Collateral
Loan denomination
Morpho Blue (Ethereum)
Morpho Labs · Ethereum · algorithmic (utilisation) · on-chain since 2023-12-28
What we can see here. Rates are live, quantity is live, and composition is live. Each section below states its own case. Sections are never dropped when they are empty — an absent section and an absent number are different things.
1Structure
What kind of credit this is. Attributes, not scores — one column per structural property, factual values only, each with the contract, document or filing establishing it. Nothing here is ranked or weighted.
Oracle dependency what price the loan depends on, if any | single Morpho 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. |
Liquidation what happens when collateral falls | threshold Morpho 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. |
Term whether the loan has an end date | open-ended Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — borrow()/repay() carry no maturity argument; a position persists until repaid or liquidated. |
Rate certainty whether the rate can move after origination | variable Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm (AdaptiveCurveIRM). The borrow rate is recomputed from utilisation on every accrueInterest(); nothing is fixed at origination. |
Rate mechanism how the rate is set | algorithmic (utilisation) Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm. Rate is a function of utilisation: algorithmic_utilisation per v1 §8.2. |
Custody who holds the collateral | protocol-custodial Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — a singleton holding all supplied and collateral assets; supplyCollateral() transfers to the contract and the borrower holds no key over it. |
Collateral what secures the borrowing | BTC representations (26 in scope): cbBTC, WBTC, LBTC, tBTC, eBTC, hemiBTC, uniBTC, BGBTC, sBTCD, kBTC, SolvBTC, pumpBTC, mBTC, tacBTC, mHyperBTC, and 11 single-market others credit_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. |
Recourse whether liability stops at the collateral | non-recourse Morpho 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. |
2Rates
What it costs to borrow here, and what it pays to lend, both sides never conflated. Rates are normalised to a continuously compounded annual figure so venues quoting four different ways are comparable.
live
This venue’s rate is published in the cross-venue comparison rather than duplicated here, so the figures on both surfaces cannot drift apart. See it beside every other venue.
3Quantity
Collateral locked and debt outstanding, and the origination, repayment and net flow behind them.
live
The financing panel carries this venue’s contribution to collateral, debt and flow, with the coverage percentage stated on every aggregate.
4Composition
Who owes it and on what terms: LTV distribution, how long positions actually reside, position-size concentration, and liquidation incidence by origination-LTV cohort.
live
Residence and realised cost for this venue are published as the term structure. See the realised curve — note its tenor axis is a realised holding period, not a maturity.
5Markets
The individual markets this venue runs in scope. A venue is usually a family — one row per (collateral representation, debt asset, chain).
No per-market breakdown is published for this venue. Either its markets are not individually resolved yet, or the venue does not partition into markets in a way that would tell a reader anything.
6The interest-rate model, plotted
Specific to how this venue sets its rate — algorithmic (utilisation). Every venue of the same mechanism class gets the same panel.
Rate as a function of utilisation, with the kink(s) and the current operating point marked, plus utilisation history. The venue’s reaction function — how violently the rate moves if utilisation shifts — read directly from chain.
Contract addresses, reserve lists and market identifiers are resolved from this venue’s own on-chain registry rather than taken from its documentation, and re-checked whenever the registry changes. Where documentation and chain disagreed, the chain won and the disagreement is recorded. Last resolved 2026-07-24. Isolated markets keyed by marketId give a clean partition, which is why spec §4.1 marks this venue build-first. The cost is that the BTC universe has to be curated: a /btc/i symbol match over this venue returns 324 markets of which 79 are Pendle principal tokens, spam, other venues' receipts, LP positions or lookalikes.