Update
Bitcoin Collateral Doubles in Morpho’s Lending Market
Bitcoin collateral in Morpho's cbBTC lending market on Base rose from about 20,300 coins on January 1 to about 39,800 coins by Tuesday. Loans against this collateral grew 55% this year to a record $1.6 billion, leaving debt at about 48% of collateral value. About 9% of that debt would face liquidation if Bitcoin fell 20%, and about a quarter if it fell 30%, according to CoinMarketCap's count of Morpho position data. Coinbase customers have pledged about twice as many coins to Morpho's main lending market on Base this year, with loans growing at a slower rate.