Coinbase 透過 Morpho Integration 推出比特幣支援貸款，MORPHO 代幣飆升 44%

該計劃與 Coinbase Base 網路上最大的借貸平台 Morpho 合作，旨在簡化數百萬用戶的借貸流程。

Coinbase users can now borrow up to $100,000 in USDC against their bitcoin holdings, thanks to a new integration with decentralized finance (DeFi) lending platform Morpho.

由於與去中心化金融 (DeFi) 借貸平台 Morpho 的新集成，Coinbase 用戶現在可以用其持有的比特幣借入高達 100,000 美元的 USDC。

The initiative, announced on January 17, 2025, marks a significant step in making DeFi services more accessible to mainstream users. Partnering with the biggest lending platform on Coinbase’s Base network is poised to simplify borrowing for millions of users.

該舉措於 2025 年 1 月 17 日宣布，標誌著在讓主流用戶更容易獲得 DeFi 服務方面邁出了重要一步。與 Coinbase Base 網路上最大的借貸平台合作，預計將簡化數百萬用戶的借貸流程。

Traditionally, DeFi services like Morpho have allowed users to borrow USDC against Bitcoin, but access was often limited to crypto-savvy participants. By integrating Morpho’s lending capabilities directly into Coinbase’s user-friendly interface, the company aims to eliminate barriers to entry, creating a seamless experience for its diverse user base.

傳統上，像 Morpho 這樣的 DeFi 服務允許用戶用比特幣借入 USDC，但存取權限通常僅限於精通加密貨幣的參與者。透過將 Morpho 的借貸功能直接整合到 Coinbase 的用戶友好介面中，該公司旨在消除進入壁壘，為其多元化的用戶群創造無縫體驗。

“This is a moment where we’re planting a flag that Coinbase is coming on-chain, and we’re bringing millions of users with their billions of dollars,” said Max Branzburg, Coinbase’s Head of Consumer Products.

Coinbase 消費產品主管 Max Branzburg 表示：“此時此刻，我們正在樹立 Coinbase 即將上線的旗幟，我們將為數百萬用戶帶來數十億美元的收益。”

Crypto Loans Require 133% Collateral – Borrowers Adjust LTV

加密貨幣貸款需要 133% 的抵押品 – 借款人調整 LTV

Unlike conventional loans, which rely on credit scores, crypto loans demand substantial collateral to secure borrowing. In this case, Morpho’s structure ensures a minimum collateral ratio of 133%. However, borrowers can adjust their loan-to-value (LTV) ratio as long as it remains above the threshold.

與依賴信用評分的傳統貸款不同，加密貸款需要大量抵押品才能獲得借款。在這種情況下，Morpho的結構保證了最低抵押比例為133%。然而，借款人可以調整其貸款價值（LTV）比率，只要其保持在門檻以上即可。

If the loan balance climbs to 86% of the collateral’s value, liquidation is triggered, along with repayment and penalty fees.

如果貸款餘額攀升至抵押品價值的 86%，則會觸發清算，並支付還款和罰款。

Morpho’s algorithmic interest rates adjust dynamically with market conditions, updating every few seconds. Fixed repayment schedules or minimum payments do not bind borrowers, provided the LTV ratio is within limits. This design safeguards lenders from potential losses while offering flexibility to borrowers.

Morpho 的演算法利率會根據市場狀況動態調整，每隔幾秒鐘更新一次。只要 LTV 比率在限制範圍內，固定還款計劃或最低還款額對借款人沒有約束力。這種設計可以保護貸款人免受潛在損失，同時為借款人提供靈活性。

“If price swings are reaching any sort of dangerous point, we will share liquidation warnings through the Coinbase app so that you’re aware of it and can act,” Branzburg said.

Branzburg 表示：“如果價格波動達到任何危險點，我們將透過 Coinbase 應用程式分享清算警告，以便您了解並採取行動。”

The appeal of bitcoin-backed loans lies in their ability to unlock liquidity without requiring users to sell their assets, helping them avoid capital gains taxes. Coinbase caps borrowing at $100,000 in USDC, requiring borrowers to post equivalent or higher bitcoin as collateral.

