Uniswap has launched Earn, a lending product integrated with Morpho’s infrastructure that allows users to generate yield on idle crypto assets. The protocol supports assets such as USDC, USDT and ether, with deposits flowing into vaults curated by Gauntlet, a risk management firm that oversees approximately $900 million in assets. Morpho’s total value locked stands at roughly $6.6 billion across more than 12 chains, with deposits growing from $5 billion at the start of 2025 to $13 billion by the third quarter. Annualized interest paid to lenders on Morpho in 2025 reached $227 million, a 400% increase compared to 2024. This integration positions Uniswap as a unified financial platform, competing directly with established lending protocols such as Aave and Compound.
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