Spark supplies over $400M USDC to Morpho's cbBTC/USDC market on Base
- —Spark provides nearly 25% of USDC in the cbBTC/USDC market on Base
- —Market size is $1.77B supplied, $1.60B borrowed, utilization above 90%
- —Supply APY is about 4.73%, borrow rate about 5.26%
- —The market uses an 86% LLTV and launched on September 4, 2024
Why it matters: Concentration in a single supplier and an aggressive 86% LLTV raise the risk of cascading liquidations if Bitcoin's price drops sharply.
Source: Crypto Briefing