Borrow against W
Teller pools accept W, the Wormhole token, as collateral on Ethereum at up to 25% LTV, lending USDC at 25% APR. The pool takes the Ethereum ERC-20 only, so W held on Solana or an L2 has to be bridged first. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| W | Ethereum | 25% | 25% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
The same W lives on a dozen chains, and one of them counts
Wormhole is the messaging layer that moves data and value between chains, and its token was built the same way. W uses native token transfers rather than a lock-and-mint wrapper, so the supply moves between Solana, Ethereum, Base, Arbitrum and the rest without a canonical home and without a wrapped claim standing behind it. Holders end up with W wherever they happened to receive it.
The Teller pool sits on Ethereum and takes the ERC-20 at 0xb0ffa8000886e57f86dd5264b9582b2ad87b2b91, at 25% LTV and 25% APR, lending USDC. W held on Solana or on an L2 has to come across before it can be deposited. That is a step most collateral does not need, so check where your W is before you start.
A governance token with a calendar attached
Wormhole distributed W widely and put the rest on a vesting schedule, which gives the token something most assets lack: a published calendar that holders read as closely as the chart. People plan around those dates, and planning usually means deciding whether to sell into one.
A fixed-term loan turns that into a choice about timing rather than a choice about the position. Borrow USDC against the W, pick a due date that suits you, and the tokens stay where they are for the length of the term. Whatever the calendar does in between, the amount you owe on the due date is the amount you agreed to at the start.
What the loan does and does not do
Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. There is no health factor to watch and no top-up request. Miss the due date and the collateral is forfeit, which makes the due date the only number you have to remember.
Mainnet gas applies twice, once on the approval and once on the borrow, so size the loan with that in mind. Governance rights pause while the pool holds the collateral, since voting requires the tokens in your own wallet.
Other Ethereum infrastructure tokens sit on the DeFi collateral page.
Frequently asked questions
Not directly. W moves natively between chains, so the same token exists in several places, but the pool holds the Ethereum ERC-20 at 0xb0ffa8000886e57f86dd5264b9582b2ad87b2b91. Move it to Ethereum first.
Wormhole's native token transfers move supply between chains rather than locking it on one and minting a claim on another. There is no wrapped W standing in for a locked original.
Yes. The loan has no liquidation threshold during the term, so what happens to the price around an unlock date does not change what you owe. Only the due date matters.
No. Voting requires the tokens in your own wallet, and the pool holds them until you repay or roll.
The APR shown above for the term, plus Ethereum gas on the approval and the borrow. Both are quoted before you sign.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.