Morpho Blue (Base)
Takes as collateral: bitcoin and ether
One of 10 deployments of Morpho Blue · also on Arbitrum, Ethereum, Hyperliquid L1, Katana, Monad, Optimism, Polygon, Tempo, Unichain
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
What “Liquidates at” is: one price for the whole book, not a forecast
"Liquidates at" is the bitcoin price at which this book, taken as one position, stops covering its debt at its liquidation thresholds — an aggregate, not a forecast: individual loans are levered differently and liquidate above it.
Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. This venue serves 12 market rows, none flagged as a BTC market: this venue prices isolated {collateral, loan} markets and the rates payload keys each row by its LOAN asset, so BTC posted as collateral here is not flagged as a BTC market row — a shape limit in this dataset, not an absence of collateral at the venue.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm. Rate is a function of utilisation: algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — borrow()/repay() carry no maturity argument; a position persists until repaid or liquidated. |
| Rate certainty | variablesourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm (AdaptiveCurveIRM). The borrow rate is recomputed from utilisation on every accrueInterest(); nothing is fixed at origination. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | singlesourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.oracle. A market is an immutable tuple (loanToken, collateralToken, oracle, irm, lltv) fixed at createMarket(); exactly one oracle, not upgradeable, not shared across markets. |
|---|---|
| Default & liquidation | thresholdsourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — liquidate() is permitted once a position's LTV exceeds its market's LLTV. The incentive factor is a deterministic function of LLTV, not a governance parameter. |
| Custody & backing | protocol_custodialsourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a singleton holding all supplied and collateral assets; supplyCollateral() transfers to the contract and the borrower holds no key over it. |
| Recourse | non_recoursesourceMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a borrower's liability is bounded by the seized collateral. Where a liquidation leaves debt uncovered the shortfall is realised against that market's suppliers as bad debt, not pursued against the borrower. |
| Track record | 27 months observedsourceDerived from credit_venues.first_date (2024-05-03), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC representations (3 in scope): cbBTC, LBTC, uniBTC, and 0 single-market otherssourcecredit_venues.metadata->btc_representations, resolved by address in R1 and re-verified per market. Permissionless venue, so the universe is curated rather than symbol-matched: Pendle PT, Curve LP receipts, other-venue receipts, look-alikes and test tokens are excluded on address. aEthWBTC is excluded specifically because it resolves to the Aave v3 WBTC aToken and would count the same underlying twice. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: full quantity: full composition: full |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | USDC | $1.57bn | 1,565,815,715 USDC | contract read, 2026-10-13 |
| euros | EURC | $4.5m | 4,015,494 EURC | contract read, 2026-10-13 |
| bitcoin (borrowed against bitcoin) | cbBTC | $721k | 8.7058 cbBTC | contract read, 2026-10-13 |
| ether | WETH | $271k | 110 WETH | contract read, 2026-10-13 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialMorpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a singleton holding all supplied and collateral assets; supplyCollateral() transfers to the contract and the borrower holds no key over it. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 8453 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- cbBTC established · direct_wrapped · identified by symbolCBBTC established · issuer Coinbase · custodial · holders [Coinbase]
source
issuer_doccoinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage - LBTC established · yield_bearing · identified by symbolLBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
source
issuer_docdocs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital' - uniBTC established · yield_bearing · identified by symbolUNIBTC undisclosed · issuer Bedrock · non-custodial · holders [] · holder_unknown_share fullWAS custodian 'Bedrock', layer 1, consortium. Bedrock's documentation says 1 uniBTC is backed 1:1 by redeemable WRAPPED BTC and that no funds are held by the team — so it is a layer over other wrappers with no custodian of its own, and the composition is not published. Fully unresolved.
source
issuer_docdocs.bedrock.technology/multi-asset-liquid-staking/unibtc/introduction
- cbBTC established · direct_wrapped · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | 90.2% dollar debt over dollar supplied across 35 market(s), latest day the venue's own API, gate-passed |
|---|---|
| Intermediation margin | +0.50 pts · derived borrow minus lend, as above borrow rate minus lend rate, both as above |
| Trailing realised average (7/30/90d) | 7d 4.91% · 30d 4.78% · 90d 4.71% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 0.13 pts · 90d 0.16 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above |
| Spread to the pair aggregate | +0.21 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +0.97 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | $202m borrowed in 30 days (49,584 events) · partial gross, every market at the venue, not only bitcoin-collateral ones; 266 event(s) unpriced; last event 2026-10-13 credit_position_events — the venue's own event logs |
| Repayment flow | $47m repaid in 30 days (26,008 events) · partial gross, every market at the venue, not only bitcoin-collateral ones; 245 event(s) unpriced; last event 2026-10-13 credit_position_events — the venue's own event logs |
| Aggregate and distributional LTV | 47.9% · per market 47.7% (p10) · 47.7% (p50) · 89.6% (p90), debt-weighted |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | 11 liquidation(s) in 30 days ($6k repaid) · partial events across every market at the venue; last 2026-10-08 credit_position_events |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Listed under the published criteria. Listing is not endorsement, the order is not a ranking, and this dataset integrates with none of them.
| Transport | streamable-http |
|---|---|
| Authentication | none |
| Tools observed | 18 total · 8 prepare · 0 submit |
| Documentation | https://docs.morpho.org/developers/agents/get-started/ |
| Last checked | 2026-10-13 |
Prepares unsigned payloads only. The operator states: "Nothing signs and nothing broadcasts."
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/morpho_blue_base |
|---|---|
| MCP | get_venue({ venue_id: "morpho_blue_base" }) get_venue({ venue_id: "morpho_blue_base", include: ["axes", "headline"] }) |
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How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp