vbWBTC / AUSD — Borrow-Rate Projection (next 60 days)
Morpho Blue · Katana (chain 747474) · LLTV 86% · 0xbeb2…b20d · snapshot 2026-06-10
Supplied / Idle
$1.06M / $0
An adaptive ramp, not a stable trend
All $1.06M is borrowed — utilization is pinned at 100%, above the 90% target. Morpho's Adaptive Curve IRM responds by pushing the rate up continuously, roughly doubling every ~5 days (3.3% → 22.3% in the last week). The line below extrapolates that mechanism forward; it isn't a forecast that the rate will sit there.
Historical (7d)
Projection — utilization stays 100%
Log scale. The IRM caps rate-at-target at 200%/yr (→ 4× = 800% APR ≈ 298,000% APY), reached ~Jul 7. That ceiling is mechanical, not a prediction.
Projection table
| Date | Borrow APY (if utilization stays 100%) |
|---|
Bottom line: The rate climbs only while utilization stays at 100%. In practice the high rate draws deposits and forces repayment; once utilization falls back toward 90%, borrow APY snaps down to the target rate (~5%, higher the longer the squeeze lasts). Expect a spike, then reversion — watch utilization for the turn.