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Crypto lending is recovering after the 2022 market crash, with decentralized finance (DeFi) platforms now accounting for the majority of loan volume. In Q4 2024, DeFi applications held about 60% of the $36.5 billion total crypto loan market, surpassing centralized lenders that have struggled with liquidity crises and bankruptcies. New products such as Uniswap Earn, built on Morpho’s lending infrastructure and curated by risk manager Gauntlet, illustrate how major decentralized exchanges are integrating lending to increase user stickiness and generate additional revenue streams.
DeFi platforms represented $19.1 billion of the $36.5 billion crypto loan market in Q4 2024, over 60% of total lending.
Uniswap Earn integrates Morpho vaults, offering curated vaults with APYs around 3.86% for stablecoins while keeping assets in user custody.
Morpho’s total value locked grew from $5 billion at the start of 2025 to $13 billion by Q3 2025, with annualized interest paid to lenders reaching $227 million in 2025.
Centralized lenders such as Genesis, Celsius, BlockFi and Voyager faced bankruptcies and regulatory actions, reducing their market share.
Gauntlet manages capital allocation for Uniswap Earn vaults, overseeing roughly $900 million across about 80 vaults.
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.
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