Quickstart

This page walks through the two things you can do on Merum: borrow USDC against LBTC, or supply USDC to earn yield.

Before you start

You will need:

• A self-custodial EVM wallet (for example MetaMask or Rabbit) configured for HyperEVM. See Wallet setup.
• A small amount of the HyperEVM gas token to pay transaction fees.
• LBTC (to borrow) or USDC (to supply). LBTC is Lombard's wrapped Bitcoin.

Merum is geoblocked in the United States and OFAC-sanctioned jurisdictions.

Borrow USDC against LBTC

1. Open the app and connect your wallet.
2. Select the LBTC–USDC market.
3. Deposit LBTC as collateral. Your borrowing capacity is up to 60% of the collateral value (the maximum LTV).
4. Borrow native USDC up to that limit. The borrow rate is a fixed 7.9% APR.
5. Monitor your position's health. If your loan-to-value reaches the 75% liquidation threshold, part of your collateral can be liquidated to restore a safe ratio.
6. Repay USDC (principal plus accrued interest) at any time. There is no fixed term and no prepayment penalty. Withdraw your LBTC once the loan is closed.

Borrowing near the maximum LTV leaves little buffer against a drop in the BTC price. See Liquidations for how to size a position safely.

Supply USDC to earn

1. Open the app and connect your wallet.
2. Select the LBTC–USDC market and choose Supply.
3. Deposit USDC. You receive a balance representing your share of the supply pool.
4. Your supplied USDC earns a variable APY funded by the interest borrowers pay. The rate moves with utilization (the share of supplied USDC that is currently borrowed).
5. Withdraw your USDC plus accrued interest at any time, subject to available liquidity in the pool.

Supplying is not risk-free. Your funds are exposed to the protocol's smart-contract and oracle risk and to liquidation shortfalls in extreme market conditions. See Risk disclosures.

Next steps

• How liquidations work
• Oracle design
• Risk parameters
• Fee schedule