wstETH on Aave Base

Wrapped liquid staked Ether 2.0 (wstETH) is listed on the Aave V3 Base market. Lenders have supplied $24.20M (8.67K wstETH) and borrowers owe $261K, so 1.1% of the pool is lent out. Borrowing wstETH is switched off here, so existing loans can only be repaid. The supply cap is 58% used.

Suppliers earn <0.01% a year, and variable-rate borrowers pay <0.01%. The rate follows utilization: up to 90% the borrow rate rises gently from 0.00% to 0.55%, and above that it climbs steeply to 85.55% when everything is lent out. At 1.1% now, the pool is below that point. Aave keeps 5% of the interest as its reserve factor.

wstETH counts as collateral here: you can borrow up to 75% of its value, and a loan is liquidated once it reaches 79%, with a 6.0% penalty. In E-Mode it can back loans of up to 93%. The best WSTETH supply rate elsewhere on Aave is 0.06% on Ethereum Prime. Compare WSTETH rates on every Aave market.

Among the 10 Aave markets with at least $1M of WSTETH supplied, this one pays the 5th highest supply rate. A week ago suppliers earned <0.01% and borrowers paid <0.01%, with 1.2% of the pool lent out. Over the past 30 days, the borrow rate ranged from <0.01% to 0.03% (one reading a day).