Morpho Blue (Monad)
Takes as collateral: bitcoin and ether
One of 10 deployments of Morpho Blue · also on Arbitrum, Base, Ethereum, Hyperliquid L1, Katana, 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.
- BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
- Liquidates at — the markets taken together at one threshold (they run 77%–94.5%, which puts it between $41,940 and $51,471); debt and collateral as each market reports them, thresholds as read on 2026-10-01 (2026-09/morpho_chains.json).
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. It runs contracts, so the absence is this dataset’s, not the venue’s.
Price
What does credit cost here, and how is the price formed?
| Rate formation | algorithmic_utilisationsourceMorpho Blue core 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — MarketParams.irm. Rate is a function of utilisation: algorithmic_utilisation. |
|---|---|
| Term structure | open_endedsourceMorpho Blue core 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — borrow()/repay() carry no maturity argument; a position persists until repaid or liquidated. |
| Rate certainty | variablesourceMorpho Blue core 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — MarketParams.irm: every one of the 19 bitcoin-symbol market(s) read on 2026-09-30 names AdaptiveCurveIRM 0x09475a3D6eA8c314c592b1a3799bDE044E2F400F. 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 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — 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. Read per market with idToMarketParams(id) on 2026-09-30. |
|---|---|
| Default & liquidation | thresholdsourceMorpho Blue core 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — 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 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — 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 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — 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 | 9 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2025-12-08; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | BTC-collateral markets with $1,000 or more of debt (3): WBTC, cbBTCsourceMorpho Blue core 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143), read 2026-09-30 (registry/resolution/2026-09/morpho_chains.json): candidates from Morpho's API (api.morpho.org), each confirmed with idToMarketParams(id) and market(id) on the core. 3 market(s) whose collateral is a bitcoin representation carry $1,000 or more of debt (the dollar values are Morpho's API's; that debt exists is read from the core). Collateral tokens: WBTC 0x0555E30da8f98308EdB960aa94C0Db47230d2B9c (8 decimals); cbBTC 0xd18B7EC58Cdf4876f6AFebd3Ed1730e4Ce10414b (8 decimals). Largest by debt: WBTC/AUSD at LLTV 86% (about $90,152 borrowed), WBTC/USDC at LLTV 86% (about $54,748 borrowed), cbBTC/USDC at LLTV 77% (about $7,479 borrowed). NOT counted as bitcoin: mHyperBTC (asset_peg: not pegged, 208 bps), aHyperBTC (asset_peg: not pegged, 120 bps) — the symbol contains "BTC" and asset_peg does not establish the peg. ⚠ BOUND: a market Morpho's API does not list is not found. Permissionless venue, so the list is what carries debt today, not a fixed set. |
|---|---|
| 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: partial — Observed through the aggregator (DefiLlama). The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Neither is a read of the venue's own contracts. As of 2026-10-01. composition: none — Not obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | AUSD, USDC | $141k | — | 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 0xD5D960E8C380B724a48AC59E2DfF1b2CB4a1eAee on Monad (chain 143) — 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 143 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' - WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- 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) | 87.5% dollar debt over dollar supplied across 14 market(s), latest day the venue's own API, gate-passed |
|---|---|
| Intermediation margin | collecting (not read yet) — needs both a borrow and a lend rate; the lend rate is not served here |
| Trailing realised average (7/30/90d) | 7d 8.36% · 30d 8.01% · 90d 8.10% 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 1.04 pts · 90d 1.44 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 | +3.12 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 | +3.88 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 | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 47.8% · per market 68.8% (p10) · 76.0% (p50) · 89.7% (p90), debt-weighted latest day, as each market reports it; dollar loans only defi_rates_llama — read from the venue's own contracts, pool by pool |
| 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 | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| 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_monad |
|---|---|
| MCP | get_venue({ venue_id: "morpho_blue_monad" }) get_venue({ venue_id: "morpho_blue_monad", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
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