LBTC / vbUSDC on Katana
A Morpho market on Katana where people borrow vbUSDC against LBTC. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 0.25% a year and borrowers pay 0.27% right now.
Data from Morpho's API · updated
Borrow APY
0.27%
30-day average 0.07%
Supply APY
0.25%
30-day average 0.04%
Supplied
$12.6K
12.64K vbUSDC
Borrowed
$12.0K
94.9% utilization
Available to borrow
$643
free liquidity right now
Collateral posted
$29.2K
0.406 LBTC
LBTC / vbUSDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
LBTC / vbUSDC 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 0.11% 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 LBTC collateral could be liquidated if its price fell by each amount
Based on today's loans and today's LBTC price in vbUSDC. 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 |
| LBTC price in vbUSDC | 72.02K vbUSDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xcC13…A40d |
| Price feeds | 0x5C2c…8d3e 0xbe5C…9606 |
| Market fee | Noneshare of interest taken by the protocol |
Details
| Loan asset | vbUSDCprice $0.9996 |
|---|---|
| Collateral | LBTCprice $71.9K |
| Borrow APY, last year | 2.40% |
| Borrowers | 17 |
| Created | July 4, 2025 |
| Market ID | 0xa0cd6b9d…e8e6ef |
| Rate model | 0x4F70…B428 |
| LBTC token | 0xecAc…11c1 |
| vbUSDC token | 0x203A…FD36 |
Vaults lending here
$12.6K of the $12.6K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Clearstar Core USDCV2lends directly | $12.6K |
Largest borrowers
17 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x5e6E…9e0d | $4.5K | 1.55 |
| 0x7251…7411 | $3.8K | 1.23 |
| 0x73a2…c580 | $2.2K | 2.58 |
| 0x7eF5…e3F0 | $997 | 1.91 |
| 0x68bb…eFEa | $275 | 1.46 |
| 0xD97E…8aD7 | $112 | 2.23 |
| 0x29bC…D91d | $26.00 | 1.83 |
| 0xfeed…3C9a | $1.00 | 2.26 |
| 0x5F9D…E1b8 | $0 | 1.24 |
| 0xA280…C047 | $0 | 0.01 |
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 LBTC / vbUSDC market
The LBTC / vbUSDC market on Katana was created on July 4, 2025. Anyone can lend vbUSDC into it, and anyone holding LBTC can borrow that vbUSDC against it, up to a loan-to-value of 86% (its LLTV), where liquidation starts. Prices come from Chainlink-style price feeds.
Right now $12.6K is supplied and $12.0K borrowed, so 94.9% of the market is in use, backed by $29.2K of LBTC from 17 borrowers. Borrowers pay 0.27% a year, 0.07% on average over the last 30 days and 2.40% over the last year. Lenders earn 0.25%.
1 listed vault lends here, providing $12.6K of the supply; the largest is Clearstar Core USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in LBTC. If LBTC fell 20% against vbUSDC, about $5.5K of collateral would be at risk of liquidation.
LBTC / vbUSDC on Katana: quick answers
What is the vbUSDC borrow rate against LBTC on Morpho Katana?
In this market it is 0.27% a year right now, and it averaged 0.07% over the last 30 days. The rate is variable: it follows how much of the market's vbUSDC is borrowed, rising quickly above 90%.
When are LBTC / vbUSDC 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 LBTC worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if LBTC fell to about 41.87K vbUSDC.
How much vbUSDC can be borrowed here right now?
$643 is free in the market. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the LBTC / vbUSDC market?
Lenders earn 0.25% a year right now (0.04% averaged over 30 days). Most lend through vaults, such as Clearstar Core USDC, which spread deposits across several markets.
More ways to borrow against LBTC
Other loan assets with LBTC as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| LBTC / USDCEthereum · LLTV 86% | 4.49% | 5.38% |
| LBTC / cbBTCBase · LLTV 91.5% | 0.06% | 0.08% |
| LBTC / cbBTCBase · LLTV 94.5% | 1.22% | 1.23% |
| LBTC / EURCVEthereum · LLTV 86% | 15.09% | 16.30% |
| LBTC / USDCBase · LLTV 86% | 8.92% | 9.84% |
| LBTC / PYUSDEthereum · LLTV 86% | 6.28% | 6.99% |
