wstETH / WETH on Ethereum (94.5% LLTV, Chainlink V2 oracle)
A Morpho market on Ethereum where people borrow WETH against wstETH. A loan can be liquidated once it reaches 94.5% of the collateral's value. Lenders earn 3.02% a year and borrowers pay 3.29% right now.
Data from Morpho's API · updated
Borrow APY
3.29%
30-day average 2.30%
Supply APY
3.02%
30-day average 2.03%
Supplied
$16.67M
8.28K WETH
Borrowed
$15.32M
91.9% utilization
Available to borrow
$1.35M
up to $4.58M with vault liquidity
Collateral posted
$16.66M
6.62K wstETH
wstETH / WETH rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
wstETH / WETH 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 2.09% 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 WETH. Borrowers who repay or add collateral move these numbers every day.
Risk settings
| Liquidation LTV (LLTV) | 94.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 1.68%extra collateral a liquidator receives |
| wstETH price in WETH | 1.25 WETHthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xbD60…71D8 |
| Price feeds | 0x905b…1421 |
| Market fee | Noneshare of interest taken by the protocol |
| Pre-liquidation | Availableborrowers can opt in to gentler, earlier liquidations from 93.37% LTV |
Details
| Loan asset | WETHprice $2.0K |
|---|---|
| Collateral | wstETHprice $2.5K |
| Borrow APY, last year | 2.08% |
| Borrowers | 48 |
| Created | March 25, 2024 |
| Market ID | 0xd0e50cda…a9ec5d |
| Rate model | 0x870a…00BC |
| wstETH token | 0x7f39…2Ca0 |
| WETH token | 0xC02a…6Cc2 |
Vaults lending here
$16.34M of the $16.67M supplied comes from these vaults
Largest borrowers
48 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x462a…31d0 | $12.63M | 1.02 |
| 0x4b44…a1a0 | $1.67M | 1.01 |
| 0x5ceD…4B27 | $357K | 1.01 |
| 0x8b49…53CB | $327K | 1.06 |
| 0xc191…4119 | $230K | 1.22 |
| 0x9468…7FD8 | $165K | 1.09 |
| 0xBa19…b6e2 | $38.6K | 1.33 |
| 0xffDf…F578 | $33.6K | 1.04 |
| 0x5614…6bF4 | $23.4K | 1.12 |
| 0x00AB…590a | $11.1K | 1.04 |
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 / WETH market
The wstETH / WETH market on Ethereum was created on March 25, 2024. Anyone can lend WETH into it, and anyone holding wstETH can borrow that WETH against it, up to a loan-to-value of 94.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $16.67M is supplied and $15.32M borrowed, so 91.9% of the market is in use, backed by $16.66M of wstETH from 48 borrowers. Borrowers pay 3.29% a year, 2.30% on average over the last 30 days and 2.08% over the last year. Lenders earn 3.02%.
9 listed vaults lend here, providing $16.34M of the supply; the largest are Gauntlet WETH Prime, Steakhouse ETH and Galaxy WETH Quality. Liquidators who close an unsafe loan here receive a 1.68% bonus in wstETH. If wstETH fell 20% against WETH, about $16.88M of collateral would be at risk of liquidation.
wstETH / WETH (94.5% LLTV, Chainlink V2 oracle) on Ethereum: quick answers
What is the WETH borrow rate against wstETH on Morpho Ethereum?
In this market it is 3.29% a year right now, and it averaged 2.30% over the last 30 days. The rate is variable: it follows how much of the market's WETH is borrowed, rising quickly above 90%.
When are wstETH / WETH loans liquidated?
When a loan reaches 94.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes wstETH worth 1.68% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if wstETH fell to about 0.661 WETH.
How much WETH can be borrowed here right now?
$1.35M is free in the market, and vaults can move in up to $3.23M more through Morpho's public allocator, for about $4.58M in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the wstETH / WETH market?
Lenders earn 3.02% a year right now (2.03% averaged over 30 days). Most lend through vaults, such as Gauntlet WETH Prime, Steakhouse ETH and Galaxy WETH Quality, which spread deposits across several markets.
Other wstETH / WETH markets
The same pair with a different LLTV, oracle or network
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / WETHEthereum · LLTV 96.5% | 2.14% | 2.37% |
| wstETH / WETHMonad · LLTV 94.5% | 1.39%+1.19% rewards | 1.61% |
| wstETH / WETHBase · LLTV 94.5% | 1.54% | 1.71% |
| wstETH / WETHOP Mainnet · LLTV 94.5% | 1.93% | 2.12% |
| wstETH / WETHUnichain · LLTV 96.5% | 4.85% | 5.66% |
| wstETH / WETHBase · LLTV 96.5% | 1.58% | 1.77% |
More ways to borrow against wstETH
Other loan assets with wstETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| wstETH / USDTEthereum · LLTV 86% | 3.00% | 3.66% |
| wstETH / USDCEthereum · LLTV 86% | 4.48% | 5.16% |
| wstETH / USDCEthereum · LLTV 86% | 4.48% | 5.17% |
| wstETH / EURCVEthereum · LLTV 86% | 1.82% | 2.02% |
| wstETH / WBTCEthereum · LLTV 86% | <0.01% | 0.03% |
| wstETH / USDTEthereum · LLTV 86% | 2.99% | 3.65% |
