vbETH / vbUSDC on Katana
A Morpho market on Katana where people borrow vbUSDC against vbETH. A loan can be liquidated once it reaches 86% of the collateral's value. Lenders earn 2.55% a year and borrowers pay 2.99% right now.
Data from Morpho's API · updated
Borrow APY
2.99%
30-day average 3.40%
Supply APY
2.55%
30-day average 3.09%
Supplied
$543K
543.47K vbUSDC
Borrowed
$464K
85.4% utilization
Available to borrow
$79.3K
up to $91.8K with vault liquidity
Collateral posted
$1.39M
691.50 vbETH
vbETH / vbUSDC rate history
Average supply and borrow APY for each day
Borrow APY Supply APY
| Day | Supply APY | Borrow APY | Utilization |
|---|
Utilization
vbETH / 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 3.11% 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 vbETH collateral could be liquidated if its price fell by each amount
Based on today's loans and today's vbETH 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 |
| vbETH price in vbUSDC | 2.01K vbUSDCthe market's oracle, which liquidations follow |
| Oracle | ChainlinkOracleV20xD423…bf47 |
| Price feeds | 0x7BdB…8eEE 0xbe5C…9606 |
| 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 | vbUSDCprice $0.9996 |
|---|---|
| Collateral | vbETHprice $2.0K |
| Borrow APY, last year | 2.56% |
| Borrowers | 172 |
| Created | June 23, 2025 |
| Market ID | 0x2fb14719…d6c534 |
| Rate model | 0x4F70…B428 |
| vbETH token | 0xEE7D…aB62 |
| vbUSDC token | 0x203A…FD36 |
Vaults lending here
$543K of the $543K supplied comes from these vaults
| Vault | Lent here |
|---|---|
| Yearn Degen USDCV2lends directly | $363K |
| Yearn OG USDCV2lends directly | $149K |
| Clearstar Core USDCV2lends directly | $31.0K |
Largest borrowers
172 open loans in this market
| Address | Borrowed | Health |
|---|---|---|
| 0x3ab4…2c90 | $128K | 2.77 |
| 0x92ee…7CB2 | $60.1K | 1.22 |
| 0xb378…0D20 | $58.7K | 5.99 |
| 0x49B8…3831 | $31.1K | 4.66 |
| 0x6733…8890 | $30.6K | 1.57 |
| 0x0A61…4a53 | $26.0K | 1.28 |
| 0xAB3B…2515 | $24.2K | 2.12 |
| 0x22b9…6961 | $22.0K | 1.53 |
| 0x1158…A7Dc | $21.5K | 1.74 |
| 0xDdCC…BA1c | $20.1K | 1.36 |
Health is collateral value times the LLTV, divided by the debt. Below 1.00 a loan can be liquidated.
Recent liquidations here
1 in the last 30 days, $5.97 of debt repaid
| When | Debt repaid | Transaction |
|---|---|---|
| $5.975.98 vbUSDC | 0x7207…42fe |
About the vbETH / vbUSDC market
The vbETH / vbUSDC market on Katana was created on June 23, 2025. Anyone can lend vbUSDC into it, and anyone holding vbETH 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 $543K is supplied and $464K borrowed, so 85.4% of the market is in use, backed by $1.39M of vbETH from 172 borrowers. Borrowers pay 2.99% a year, 3.40% on average over the last 30 days and 2.56% over the last year. Lenders earn 2.55%.
3 listed vaults lend here, providing $543K of the supply; the largest are Yearn Degen USDC, Yearn OG USDC and Clearstar Core USDC. Liquidators who close an unsafe loan here receive a 4.38% bonus in vbETH. If vbETH fell 20% against vbUSDC, about $94.4K of collateral would be at risk of liquidation. 1 loan was liquidated here in the last 30 days.
vbETH / vbUSDC on Katana: quick answers
What is the vbUSDC borrow rate against vbETH on Morpho Katana?
In this market it is 2.99% a year right now, and it averaged 3.40% 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 vbETH / 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 vbETH worth 4.38% more than it repaid. For example, a loan of half the collateral's value today would be liquidated if vbETH fell to about 1.17K vbUSDC.
How much vbUSDC can be borrowed here right now?
$79.3K is free in the market, and vaults can move in up to $12.5K more through Morpho's public allocator, for about $91.8K in all. Borrowing more than that would have to wait for repayments or new lenders.
What do lenders earn in the vbETH / vbUSDC market?
Lenders earn 2.55% a year right now (3.09% averaged over 30 days). Most lend through vaults, such as Yearn Degen USDC, Yearn OG USDC and Clearstar Core USDC, which spread deposits across several markets.
More ways to borrow against vbETH
Other loan assets with vbETH as collateral
| Market | Supply APY | Borrow APY |
|---|---|---|
| vbETH / vbUSDTKatana · LLTV 86% | 1.48% | 2.30% |
