Uniswap adds a lending product built on Morpho vaults
DeFi & Yields ·
The exchange's new Earn feature lets users deposit USDC, USDT, or ETH into self-custodial vaults for on-chain yield, with risk parameters set by Gauntlet.
Uniswap has launched Earn, a self-custodial yield product supporting USDC, USDT, and ETH, according to a post detailing the launch. The product is built on Morpho vaults, with Gauntlet handling risk curation for the underlying lending markets.
The mechanism routes user deposits into Morpho's lending infrastructure, where yield is generated through on-chain lending activity rather than a centralized custodian holding funds. Gauntlet's role is to curate risk parameters for the vaults, a function aimed at managing exposure across the assets Earn supports. Because the product is described as self-custodial, users retain control of their deposits rather than transferring custody to Uniswap or a third party.
The launch has been corroborated across multiple accounts covering the same rollout, with four distinct sources describing the product consistently: a non-custodial yield offering for USDC, USDT, and ETH, built in partnership with Morpho and curated by Gauntlet. One framing in the cluster positions Earn as part of a broader move by Uniswap into a "money layer" role, placing it in competition with centralized finance deposit platforms that offer similar yield-bearing products.
The explicit pairing of Morpho's lending rails with Gauntlet's curation signals an attempt to bring institutional-style risk management to a retail-facing product on Uniswap's interface. This combination — a decentralized exchange offering yield through third-party lending infrastructure — reflects a pattern of DeFi front ends integrating specialized backend protocols rather than building lending markets from scratch.
What remains unclear from current reporting is the specific yield rates being offered, any deposit caps or eligibility restrictions, and the exact terms of the arrangement between Uniswap, Morpho, and Gauntlet, including how fees or incentives might be split. Also unresolved is how Earn will be positioned relative to Uniswap's existing swap and liquidity products, and whether additional assets beyond USDC, USDT, and ETH will be added over time. Further detail on adoption, deposit volume, and any risk incidents will help clarify how the product performs relative to its stated self-custodial design.