比特幣支持的貸款的吸引力在於它們能夠在不要求用戶出售資產的情況下釋放流動性，從而幫助他們避免資本利得稅。 Coinbase 將 USDC 借款上限限制為 100,000 美元，要求借款人提供等值或更高的比特幣作為抵押品。

This borrowing model has long been a tool for the wealthy, allowing them to leverage assets for liquidity without selling holdings. Commonly referred to as “borrow, borrow, die,” this strategy helps maintain wealth across generations.

這種借貸模式長期以來一直是富人的工具，使他們能夠在不出售資產的情況下利用資產獲取流動性。這種策略通常被稱為“借、借、死”，有助於維持幾代人的財富。

With Bitcoin’s rising value, more users are exploring opportunities to use their holdings for purposes ranging from buying homes to starting businesses. Crypto traders, known for their reluctance to sell their assets, can also use loans to fund ventures or secure new investments without sacrificing their digital wealth.

隨著比特幣價值的不斷上升，越來越多的用戶正在探索將其持有的比特幣用於購買房屋和創業等各種目的的機會。以不願出售資產而聞名的加密貨幣交易者也可以使用貸款為企業提供資金或在不犧牲數位財富的情況下獲得新的投資。

Morpho’s Token Skyrockets 44% to $4.11

Morpho 的代幣飆升 44% 至 4.11 美元

The collaboration between Coinbase and Morpho has supercharged Morpho’s growth. On January 17, 2025, its native token, MORPHO, surged 44% to an all-time high of $4.11, with trading volumes skyrocketing 170% to $222 million, according to Brave New Coin’s Morpho Price Index. This surge reflects growing interest in the DeFi platform and its innovative offerings.

Coinbase 和 Morpho 的合作促進了 Morpho 的發展。根據 Brave New Coin 的 Morpho 價格指數，2025 年 1 月 17 日，其原生代幣 MORPHO 飆升 44% 至 4.11 美元的歷史新高，交易量飆升 170% 至 2.22 億美元。這種激增反映了人們對 DeFi 平台及其創新產品日益增長的興趣。

Morpho’s infrastructure has rapidly expanded, with its total value locked (TVL) reaching $6.06 billion, according to DefiLlama. This growth is driven by its foray into Ethereum layer-2 networks and integrations with platforms like Moonwell and Centrifuge.

據 DefiLlama 稱，Morpho 的基礎設施迅速擴張，其鎖定總價值 (TVL) 達到 60.6 億美元。這一增長是由其進軍以太坊第 2 層網絡以及與 Moonwell 和 Centrifuge 等平台的整合所推動的。

The Morpho Protocol now supports a variety of use cases, including savings products, credit card services, and permissioned markets. That versatility has made it a significant player in the DeFi landscape, further bolstered by its partnership with Coinbase.

Morpho 協議現在支援各種用例，包括儲蓄產品、信用卡服務和授權市場。這種多功能性使其成為 DeFi 領域的重要參與者，與 Coinbase 的合作進一步增強了它的實力。

Bitcoin-Backed Loan Market to Surge from $8.5B to $45B

比特幣支持的貸款市場將從 $8.5B 飆升至 $45B

The bitcoin-backed loan market is set to experience explosive growth. The market value is predicted to surge from $8.5 billion in 2024 to $45 billion by 2030. Early bitcoin adopters, now holding significant wealth, are likely to fuel this demand.

比特幣支持的貸款市場將經歷爆炸性成長。市場價值預計將從 2024 年的 85 億美元飆升至 2030 年的 450 億美元。

Coinbase’s integration of bitcoin-backed loans not only strengthens its ecosystem but also promotes the use of its stablecoin, USDC, and its wrapped bitcoin product, cbBTC. By operating on the Base network and Morpho’s platform, the company has created a closed-loop system benefiting all stakeholders.

Coinbase 整合比特幣支援的貸款不僅增強了其生態系統，還促進了其穩定幣 USDC 及其包裝的比特幣產品 cbBTC 的使用。透過在Base網路和Morpho平台上運營，該公司創建了一個惠及所有利益相關者的閉環系統。