About this explorer

The Rails Morpho Blue explorer shows every position on Ethereum, whether still open, closed or liquidated, and the full history of each one. It also shows the markets, with the borrowing limit that governs each.

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 rebuilds each position and its history from the contract's logged events. 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.

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

You can search by wallet address, market name or market id, the market's unique identifier, a 64-character code. The Status filter keeps open, closed or liquidated positions. The Market, Loan and Collateral filters keep positions in the markets you pick, or that lend or lock the tokens you pick. The Debt (loan token) filter sets a range for what a position owes. The Transactions filter sets a range for how many transactions a position has. Recent activity sorts by the latest event, First seen by the position's first event, and Event count by how many events its history holds.

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