# Block Analitica & B.Protocol: Moonwell Flagship USDC - wstETH/USDC Market Listing with Market Price Oracle

**URL:** https://forum.moonwell.fi/t/block-analitica-b-protocol-moonwell-flagship-usdc-wsteth-usdc-market-listing-with-market-price-oracle/1143
**Category:** Morpho
**Created:** [July 30, 2024, 2:25pm UTC](https://forum.moonwell.fi/t/block-analitica-b-protocol-moonwell-flagship-usdc-wsteth-usdc-market-listing-with-market-price-oracle/1143 "2024-07-30T14:25:20Z")
**Posts on this page:** 1
**Page:** 1

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### Author: ![BlockAnalitica](https://dub1.discourse-cdn.com/flex017/user_avatar/forum.moonwell.fi/blockanalitica/32/3386_2.png) [@BlockAnalitica](https://forum.moonwell.fi/u/BlockAnalitica)
#### Post date: [July 30, 2024, 2:25pm UTC](https://forum.moonwell.fi/t/block-analitica-b-protocol-moonwell-flagship-usdc-wsteth-usdc-market-listing-with-market-price-oracle/1143/1 "2024-07-30T14:25:20Z")

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## ![](https://europe1.discourse-cdn.com/flex017/uploads/moonwell/original/2X/d/dc9b6fab0fa5ca1a04c63f333ebc572c3337956e.png)

## Summary

A new Morpho [wstETH/USDC market](https://morpho.blockanalitica.com/base/markets/13c42741a359ac4a8aa8287d2be109dcf28344484f91185f9a79bd5a805a55ae/) was recently deployed on Base, featuring a [Chainlink market price oracle](https://basescan.org/address/0xd7a1aba119a236fea5bbc5cac6836465cbe9289a#code). Block Analitica & B.Protocol, as Curator and Allocator of the Moonwell Flagship USDC Vault, have decided to transition from the wstETH/USDC market using an exchange rate oracle, to the new [wstETH/USDC market](https://morpho.blockanalitica.com/base/markets/13c42741a359ac4a8aa8287d2be109dcf28344484f91185f9a79bd5a805a55ae/), utilizing a market price oracle. The new market listing is intended to strengthen the risk management of the Moonwell Flagship USDC Vault. Apart from the oracle change, all other parameters remain exactly the same as the old wstETH/USDC market using the exchange rate oracle.

## Rationale

In our [previous research](https://blockanalitica.substack.com/p/analysis-of-market-price-vs-exchange), we have covered the differences between exchange rate and market price oracles for LST pairs. Our analysis indicates that exchange rate oracles are generally more beneficial for LST/ETH pairs, while other markets, including LST/Non-ETH pairs, should ideally use market price oracles.

To learn more about our views on market price oracles for LST/Non-ETH pairs, refer to [Block Analitica & B.Protocol: Moonwell Flagship USDC - cbETH/USDC Market Listing with Market Price Oracle](https://forum.moonwell.fi/t/block-analitica-b-protocol-moonwell-flagship-usdc-cbeth-usdc-market-listing-with-market-price-oracle/1111), where we explained the reasoning for changing to a cbETH/USDC market with a market price oracle, from a cbETH/USDC market with an exchange rate oracle. Now that a Chainlink market price oracle is available for wstETH on Base, we believe that a similar change should be made for the wstETH/USDC pair.

## New wstETH/USDC Market Parameters

**Loan token:** USDC - [0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913](https://basescan.org/address/0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913)

**Collateral token:** wstETH - [0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452](https://basescan.org/address/0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452#code)

**Oracle:** Morpho Chainlink - [0xD7A1abA119a236Fea5BBC5cAC6836465cbe9289A](https://basescan.org/address/0xd7a1aba119a236fea5bbc5cac6836465cbe9289a)

**IRM:** Adaptive Curve IRM - [0x46415998764C29aB2a25CbeA6254146D50D22687](https://basescan.org/address/0x46415998764c29ab2a25cbea6254146d50d22687#code)

**LLTV:** 86%

**SupplyCap:** 20M USDC

## Listing and Veto

The new wstETH/USDC market listing was executed on Jul-30-2024 01:25:37 PM +UTC. The market will go live once the 4 day (96h) timelock ends.

As a reminder, and as previously mentioned in [Introducing Moonwell MetaMorpho Vaults: Next-Gen DeFi Lending](https://forum.moonwell.fi/t/introducing-moonwell-metamorpho-vaults-next-gen-defi-lending/960), the [Moonwell Security Council](https://docs.moonwell.fi/moonwell/governance/moonwell-foundation/security-council) is the Guardian of the Moonwell Flagship Vaults. If they, for whatever reason, oppose the market listing, they have the ability to veto pending actions in timelock.

Block Analitica - [Twitter](https://x.com/BlockAnalitica), [Substack](https://blockanalitica.substack.com/), [Website](https://blockanalitica.com/)

B.Protocol - [Twitter](https://x.com/bprotocoleth), [Discord](https://discord.com/invite/bJ4guuw), [Medium](https://medium.com/b-protocol), [Github](https://github.com/backstop-protocol)