Uniswap has launched Earn, a self-custodial onchain lending product that lets users deposit USDC, USDT and ETH into Morpho-powered vaults directly from the Uniswap Web App and Wallet — no app hopping required. The move expands Uniswap’s role beyond swaps and liquidity provision into native lending, giving traders a way to put idle assets to work without leaving the platform. What Earn offers - Supported assets at launch: USDC, USDT and ETH, all on Ethereum mainnet. - Simple UX: pick an asset, enter an amount, and authorize a deposit with one signature. - No lockups or cooldowns: users can withdraw anytime. - No separate Uniswap fee for using Earn; depositors pay standard Ethereum gas fees. - Portfolio integration: deposits show up in the Uniswap dashboard with deposited amount, current yield, total earnings and full activity history. Tech and curation: Morpho + Gauntlet - Morpho provides the permissionless lending infrastructure that actually supplies funds across markets. - Gauntlet curates the vaults and decides how deposits are allocated across eligible lending markets. That includes setting exposure limits and rebalancing capital as conditions change — which simplifies decisions for users but still exposes them to risks from those allocation choices. Network scale (Morpho) - Morpho reports roughly $11.79 billion in deposits and $4.15 billion in active loans across its network. - The protocol said deposits rose from $5 billion at the start of 2025 to $13 billion by the end of Q3 2025; active loans increased from $1.9 billion to $4.5 billion over the same span. - Annualized interest paid to Morpho lenders reached $227 million in 2025 — a roughly 400% jump versus 2024, according to Morpho’s annual review. Why this matters for Uniswap - Earn keeps users inside Uniswap’s ecosystem instead of sending stablecoins or ETH to a separate lending app — a retention play that leverages Uniswap’s established trader base. - The integration puts Uniswap in closer competition with lending incumbents like Aave and Compound, with distribution advantages rooted in an existing user flow from swapping to lending. Risks and limits - Earn is an onchain lending service, not a bank account: deposits are not FDIC insured. - Self-custody does not eliminate smart contract, collateral, liquidity or stablecoin risks. - Vault yields are variable; APYs shown are not guaranteed and can fall if deposits outpace borrowing demand. - Gas costs can make small positions uneconomical during periods of high Ethereum fees. Market context and what to watch - At the time of the announcement UNI traded near $4.30, down about 2.8% over 24 hours but up about 12% over seven days; market cap was roughly $2.68 billion with 24-hour volume near $376 million. Uniswap hasn’t tied Earn revenue directly to UNI holders, so any price effects are indirect. - Adoption will hinge on the yields Gauntlet’s vaults offer, Ethereum transaction costs, and how comfortable users are with lending-market risks. Early metrics to watch are deposit volume into Earn and user retention rates within the Uniswap app. Bottom line: Earn is a logical step for Uniswap to capture idle capital within its ecosystem by offering simple, onchain lending through Morpho vaults curated by Gauntlet. The product’s success will depend on competitive yields, gas economics, and user appetite for the inherent risks of decentralized lending.
Uniswap Launches Earn Lending Product for USDC, USDT, and ETH via Morpho
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Summary
Uniswap has launched Earn, a self-custodial onchain lending product that allows users to deposit USDC, USDT, and ETH into Morpho-powered vaults directly from the Uniswap Web App and Wallet. This ETH update expands Uniswap’s offerings beyond swaps and liquidity provision into native lending. Morpho provides the lending infrastructure, while Gauntlet curates the vaults and manages capital allocation. Morpho’s network currently holds $11.79 billion in deposits and $4.15 billion in active loans. Earn deposits are not FDIC insured and carry variable yields, smart contract risks, and Ethereum gas costs. This ETH news marks a key step in Uniswap’s onchain strategy.
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