Using Metamorpho

Learn about using Metamorpho Vaults

Where to locate Metamorpho Vaults

You can find Metamorpho on the left navigation under Protocols and under Morpho Blue/Earn

Earning on Metamorpho Vaults

Metamorpho vaults earn yield/APR from the vaults lending rates as well as Morpho Rewards to distribution by vault operators.


This value represents the total net APY your deposit is earning across all combined interest rates.

Vault APR

The vault represents the APR the vault is generating and how much your deposit could earn. Each vault can participate in a combination of markets and earns this rate from all markets. Vault APRs are subject to change based on usage, utilization and changes into participating markets.

Morpho Rewards

Morpho Governance may award additional Morpho rewards to selected vaults. Morpho tokens at the moment are non-transferable tokens.

Additional Rewards

Vault operators or Morpho Governance may add additional incentives on top of the vault i.e Lido tokens rewarded to ETH markets.

Vault Fee / Performance Fee

Metamorpho vaults are managed by 3rd parties and may include a performance fee. This fee is charged on your earnings.

Learn More about Metamorpho Vaults

Metamorpho FAQs

Can I withdraw my deposit at any time?

In most cases you should be able to fully withdraw your deposit. If there isn't enough liquidity the interest rate model will increase to tick upward encouraging borrowers to repay their loans.

Its important to understand the parameters of the markets you participate in. You should consider how much liquidity there is at the moment relatively to how much you want to borrow. This should not be an issue with larger established markets.

Is it possible to lose money supplying?

Morpho Blue is designed to proactively remove debt however, it is possible to lose money by supplying. If a Metamorpho vault is providing liquidity to a market that defaults before the liquidations process occurs lenders may incur losses.

The Performance fee seems high - is this a yearly APR?

The performance fee is not a yearly APR but a performance fee charged only on top of what the vault makes not against its total holdings.

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