Uniswap launched Earn, a lending product that lets users deposit USDC, USDT, or ETH directly into Morpho-managed vaults without leaving the platform. The feature went live on the Ethereum mainnet through the Uniswap Web App and Wallet.
Earn enables holders of these assets to earn interest generated by borrowers in curated lending markets. Unlike typical DeFi protocols, Uniswap does not charge extra fees for using Earn, though users still pay Ethereum gas fees, which can impact smaller deposits. Funds remain fully accessible without lockup or cooldown periods.
Morpho and Gauntlet Behind the Scenes
Morpho handles the lending infrastructure, supporting around $11.8 billion in deposits and $4.15 billion in active loans, while Gauntlet curates the vaults. This means deposits are allocated across various lending pools, and Gauntlet can rebalance positions based on market conditions. Still, the risk of allocation choices lies with depositors.
The deposit dashboard in the Uniswap portfolio interface shows how much users have invested, current yields, and total earnings, tracking all activity in one place. This move pushes Uniswap beyond swapping tokens and offering liquidity into onchain lending at scale.
