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Super OETH has quickly become a favorite for DeFi users seeking boosted yields, and it’s recent integration with Morpho enables users to further increase their earnings. This guide will walk you through how to deposit, borrow, and loop using Super OETH on Morpho to leverage your exposure for heightened yield.
Before diving in, it’s important to note that Super OETH must be wrapped into wsuperOETHb to be deposited on Morpho. Wrapping your Super OETH is a simple process that enables you to earn Super OETH yield while your tokens are held in Morpho’s smart contracts.
By default, Super OETH does not earn yield while held in smart contracts. Wrapped Super OETH, however, is an ERC-4626 vault that accounts for yield directly in the token’s price. Instead of your Super OETH balance increasing, Wrapped Super OETH increases in value as rewards are earned. This means that 1 Super OETH is worth more than 1 ETH, rather than holding a 1:1 ETH peg.
You can wrap Super OETH using the Origin dapp.
Super OETH on Morpho offers an attractive way to further boost your yields thanks to its underlying lending and borrowing mechanics. Users can deposit Super OETH to borrow against, borrow ETH, and acquire more Super OETH with the borrowed funds. In doing so, users can increase their Super OETH exposure to earn higher APYs than simply holding Super OETH.
However, keep in mind that liquidity has been fully utilized since launch due to the high demand for Super OETH on Morpho. This demand is driven by the high APYs currently available, which is among the most lucrative opportunities on Morpho. We are working to increase liquidity on the market, and you can check if liquidity is currently available here.
Let’s walk through the process to wrap your Super OETH and deposit it on Morpho.
Super OETH operates on Base. If you haven’t done so already, you’ll need to have funds on Base to get started. You can use a cross-chain bridge like Symbiosis to swap ETH on any chain for Super OETH on Base, or send ETH to Base from an exchange like Coinbase, then swap for Super OETH on Aerodrome.
Once your funds are on Base, the next step is to wrap your tokens.
Since Morpho uses Wrapped Super OETH (wsuperOETHb), you’ll first need to wrap your Super OETH. Visit Origin’s dapp, connect your wallet, and wrap your Super OETH.
Once wrapped, you’ll receive wsuperOETHb in your wallet, which is compatible with Morpho. Note that because Wrapped Super OETH accrues yield by increasing in value, 1 ETH will be worth less than 1 Wrapped Super OETH.
Head over to the Morpho app, select Base as the network, and connect your wallet. Once connected, navigate to the wsuperOETHb market. Here, you’ll be able to view the current borrow APRs and liquidity available for deposits.
After navigating to the Super OETH market, click Deposit. Enter the amount of wsuperOETHb you’d like to deposit and confirm the transaction from your wallet.
Once your transaction is confirmed, you’ll be able to borrow ETH from the market using your Super OETH as collateral. To loop your position, you’ll need to swap your borrowed ETH for Wrapped Super OETH, deposit it as collateral, and repeat the process. This can increase your Super OETH exposure over 5x, enabling you to increase your APYs in the process.
Keep in mind that the interest rates can fluctuate depending on liquidity and market demand, so it's worth checking in regularly.
Depositing wrapped Super OETH on Morpho is a straightforward way to increase your ETH yield. With a tight ETH peg and high base yields, using Super OETH on Morpho is a great opportunity to grow your holdings.
