$ONDO
Cooling DownSnapshot Window: 2026-07-22 10:20 UTC · ← Back to Crypto Overview
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When you deposit, your position becomes a pure liquid USDC LP at an 86% liquidation LTV ratio. This puts the liquidity provider in a senior position relative to the collateral itself. Your capital gets protection as the senior layer in the vault @turtledotxyz [Spoken audio]: and deposit, what happens with that afterwards? Can you talk a little bit about the Morpho a little bit? What happens when I go to Turtle and deposits on the platform? Yeah, let's talk about the Morpho wall, which is the one that's on the Turtle app right now. I believe there's one more launching as well, so that's a separate one. So the Morpho walls are simply liquidity walls, What it means is it's providing liquidity against the pay faster token, and that liquidity is protected by a couple of things. One is a pure liquidity LP position, so USDC LP position at 86% liquidation LTV ratio. So it's actually a more senior capital than the collateral itself. So the the liquidity provider becomes a senior, basically takes a senior position in the liquidity world itself. And the borrower is the one that's taking a more subordinate position because the borrower wants to utilize the PST yield. PST has a native yield of 8%, which means if the lending rate is slightly lower than 8%, they can loop their borrowed position and generate a much higher yield on their PST holding. So they're taking the collateral risk, they're taking the borrowing risk, and then they're basically paying a very hefty amount to the lender, the liquidity provider on the platform. And I don't think, like I looked at it this weekend, I don't think there are any other vaults right now that can sustainably generate 6% plus yield only on the liquidity provider side on Morpho. The reason why PST and the human world can do that is because the borrowers are happy to borrow even at 6%, 7% rate, as long as they are making more from the looped PST position itself. So basically it's a simple liquid to providing activity that you do in the morpho world, where PST is the control asset with 86% LTV ratio ratio and just sit on it and generate the yield plus the rewards that we have provided specifically to turtle LPs so it should be targeting maybe 8% plus on the Southlight capital and anytime they want to withdraw, they just withdraw, there is no lockups on the capital itself either.
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