> ## Documentation Index
> Fetch the complete documentation index at: https://yieldxyz.mintlify.site/llms.txt
> Use this file to discover all available pages before exploring further.

# 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

<Tabs>
  <Tab title="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.
  </Tab>

  <Tab title="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.
  </Tab>
</Tabs>

***

## Required inputs

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

***

## Actions & lifecycle

<Tabs>
  <Tab title="Enter">
    * Approval transaction (if needed)
    * Deposit transaction
    * Receive vault shares immediately
    * Yield accrues via share price
  </Tab>

  <Tab title="Exit">
    * Withdraw transaction
    * Receive underlying tokens
    * Subject to vault liquidity
  </Tab>

  <Tab title="Manage">
    * Claim rewards (MORPHO and other incentives)
    * Check `pendingActions` for `CLAIM_REWARDS`
  </Tab>
</Tabs>

***

## Pending actions

| Action          | Description                             |
| --------------- | --------------------------------------- |
| `CLAIM_REWARDS` | Claim MORPHO and other incentive tokens |

***

## Example flow

<CodeGroup>
  ```bash Get vault metadata theme={null}
  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>'
  ```

  ```bash Enter vault theme={null}
  curl --request POST \
    --url https://api.yield.xyz/v1/actions/enter \
    --header 'accept: application/json' \
    --header 'content-type: application/json' \
    --header 'x-api-key: <API_KEY>' \
    --data '{
      "yieldId": "base-usdc-re7usdc-0x12afdefb2237a5963e7bab3e2d46ad0eee70406e-4626-vault",
      "address": "0xYOUR_ADDRESS",
      "arguments": { "amount": "1000000000" }
    }'
  ```
</CodeGroup>

***

## Operational notes

<AccordionGroup>
  <Accordion title="Curator-managed">
    Morpho Vaults are managed by curators who allocate deposits across markets. Different vaults have different risk profiles and strategies.
  </Accordion>

  <Accordion title="Share-price appreciation">
    Rewards accrue via share-price appreciation exposed as `pricePerShare`. Shares are redeemable for underlying at any time.
  </Accordion>

  <Accordion title="Additional incentives">
    Many vaults distribute MORPHO tokens and other incentives on top of native yield. Check yield metadata for reward details.
  </Accordion>
</AccordionGroup>

***

## Yield IDs for this protocol

<AccordionGroup>
  <Accordion title="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](/api-reference/YieldsController_getYields) with `?protocol=morpho` to get the full list.
  </Accordion>
</AccordionGroup>

***

## See also

<CardGroup cols={2}>
  <Card title="Vaults Overview" icon="vault" href="/documentation/coverage/supported-yields/defi/vaults">
    All vault protocols
  </Card>

  <Card title="Yearn" icon="y" href="/documentation/coverage/supported-yields/defi/vaults/yearn">
    Alternative vault protocol
  </Card>
</CardGroup>