Uniswap Labs has switched on Earn, a lending feature inside its Web App and Wallet. The product takes deposits in USDC, USDT, and ETH and routes them into Morpho vaults curated by risk firm Gauntlet on Ethereum mainnet. Uniswap charges no fee of its own, though standard network fees still apply.
How Earn works
Earn is a straightforward lending product. Users deposit one of three assets, and the funds go into Morpho vaults. Morpho is a DeFi lending protocol that matches lenders with borrowers, and the vaults handle the mechanics. Gauntlet curates those vaults, meaning it sets the risk parameters and decides which assets get lent out and under what conditions.
The whole thing runs on Ethereum mainnet, so users interact with the same chain they already use for Uniswap trades. There's no separate app or bridge to deal with.
Why Gauntlet and Morpho
Gauntlet is a risk management firm that runs simulations and stress tests on lending pools. By having Gauntlet curate the vaults, Uniswap is outsourcing the risk assessment rather than building it in-house. That's a notable choice for a protocol best known for swapping, not lending.
It also means the vaults aren't static. Gauntlet can adjust parameters as market conditions shift, which is a way to keep the product from blowing up in a downturn.
What it costs
Uniswap isn't taking a cut. The feature is free to use from Uniswap's side, aside from the standard network fees that any Ethereum transaction incurs. That's a different model from some other lending platforms that charge a spread or a fee on top.
Earn is live now in the Uniswap Web App and the Uniswap Wallet. Users can start depositing immediately.
