.3% utilization
Available to borrow
$22.55M
free liquidity right now
Collateral posted
$290.8M
115.58K wstETH
wstETH / USDT rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
wstETH / USDT 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 3.91% 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 USDT. 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 USDT | 2.52K USDTthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracle0x95DB…6992 |
| Price feeds | 0x4F67…8e79 0xEe9F…1d46 |
| 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 | USDTprice $0.9990 |
|---|---|
| Collateral | wstETHprice $2.5K |
| Borrow APY, last year | 3.74% |
| Borrowers | 321 |
| Created | January 31, 2024 |
| Market ID | 0xe7e9694b…9687d2 |
| Rate model | 0x870a…00BC |
| wstETH token | 0x7f39…2Ca0 |
| USDT token | 0xdAC1…1ec7 |
Vaults lending here
$122.6M of the $127.3M supplied comes from these vaults
Largest borrowers
321 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x7ee2…5178 | $67.39M | 2.74 |
| 0xD164…1781 | $4.50M | 2.10 |
| 0xd0B8…757c | $3.42M | 1.45 |
| 0xb091…cC06 | $2.08M | 1.03 |
| 0xB561…5f60 | $2.00M | 1.39 |
| 0xf0D0…6c33 | $1.57M | 1.47 |
| 0x8afE…E9DB | $1.51M | 1.38 |
| 0xDe6b…3361 | $1.43M | 1.09 |
| 0xAAcE…Ff38 | $1.24M | 1.53 |
| 0x4c46…b4A1 | $1.11M | 3.87 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
6 in the last 30 days, $2.39M of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $4.344.35 USDT | 0x77d6…c829 | |
| $3.3K3.35K USDT | 0x78e4…11c4 | |
| $2.39M2.39M USDT | 0x7dea…7e63 | |
| $4.334.33 USDT | 0x1942…00d7 | |
| $1.1K1.11K USDT | 0x7c11…d26e | |
| $1.851.85 USDT | 0xc07f…7dd3 | |
| $9.0K8.99K USDT | 0xf127…9d99 |
About the wstETH / USDT market
The wstETH / USDT market on Ethereum was created on January 31, 2024. Anyone can lend USDT into it, and anyone holding wstETH can borrow that USDT against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $127.3M is supplied and $104.8M borrowed, so 82.3% of the market is in use, backed by $290.8M of wstETH from 321 borrowers. Borrowers pay 3.66% a year, 4.43% on average over the last 30 days and 3.74% over the last year. Lenders earn 3.00%.
17 listed vaults lend here, providing $122.6M of the supply; the largest are Steakhouse Prime USDT, Spark Blue Chip USDT Vault and Steakhouse USDT. Liquidators who close an unsafe loan here receive a 4.38% bonus in wstETH. If wstETH fell 20% against USDT, about $8.81M of collateral would be at risk of liquidation. 6 loans were liquidated here in the last 30 days.
wstETH / USDT (86% LLTV, Chainlink V1 oracle) on Ethereum: quick answers
What is the USDT borrow rate against wstETH on Morpho Ethereum?
In this market it is 3.66% a year right now, and it averaged 4.43% over the last 30 days. The rate is variable: it follows how much of the market's USDT is borrowed, rising quickly above 90%.
When are wstETH / USDT 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 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 1.46K USDT.
How much USDT can be borrowed here right now?
$22.55M is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the wstETH / USDT market?
Lenders earn 3.00% a year right now (3.90% averaged over 30 days). Most lend through vaults, such as Steakhouse Prime USDT, Spark Blue Chip USDT Vault and Steakhouse USDT, which spread deposits across several markets.
Other wstETH / USDT markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / USDTEthereum · LLTV 86% | 2.99% | 3.65% |
More ways to borrow against wstETH
Other loan assets with wstETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / WETHEthereum · LLTV 96.5% | 2.14% | 2.37% |
| wstETH / USDCEthereum · LLTV 86% | 4.48% | 5.16% |
| wstETH / WETHMonad · LLTV 94.5% | 1.39%+1.19% rewards | 1.61% |
| wstETH / WETHEthereum · LLTV 94.5% | 3.02% | 3.29% |
| wstETH / USDCEthereum · LLTV 86% | 4.48% | 5.17% |
| wstETH / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
