Omnimarkets

Omnimarkets let people use assets from other chains as collateral without first selling them. The asset becomes an Omniasset on the lending chain, a Morpho market connects it to local credit, and the borrower keeps the resulting position on that destination chain.

One asset, two primitives

An Omnimarket combines:

1. An Omniasset. Omnisea locks the original token on its origin chain and creates the same origin-bound representation on the destination chain.
2. A local lending market. Morpho accepts that representation as collateral against a loan asset already liquid on the destination chain.

The current verified markets use Omniassets as collateral and Base USDC as the loan asset. The permissionless factory also supports the opposite direction, where the loan asset is an Omniasset and the collateral is local.

What defines a market

Every Morpho market has five immutable parameters:

At least one token must be an authentic representation registered by the local Omnisea contract. The factory is origin-neutral: an Omniasset can come from any chain and use any address type supported by Omnisea.

What an Omnivault adds

An Omnivault is a Morpho Vault V2 that supplies one loan asset across several reviewed Omnimarkets.

For BNB Core:

• lenders deposit Base USDC;
• the vault issues transferable ERC-20 shares;
• its allocator can move USDC between the omWBNB / USDC and omBTCB / USDC markets within their configured caps;
• borrowers pay interest into those markets;
• vault share value reflects the vault's assets after configured fees.

The live vault has a 10% performance fee and no management fee. A performance fee applies to positive vault performance rather than the deposited principal. It does not replace Morpho's market interest-rate model.

BNB Core is live

The oracles use local Base Chainlink feeds, so these markets do not require Omnilink. They assume one omWBNB remains redeemable for one WBNB and one omBTCB remains redeemable for one BTCB through Omnisea. A price feed cannot independently detect bridge, representation, custody, or redemption impairment.

The 50% figure is an Omnisea interface limit for new cross-chain borrows. Morpho liquidation is defined by the immutable 62.5% LLTV. Interest accrual or collateral-price movement can increase a position's LTV after creation.

Borrow from the asset's home chain

A borrower does not need to bridge collateral in one transaction and return later to borrow:

1. Choose a verified market in /markets.
2. Sign temporary Morpho authorization if the Base composer is not already authorized.
3. Approve the original WBNB or BTCB on BNB Chain.
4. Omnisea sends it to the Base borrow composer through lzCompose.
5. The composer supplies the arriving Omniasset to the borrower's Morpho position.
6. Morpho sends USDC to the borrower's address on Base.
7. Temporary composer authorization is revoked in the same destination transaction.

The Morpho position belongs to the same EVM address that initiated the transfer. The composer does not own the position and cannot later borrow against it without authorization.

If destination execution fails, the Morpho actions roll back and the collateral is returned as the destination Omniasset on Base. It is not automatically bridged back to BNB Chain. If the direct refund transfer fails, the contract records a beneficiary-specific claim instead of mixing user liabilities.

Permissionless creation, verified discovery

MorphoOmnimarketFactory is permissionless. Anyone can create a structurally valid Morpho market containing an Omniasset and pay its irreversible dead-deposit cost.

The factory verifies contract structure, registered Omniasset identity, oracle liveness, and enabled Morpho parameters. It cannot prove that an oracle is correctly scaled, a token is redeemable, an LLTV is conservative, or liquidation liquidity will exist.

The Omnisea app therefore reads a code-reviewed registry rather than treating every factory event as verified. The live registry currently contains one Omnivault and its two exact BNB Core markets.

Risk boundaries

• A borrower can be liquidated when the position becomes unhealthy under Morpho's rules.
• Cross-chain delivery and destination borrowing are separate stages. Bridge credit completes before application composition.
• A failed borrow refunds the destination Omniasset, not the original source token.
• The local oracle prices the referenced underlying asset; it does not prove one-to-one Omniasset redemption.
• Vault allocation caps limit exposure but do not remove oracle, liquidity, smart-contract, bridge, or collateral risk.
• Permissionless markets outside the verified registry may use different assumptions and are not endorsed by their existence.

Read Morpho Omnimarket contracts for the deployed contracts and Borrow USDC cross-chain for the complete user and integration flow.