Uniswap Launches Lending Product 'Earn' Built on Morpho Protocol

Uniswap has launched "Earn," a self-custodial lending feature built on Morpho's infrastructure and curated by Gauntlet. Live on the Ethereum mainnet, Earn allows users to deposit USDC, USDT, and ETH directly from the Uniswap Web App and Wallet to generate yield with no lockup periods or extra Uniswap fees. The launch positions Uniswap in direct competition with lending giants like Aave and Compound, even as SEC Commissioner Hester Peirce warns that such onchain lending strategies may face federal securities laws.

Uniswap Earn product launch

• ▪Uniswap charges no additional fees for using Earn, though depositors remain responsible for standard Ethereum network transaction costs.
• ▪Uniswap launched a decentralized lending product named Earn on July 31, 2026, allowing users to generate yield from idle crypto assets.
• ▪Uniswap Earn is available on the Ethereum mainnet through the Uniswap Web App and Uniswap Wallet.
• ▪Uniswap Earn supports deposits of USD Coin (USDC), Tether (USDT), and Ether (ETH) at launch.

Morpho protocol infrastructure growth

• ▪Annualized interest paid to Morpho lenders reached $227 million in 2025, representing a 400% increase from 2024.
• ▪Morpho's lending infrastructure has been integrated or built upon by companies including Coinbase, Robinhood, Bitwise Asset Management, and Société Générale.
• ▪Morpho serves as the underlying permissionless lending infrastructure for Uniswap Earn.
• ▪Morpho reports approximately $11.79 billion in total deposits and $4.15 billion in active loans across its network.

Vault mechanics with instant withdrawals

• ▪Uniswap Earn deposits are routed into three Morpho vaults curated by risk management firm Gauntlet.
• ▪Gauntlet determines how deposits are distributed across lending markets and sets exposure limits, though depositors carry the risks of those allocation decisions.
• ▪Uniswap Earn has no mandatory lockup or cooldown periods, allowing users to withdraw their deposited assets at any time.

Self-custody lending features

• ▪Uniswap Earn displays real-time earnings accrual, balances, and yield rates directly within the Uniswap portfolio interface.
• ▪Uniswap Earn is a self-custodial product, meaning users retain full custody and control over their deposited assets throughout the process.

SEC regulatory concerns

• ▪Uniswap responded to regulatory discussions by stating that the company believes it operates in compliance with all applicable regulations.
• ▪U.S. Securities and Exchange Commission Commissioner Hester Peirce suggested that certain crypto vaults and onchain lending strategies may fall under existing federal securities laws.

UNI and MORPHO token performance

• ▪At the time of reporting, the Uniswap token (UNI) traded near $4.30, representing a 2.8% decline over 24 hours but a 12% increase for the week.
• ▪At the time of reporting, the Morpho token (MORPHO) traded near $1.95, representing an approximate 1.8% decline over the previous 24 hours.