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Uniswap integrates Morpho's lending vaults, allowing users to generate yield on idle crypto, with $6.6 billion in total value locked and a 400% increase in
Uniswap has launched Earn, a new lending product built on Morpho's infrastructure, allowing users to deposit idle assets into curated vaults and collect yield without leaving the Uniswap ecosystem [1]. This move is expected to increase Uniswap's competitive position in the market, as it provides a new reason for users to keep their assets on the platform even when they're not actively trading.
| At a glance | |
|---|---|
| Supported assets | USDC, USDT, ETH |
| Total value locked | $6.6 billion |
| Annualized interest paid to lenders | $227 million |
| Growth in deposits | 400% increase in 2025 |
The launch of Earn is a significant development for Uniswap, as it expands the platform's offerings beyond token swaps and liquidity provision into on-chain lending [2]. The product is built on Morpho's permissionless lending infrastructure and curated by Gauntlet, a risk management firm that oversees roughly $900 million in assets across around 80 vaults [1]. This integration allows users to deposit their assets into vaults with one signature, and earn interest paid by borrowers across lending markets selected by the underlying vault.
The launch of Earn gives Uniswap a competitive advantage in the market, as it provides a simple and easy-to-use lending product that is integrated into the platform's interface [1]. This is expected to attract new users to the platform and increase the stickiness of existing users, as they can now earn yield on their idle assets without having to leave the Uniswap ecosystem. The product also has the potential to disrupt the traditional lending protocol model, as users may prefer to use a platform that offers a unified interface for trading and lending [1].
The launch of Earn is a significant development for Uniswap and the broader crypto market, as it highlights the growing trend of decentralized exchanges (DEXs) bundling lending, staking, and yield products into unified interfaces [1]. As the market continues to evolve, it will be important to monitor the growth and adoption of Earn and its impact on Uniswap's competitive position. The real question is whether this triggers a broader trend of DEXs bundling lending, staking, and yield products into unified interfaces, and what this means for the future of the crypto market [1].
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Aug 2, 2026 · How we report
DeFi platforms accounted for about 60% ($19.1 billion) of the $36.5 billion total crypto loan market in Q4 2024.
Uniswap Earn lets users deposit assets like USDC, USDT, and ether into Morpho‑curated vaults via a single interface, with Gauntlet managing risk and delivering a net APY of roughly 3.86% on its USDC Prime vault.
Centralized lenders such as Genesis, Celsius, BlockFi and Voyager experienced liquidity crises and bankruptcies, leading to regulatory scrutiny and loss of market share.
Morpho’s total value locked increased from $5 billion at the start of 2025 to $13 billion by the third quarter, and interest paid to lenders rose to $227 million, a 400% increase over 2024.
Gauntlet’s allocation decisions add a layer of trust, meaning users rely on the firm’s risk models; any market stress or smart‑contract exploit in allocated markets could affect depositor funds.