| Collateral | Available | Native Rate | KAT APY | MORPHO APY | Net Rate |
|---|---|---|---|---|---|
| vbWBTC ↗ | $200M | 1.17% | −10.66% | −3.16% | −12.86% |
| vbETH | $200M | 0.64% | −10.66% | −3.16% | −13.55% |
| BTC.b | $11M | 0.41% | −10.66% | −3.16% | −13.42% |
| Collateral | Available | Native Rate | KAT APY | MORPHO APY | Net Rate |
|---|---|---|---|---|---|
| vbWBTC ↗ | $100M | 1.24% | −32.78% | −0.84% | −32.38% |
| vbETH | $100M | 0.03% | −32.78% | −0.84% | −33.59% |
| weETH | $30M | 0.05% | −32.78% | −0.84% | −33.58% |
Note: Negative net rate = you earn that % APY as incentives minus your borrow cost. KAT at $0.10 pre-TGE.
Katana is an EVM Layer 2 (OP Stack) that accepts BTC and ETH as collateral. You borrow Katana USDC or USDT, and in return receive incentive rebates in USDC, USDT, MORPHO, and KAT tokens — typically exceeding your borrow cost.
Bridge USDC, USDT, WBTC, or ETH via AggLayer, LayerZero, Relay, LI.FI, or Symbiosis. Assets convert to vbTokens (vbUSDC, vbUSDT, vbWBTC) on arrival. Redeem anytime for originals on Ethereum.
Bridged assets are deployed into over-collateralised lending on Morpho, generating yield that funds borrow and DEX incentives.
vbETH collateral → $10M vbUSDC from Steakhouse vault · 15 days
Borrow cost: ~$2,630
KAT incentive: ~$43,780 at $0.10/KAT
MORPHO incentive: ~$12,986
Net earned: ~$54,136
Effective APY: ~−13.55% (negative = you earn)