Morpho Blue (Ethereum)

morpho_blue_ethereum · onchain_isolated · operated by Morpho Labs

8 of 8 criteria researched.

Price

What does credit cost here, and how is the price formed?

Rate formation	algorithmic_utilisation source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — MarketParams.irm. Rate is a function of utilisation: algorithmic_utilisation per v1 §8.2.
Term structure	open_ended source Morpho Blue core 0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb — borrow()/repay() carry no maturity argument; a position persists until repaid or liquidated.
Rate certainty	variable source Morpho 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	single source 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.
Default & liquidation	threshold source 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.
Custody & backing	protocol_custodial source 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.
Recourse	non_recourse source 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.

Composition

Who and what makes up this market?

Collateral accepted	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 source 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.
Observability	price: full quantity: full composition: full

Collateral accepted

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

source

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.

Observability

price: full

quantity: full

composition: full

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.