About this explorer

The Rails Morpho Blue explorer shows every position on Base, a network built on Ethereum, whether still open, closed or liquidated, with its collateral and debt read from the chain and the full history of each one. It also shows the markets and the vaults that lend into them.

How it works

Morpho Blue is a lending protocol. People lend one token, the loan token, and borrow it by locking another token, the collateral, as security. Borrowers pay interest on what they borrow. A position on this page is one wallet (an account address) borrowing in one market.
Morpho Blue is a smart contract, a program on the chain, that holds many separate markets, and anyone can create one. Each market has one loan token, one collateral token, one oracle and one liquidation loan-to-value limit (LLTV), and none of them changes afterwards.
The LLTV is the borrow limit and the liquidation line at once. When the oracle's price puts a borrower's debt past the LLTV, anyone can start a liquidation. The liquidator, who repays the debt, earns a bonus, and the liquidation protects the market's lenders.
Rails reads each position's collateral and debt from the contract at the block (the chain's unit of time) its card names, beside the value the market's oracle puts on that collateral. Every figure is in the market's loan token, because Morpho Blue never states a dollar value, so a debt reads like 1,200 USDC.
A vault is a pool that one curator runs. It lends depositors' tokens into several markets, so a depositor does not pick markets one by one.

Glossary

Market: : A market pairs one loan token with one collateral token. It is isolated from every other market, so its risk stays inside it, and its settings never change after it is created. Borrowers pay interest at a rate the market's rate model sets. Docs: Markets, Interest rates
Collateral: : Collateral is the token a borrower locks in a market to secure a loan. It earns no interest, and it counts only toward that market. Docs: Collateral
LLTV: : The liquidation loan-to-value (LLTV) is the largest share of the collateral's value that a borrower may owe in a market. It is both the borrow limit and the liquidation line. Docs: LLTV
Oracle: : A market's oracle is the contract that prices one unit of its collateral in its loan token. Docs: Oracle
Liquidation: : A liquidation happens when a borrower owes more than the LLTV allows. A liquidator repays some or all of the debt and takes the borrower's collateral plus a bonus. Docs: Key features of liquidation, Liquidation incentive
Vault: : A vault is a pool that one curator runs. It takes depositors' tokens, all of one kind, and lends them into several markets, and the curator chooses which markets it may use. A depositor holds shares, a claim on the vault, and each share is worth more tokens as the markets pay interest. Docs: Morpho curation

Listing

Each card shows one position: the wallet, its market, its collateral, its debt and its status. Opening a card shows the position's collateral, debt and history, with the wallet's other positions one link away.

Markets

The markets overview shows one row for each loan token, with what it is lent against and how much is lent and borrowed. Opening a row lists that token's markets.

Vaults

The vault roster lists every MetaMorpho vault (Morpho's vault kind, run by a curator who picks its markets) that Rails has found on Base. Each row shows its total assets, which is what the vault holds and has lent, and its share price, which is what one share is worth in the vault's token. It also shows its 30-day yield, the share price's change over the last 30 days.
The vault positions listing shows each address that holds shares, a depositor's claim on a vault.
The vault layer's about page explains how Rails builds that listing.

You can search by wallet address or market id, the market's unique identifier, a 64-character code. The Loan token and Collateral token filters keep positions in markets that use the tokens you pick. The Status filter keeps open, closed or liquidated positions. The Debt (loan token) and Collateral (loan token) filters set a range for what a position owes and holds. The History filter keeps positions liquidated before, and the Transactions filter sets a range for how many transactions a position has. Recent activity sorts by the latest event. Debt and Collateral sorts appear only once one loan token is chosen, because amounts in different tokens cannot be compared.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.

See what Rails covers on each Base explorer

Official documentation: Morpho documentation