MetaMorpho vaults aggregate USDC; the curator supplies into isolated Blue markets.
Rates are variable with utilization — vault supply APY ~2.9% → ~5.4% as borrowers draw.
Markets · borrow / supply per market below
Vault net supply APY2.9%
Illustrative range 2.9% low util → 5.4% peak
ReadyPress Play or Step to walk through the flow.
Users
Depositors
USDC in → shares
ERC-4626
MetaMorpho Vault V2
NAV / share
Supply APY —
Curator
Allocates supply
Caps & risk
Immutable lending core
Morpho Blue — isolated markets
Loan asset · collateral · oracle · LLTV per market
Market A
USDC / WETH
Borrow rate —
Market B
USDC / wstETH
Borrow rate —
Market C
USDC / WBTC
Borrow rate —
Borrower
Collateral: WETH
Borrows USDC
Borrower
Collateral: wstETH
Borrows USDC
Borrower
Collateral: WBTC
Borrows USDC
↑ Interest drips back to vault · share price rises (variable rate)
MetaMorpho Vault V2 · net supply APY
—
Allocation-weighted across markets · what depositors earn