# bbETH: rETH market listing **URL:** https://forum.morpho.org/t/bbeth-reth-market-listing/459 **Category:** BlockAnalitica & B.Protocol **Created:** [February 9, 2024, 1:36pm UTC](https://forum.morpho.org/t/bbeth-reth-market-listing/459 "2024-02-09T13:36:04Z") **Posts on this page:** 1 **Page:** 1
### Author: ![kakagri](https://dub1.discourse-cdn.com/flex013/user_avatar/forum.morpho.org/kakagri/32/127_2.png) [@kakagri](https://forum.morpho.org/u/kakagri) #### Post date: [February 9, 2024, 1:36pm UTC](https://forum.morpho.org/t/bbeth-reth-market-listing/459/1 "2024-02-09T13:36:04Z")
![bbMorphoPartnership](https://europe1.discourse-cdn.com/flex013/uploads/morpho/original/1X/f897ed4b3790eacaa147f9a9f6367695baba357d.png) **TLDR:** B.Protocol and Block Analitica will submit a cap of 50K ETH for the rETH market to bbETH on February 10th at 2PM CET delivering on our promise to include more blue-chip LST exposure to bbETH as Morpho Blue continues to grow. **Rationale** A month after the launch of bbETH we’ve seen significant growth across all metrics. Total deposits in Morpho Blue have reached 70M$+ ![morphoTotalDepositsFeb9th](https://europe1.discourse-cdn.com/flex013/uploads/morpho/original/1X/ac6d9821f2a8593701ba564ee11bccde2c278119.png) Borrows have reached 30M$ with 70% coming from the wETH/wstETH market to which bbETH is the biggest supplier. ![morphoTotalBorrowsFeb9th](https://europe1.discourse-cdn.com/flex013/uploads/morpho/original/1X/cb0e68991fce7eaf35cdde197efb519d1a048fea.png) ![morphowstETHMarketBorrowsFeb9th](https://europe1.discourse-cdn.com/flex013/uploads/morpho/original/1X/6cae656df11c187efe5beef4a9def5a429cf9c3d.jpeg) > With most of the liquidity of bbETH allocated to the wstETH market and the [incentives](https://forum.morpho.org/t/standardized-method-for-distributing-incentives-on-morpho-blue-markets/412) scaling up as we pass the first month mark, we believe the market is ready to go into a greater stage of growth and it is the right time to list another blue-chip collateral market: rETH. Adding a rETH collateral market will give bbETH a new source of yield and diversify its LST exposure. [Rocket Pool ETH](https://rocketpool.net/) is one of the most popular decentralized LSTs today with 1M ETH deposited on the beacon chain, 15K+ holders, strong liquidity relative to its size, significant protocol liquidity to process withdrawals instantly in the course of normal operations, and novel mechanisms like slashing insurance. Since the merge, the spread between rETH market price and exchange rate and its volatility have significantly decreased. However rETH is almost always trading above the exchange rate, with some additional noise in the price feed. Currently the rETH oracle is only in the _monitored_ tier of Chainlink oracles and the allocation strategy in the rETH market will reflect both the oracle risk and liquidity risk. **Market Parameters** Loan token: WETH - [0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2](https://etherscan.io/address/0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2#code) Collateral token: rETH - [0xae78736Cd615f374D3085123A210448E74Fc6393](https://etherscan.io/address/0xae78736Cd615f374D3085123A210448E74Fc6393) Oracle: Morpho Chainlink - [0x1b4A3F92e5Fffd1d35A98751c9FE4472483579bB](https://etherscan.io/address/0x1b4A3F92e5Fffd1d35A98751c9FE4472483579bB#code) IRM: Adaptive Curve IRM - [0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC](https://etherscan.io/address/0x870ac11d48b15db9a138cf899d20f13f79ba00bc#code) LLTV: 94.5% **Listing parameters** SupplyCap: 50K WETH The supply cap that we plan on submitting is 10% of that of the wstETH market. Both caps are far from being reached **yet** , however setting the cap to a high value will give the vault plenty of leeway to grow with Morpho and reduce the load on LPs. The allocation to the rETH market at any time will reflect the risks associated with Rocket Pool, the yield of the market compared to wstETH, the yield of the LST itself, on-chain liquidity and the LLTV. **Timing of the submission** The cap will be submitted February 10th at 2PM CET by the curator and can be accepted only 4 days after submission, giving LPs time to review. **LP Veto** As a reminder any LP that opposes a new supply cap being submitted can set a vote to veto the new cap following this [tutorial](https://forum.morpho.org/t/flagship-vault-guardian-voting-tutorial-for-lps/422). Moreover we’ve received feedback that a 96 hour timelock might not be sufficient for LPs to organize given that the veto process takes ~72 hours, leaving LPs only 24 hours to notice and examine proposed changes. As a first step, same as for this market listing, we will first announce the upcoming change 24 hours before submitting the cap, giving users an additional 24 hours. We are evaluating internally what a good balance for the timelock would be between being able to list markets to respond to market conditions and give users time to evaluate the changes. For any questions or feedback feel free to get in touch with us here or on our social platforms. Block Analitica - [Twitter](https://twitter.com/BlockAnalitica), [Medium](https://medium.com/block-analitica), [Website](https://blockanalitica.com/) B.Protocol - [Twitter](https://twitter.com/bprotocoleth), [Discord](https://discord.com/invite/bJ4guuw), [Medium](https://medium.com/b-protocol), [Github](https://github.com/backstop-protocol)