On July 31, Uniswap rolled out Earn, a new lending feature that lets users earn interest on USDC, USDT, and ETH while retaining full control of their assets. This move takes the decentralized exchange beyond simple token swaps and into the lending arena.
Earn funnels deposits into vaults managed by Gauntlet, a risk management firm known for optimizing institutional-grade DeFi products. These vaults, which have amassed nearly $1 billion in assets over 18 months, work atop Morpho’s lending protocol framework. Morpho powers similar yield offerings for Coinbase, which launched its USDC Earn in September 2025, and Robinhood, which followed suit in July 2026.
Users can deposit supported tokens without lockup periods, gaining exposure to lending yields that have peaked at 10.8% on Coinbase’s product. Uniswap’s governance backed this integration as part of a strategy initiated with the 2025 Unichain rollout. Morpho ranks as the second-largest lending protocol by total value locked, handling billions in deposits.
UNI’s price edged up 1% to $4.32 on launch day, with a market cap near $2.7 billion. However, users should weigh the smart contract risks involved, spanning Uniswap’s interface, Morpho’s contracts, and Gauntlet’s vault strategies. As Morpho supports lending across multiple platforms, competition for lending demand could affect yields if borrowing doesn’t grow alongside deposits.
