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ETH 
UNI Uniswap launches Earn: An unmanaged lending product that supports USDC, USDT and ETH.
Uniswap officially launches Earn, an unmanaged lending product that allows users to deposit USDC, USDT and ETH into the Morpho vault without leaving the application and earn revenue.
Summary
Earn has been online on the Ethereum main network through the Uniswap web app and wallet. Funds deposited by users will enter the Morpho Lending Vault managed by Gauntlet, and the interest paid by the borrower creates income for the depositors. Uniswap does not charge additional fees for Earn's use, but users need to bear the Ethereum network fees themselves. The current price of the UNI token is approximately US$4.30, down approximately 2.8% in 24 hours, but the weekly increase is still 12%.
Earn supports USDC, USDT and ETH
Earn is available through the Uniswap web application and wallet, marking the platform's expansion from token redemption and liquidity provision to on-chain lending. Users can select the assets supported, enter the amount, and authorize the deposit with a single signature. Deposits then generate interest income based on borrower needs in the lending market selected by the underlying treasury. In the early days of launch, it supports three assets: USDC, USDT and ETH, and all vaults run on the Ethereum main network. According to Uniswap's announcement, there is no mandatory lock-up or cooling-off period for this product, and users can withdraw funds at any time.
Uniswap does not charge a separate fee for Earn, but depositors still bear standard Ethereum transaction costs. When network fees rise, the economics of small deposits will be affected. Deposits will appear on the Uniswap Portfolio interface alongside other assets. The dashboard displays the deposit amount, current rate of return, and total income, and also records deposit and withdrawal operations into the account activity history.
Morpho and Gauntlet are responsible for lending infrastructure management
Morpho provides decentralized lending infrastructure for Earn, while Gauntlet is responsible for screening and management of treasury and determines how deposits are allocated among eligible markets. Treasury management reduces the need for depositors to compare individual loan pools, collateral types, and fund utilization on a case-by-case basis. Gauntlet is able to set exposure limits and rebalance funds based on market conditions, but depositors still have to bear the risks associated with these allocation decisions.
Morpho currently reports total online deposits of approximately $11.79 billion and active loans of $4.15 billion. The agreement previously stated that deposits increased from US$5 billion at the beginning of 2025 to US$13 billion at the end of the third quarter of the same year, and active loans increased from US$1.9 billion to US$4.5 billion during the same period. According to Morpho's annual review, annualized interest paid to Morpho lenders in 2025 will reach $227 million, a 400% increase from 2024.
Earn expands Uniswap: Beyond token redemption
Earn provides Uniswap with another way to retain users-users do not have to transfer idle stablecoins or ETH to other lending agreements between transactions, but can access the lending vault through the same interface, which is also used for redemption and portfolio tracking. This integration allows Uniswap to compete more directly with mature lending platforms such as Aave and Compound. Its main distribution advantage is its large existing trader base, who can switch from redemption to lending without having to switch to other applications.
For U.S. users, Earn is an online lending service, not a bank savings account. Deposits are not FDIC insured, and non-custodial mechanisms do not eliminate risks related to smart contracts, collateral, liquidity or stablecoins. Treasury yields are also floating: interest rates may fall when deposits grow faster than borrowing needs, so the APY displayed does not guarantee that it will remain constant throughout the deposit cycle.
UNI prices have limited response to Earn's launch
As of the time of writing, UNI's trading price was about US$4.30, down about 2.8% in the past 24 hours, but the seventh-day increase remained at around 12%. Its market value is close to $2.68 billion, and its 24-hour trading volume is approximately $376 million. There is no direct correlation between recent price movements and Earn's announcement. Adoption of the product will depend on the yields provided by Gauntlet Management Vault, Ethereum transaction costs, and user acceptance of lending market risks. Uniswap has not announced that Earn revenue will flow directly to UNI holders, so deposit volume and user Retention rate are the main indicators to pay attention to in the early stage.
