wstETH / WETH on Ethereum
A Morpho market on Ethereum where people borrow WETH against wstETH. A loan can be liquidated once it reaches 96.5% of the collateral's value. Lenders earn 2.01% a year and borrowers pay 2.22% right now.
Data from Morpho's API · updated
Borrow APY
2.22%
30-day average 1.99%
Supply APY
2.01%
30-day average 1.76%
Supplied
$96.39M
35.88K WETH
Borrowed
$87.24M
90.5% utilization
Available to borrow
$9.16M
up to $10.26M with vault liquidity
Collateral posted
$95.51M
28.58K 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 1.93% 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) | 96.5%fixed for the life of the market |
|---|---|
| Liquidation bonus | 1.06%extra collateral a liquidator receives |
| wstETH price in WETH | 1.24 WETH |
| 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 95.78% LTV |
Details
| Loan asset | WETHprice $2.7K |
|---|---|
| Collateral | wstETHprice $3.3K |
| Borrow APY, last year | 2.19% |
| Borrowers | 113 |
| Created | March 14, 2024 |
| Market ID | 0xb8fc70e8…94a85e |
| Rate model | 0x870a…00BC |
| wstETH token | 0x7f39…2Ca0 |
| WETH token | 0xC02a…6Cc2 |
Vaults lending here
$87.72M of the $96.39M supplied comes from these vaults
Largest borrowers
113 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x893a…0080 | $18.48M | 1.07 |
| 0x462a…31d0 | $15.03M | 1.05 |
| 0x9A35…D278 | $11.01M | 1.12 |
| 0x13d0…2983 | $7.81M | 1.03 |
| 0xb224…9817 | $6.87M | 1.01 |
| 0x1676…0D9A | $5.82M | 1.05 |
| 0x4b44…a1a0 | $4.39M | 1.01 |
| 0xfB74…B6C0 | $4.13M | 1.01 |
| 0x5ceD…4B27 | $4.02M | 1.03 |
| 0xB782…7a7F | $4.00M | 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 14, 2024. Anyone can lend WETH into it, and anyone holding wstETH can borrow that WETH against it, up to a loan-to-value of 96.5% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $96.39M is supplied and $87.24M borrowed, so 90.5% of the market is in use, backed by $95.51M of wstETH from 113 borrowers. Borrowers pay 2.22% a year, 1.99% on average over the last 30 days and 2.19% over the last year. Lenders earn 2.01%.
15 listed vaults lend here, providing $87.72M of the supply; the largest are Steakhouse ETH, Steakhouse Prime ETH and Vault Bridge WETH. Liquidators who close an unsafe loan here receive a 1.06% bonus in wstETH. If wstETH fell 20% against WETH, about $94.72M of collateral would be at risk of liquidation.
wstETH / WETH 96.5% on Ethereum: quick answers
What is the WETH borrow rate against wstETH on Morpho Ethereum?
In this market it is 2.22% a year right now, and it averaged 1.99% 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 is a wstETH / WETH loan liquidated?
When the loan reaches 96.5% of the collateral's value (the market's LLTV). A liquidator then repays part of the debt and takes wstETH worth 1.06% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if wstETH fell to about 0.644 WETH.
How much WETH can be borrowed here right now?
$9.16M is free in the market, and vaults can move in up to $1.10M more through Morpho's public allocator, for about $10.26M 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 2.01% a year right now (1.76% averaged over 30 days). Most lend through vaults, such as Steakhouse ETH, Steakhouse Prime ETH and Vault Bridge WETH, 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 / WETHMonad · LLTV 94.5% | 1.54%+1.50% rewards | 1.71% |
| wstETH / WETHEthereum · LLTV 94.5% | 1.62% | 1.82% |
| wstETH / WETHBase · LLTV 94.5% | 1.54% | 1.71% |
| wstETH / WETHOP Mainnet · LLTV 94.5% | 1.26% | 1.42% |
| wstETH / WETHUnichain · LLTV 96.5% | 6.75% | 8.55% |
| wstETH / WETHBase · LLTV 96.5% | 1.54% | 1.71% |
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 / USDCEthereum · LLTV 86% | 4.50% | 5.00% |
| wstETH / USDCEthereum · LLTV 86% | 4.57% | 5.08% |
| wstETH / EURCVEthereum · LLTV 86% | 1.76% | 1.96% |
| wstETH / PYUSDEthereum · LLTV 86% | 10.60% | 11.37% |
| wstETH / USDTEthereum · LLTV 86% | 4.45% | 4.90% |
