Borrow against WELL
Teller pools on Base accept WELL as collateral at up to 20% LTV, lending USDC at 25% APR, with no collateral factor to watch. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| WELL | Base | 20% | 25% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
Governing a money market, borrowing outside one
WELL governs Moonwell, a lending market on Base where supplying and borrowing works the way it does everywhere: a position, a collateral factor, and a liquidation price you keep an eye on for as long as it is open.
Teller pools take WELL at 20% LTV and 25% APR, lending USDC on Base against 0xa88594d404727625a9437c3f886c7643872296ae. The difference is the point: this loan has no collateral factor to drift below and nothing to top up, only a due date.
Supplied WELL is not a balance
Tokens supplied into Moonwell become an interest-bearing position rather than a free balance, and staked WELL is committed the same way. Neither can back a loan here. Withdraw to a plain balance first, or post one you already hold.
Two lenders on one chain, doing different jobs
There is nothing contradictory about using both. A money market suits an open-ended position you plan to manage actively; a fixed-term loan suits a known amount over a known period that you would rather not think about again until the date. Borrowers who already run positions on Base tend to use this for the part of the balance they want left alone.
A lending-protocol token, borrowed against on a rival
WELL governs a lending market on Base. Depositing it here means borrowing from one venue against a claim on the governance of another, which is ordinary and worth naming: the two are separate counterparties, and a problem at one does not reach the other through your position.
What it does mean is correlation. Governance tokens for lending markets tend to move on the same news that moves lending markets generally, so this collateral is not independent of the sector the loan sits in.
The loan
Deposit WELL, receive USDC, repay or roll on the due date. Rate, LTV and the roll window lock when the loan opens, and gas across the approval and the borrow costs cents on Base. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. Miss the due date and the collateral is forfeit.
Other protocol tokens sit on the DeFi collateral page, and MORPHO covers the other Base lending token.
Frequently asked questions
Moonwell gives you a position with a collateral factor and a liquidation price to watch. This loan locks its terms at the start and has neither, only a due date.
No. Supplied tokens become an interest-bearing position rather than a balance, and staked WELL is committed the same way. Withdraw to a plain balance first.
Yes. A money market suits an open-ended position you manage actively; a fixed-term loan suits a known amount over a known period you would rather leave alone.
Cents in gas on Base across the approval and the borrow, plus the quoted rate and a 1% marketplace fee.
Nothing happens to the loan. There is no liquidation threshold during the term, so the obligation on the due date is unchanged.
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.