Morpho

Morpho Vaults V1 & V2 with curated multi-market strategies

Morpho Vaults are ERC-4626 vaults that allocate deposits across multiple Morpho Markets, with curators managing risk and market selection. Yield.xyz integrates both Morpho Vaults V1 and V2.

---

What this yield is

• Protocol: Morpho Vaults (V1 & V2)
• Mechanism: Deposit assets, receive vault shares
• Rewards: Yield via share-price appreciation + potential additional incentives (MORPHO, etc.)
• Withdrawals: Instant (subject to vault liquidity)
• Networks: Ethereum, Base, Arbitrum, Polygon, Unichain, Optimism

---

Vault versions

Morpho Vaults V1

ERC-4626 vaults that allocate deposits across multiple Morpho Markets V1 for the same loan asset. Curators manage risk and market selection so users earn passive yield without direct market exposure.

Morpho Vaults V2

ERC-4626 vaults designed for multi-strategy allocation via adapters, with curator/allocator roles and more granular curation controls. V2 can route to Morpho Markets V1 and/or Morpho Vaults V1.

---

Required inputs

Argument	Required	Description
amount	Yes	Amount to deposit (in token decimals)

---

Actions & lifecycle

Enter

• Approval transaction (if needed)
• Deposit transaction
• Receive vault shares immediately
• Yield accrues via share price

Exit

• Withdraw transaction
• Receive underlying tokens
• Subject to vault liquidity

Manage

• Claim rewards (MORPHO and other incentives)
• Check pendingActions for CLAIM_REWARDS

---

Pending actions

Action	Description
CLAIM_REWARDS	Claim MORPHO and other incentive tokens

---

Example flow

Get vault metadata

curl --request GET \
  --url https://api.yield.xyz/v1/yields/base-usdc-re7usdc-0x12afdefb2237a5963e7bab3e2d46ad0eee70406e-4626-vault \
  --header 'accept: application/json' \
  --header 'x-api-key: <API_KEY>'

---

Operational notes

Curator-managed

Morpho Vaults are managed by curators who allocate deposits across markets. Different vaults have different risk profiles and strategies.

Share-price appreciation

Rewards accrue via share-price appreciation exposed as pricePerShare. Shares are redeemable for underlying at any time.

Additional incentives

Many vaults distribute MORPHO tokens and other incentives on top of native yield. Check yield metadata for reward details.

---

Yield IDs for this protocol

Show yield ID pattern

Morpho vault yield IDs follow the pattern: {network}-{token}-{vault-name}-{vault-address}-4626-vault

Examples:

• base-usdc-re7usdc-0x12afdefb2237a5963e7bab3e2d46ad0eee70406e-4626-vault
• ethereum-usdc-steakusdc-0xbeef01735c132ada46aa9aa4c54623caa92a64cb-4626-vault

Use the Discovery API with ?protocol=morpho to get the full list.

---

See also

Vaults Overview

All vault protocols

Yearn

Alternative vault protocol