Coinbase 通过 Morpho Integration 推出比特币支持贷款，MORPHO 代币飙升 44%

该计划与 Coinbase Base 网络上最大的借贷平台 Morpho 合作，旨在简化数百万用户的借贷过程。

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.

由于与去中心化金融 (DeFi) 借贷平台 Morpho 的新集成，Coinbase 用户现在可以用其持有的比特币借入高达 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.

该举措于 2025 年 1 月 17 日宣布，标志着在让主流用户更容易获得 DeFi 服务方面迈出了重要一步。与 Coinbase Base 网络上最大的借贷平台合作，有望简化数百万用户的借贷过程。

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.

传统上，像 Morpho 这样的 DeFi 服务允许用户用比特币借入 USDC，但访问权限通常仅限于精通加密货币的参与者。通过将 Morpho 的借贷功能直接集成到 Coinbase 的用户友好界面中，该公司旨在消除进入壁垒，为其多元化的用户群创造无缝体验。

“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 消费产品主管 Max Branzburg 表示：“此时此刻，我们正在树立 Coinbase 即将上线的旗帜，我们将为数百万用户带来数十亿美元的收益。”

Crypto Loans Require 133% Collateral – Borrowers Adjust LTV

加密货币贷款需要 133% 的抵押品 – 借款人调整 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.

与依赖信用评分的传统贷款不同，加密贷款需要大量抵押品才能获得借款。在这种情况下，Morpho的结构保证了最低抵押比例为133%。然而，借款人可以调整其贷款价值（LTV）比率，只要其保持在阈值以上即可。

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

如果贷款余额攀升至抵押品价值的 86%，则会触发清算，并支付还款和罚款。

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 的算法利率会根据市场状况动态调整，每隔几秒更新一次。只要 LTV 比率在限制范围内，固定还款计划或最低还款额对借款人没有约束力。这种设计可以保护贷款人免受潜在损失，同时为借款人提供灵活性。

“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：“如果价格波动达到任何危险点，我们将通过 Coinbase 应用程序分享清算警告，以便您了解并采取行动。”

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.

比特币支持的贷款的吸引力在于它们能够在不要求用户出售资产的情况下释放流动性，从而帮助他们避免资本利得税。 Coinbase 将 USDC 借款上限限制为 10 万美元，要求借款人提供等值或更高的比特币作为抵押品。

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.

这种借贷模式长期以来一直是富人的工具，使他们能够在不出售资产的情况下利用资产获取流动性。这种策略通常被称为“借、借、死”，有助于维持几代人的财富。

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.

随着比特币价值的不断上升，越来越多的用户正在探索将其持有的比特币用于购买房屋和创业等各种目的的机会。以不愿出售资产而闻名的加密货币交易者也可以使用贷款为企业提供资金或在不牺牲数字财富的情况下获得新的投资。

Morpho’s Token Skyrockets 44% to $4.11

Morpho 的代币飙升 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 之间的合作促进了 Morpho 的发展。根据 Brave New Coin 的 Morpho 价格指数，2025 年 1 月 17 日，其原生代币 MORPHO 飙升 44% 至 4.11 美元的历史新高，交易量飙升 170% 至 2.22 亿美元。这种激增反映了人们对 DeFi 平台及其创新产品日益增长的兴趣。

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.

据 DefiLlama 称，Morpho 的基础设施迅速扩张，其锁定总价值 (TVL) 达到 60.6 亿美元。这一增长是由其进军以太坊第 2 层网络以及与 Moonwell 和 Centrifuge 等平台的集成推动的。

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 协议现在支持各种用例，包括储蓄产品、信用卡服务和许可市场。这种多功能性使其成为 DeFi 领域的重要参与者，与 Coinbase 的合作进一步增强了它的实力。

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

比特币支持的贷款市场将从 $8.5B 飙升至 $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.

比特币支持的贷款市场将经历爆炸性增长。市场价值预计将从 2024 年的 85 亿美元飙升至 2030 年的 450 亿美元。早期比特币采用者现在拥有大量财富，可能会刺激这种需求。

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 整合比特币支持的贷款不仅增强了其生态系统，还促进了其稳定币 USDC 及其包装的比特币产品 cbBTC 的使用。通过在Base网络和Morpho平台上运营，该公司创建了一个惠及所有利益相关者的闭环系统。