Base

Morpho's lending stack is built around two core components: 

Morpho Markets
Morpho Vaults

What they are, and how they work together 👇

Morpho Markets are the core building blocks of the Morpho Stack.

They are primitive, permissionless, immutable, autonomous, and allow anyone to lend/borrow one asset against one collateral asset.

Borrowers interact with Morpho Markets directly.

Earn, Borrow, Build on Morpho 
/morpho and app.morpho.org

Morpho Vaults are built on Morpho Markets.

Vaults aggregate markets with vault-level custom risk parameters set by curators like @gauntlet, MEV Capital, @steakhousefi, Block Analitica, and more.

Lenders deposit into Morpho Vaults to earn yield.

We are pioneering open and transparent finance. 

Finance should be open, transparent, and neutral for every non-US human being to participate in the economy

Economic modeling for crypto. Research, optimization, and risk management for DEX, Lending, Perpetuals, (Re)staking, Stablecoins, and Ecosystems.


gauntlet.xyz

How Morpho Markets and Vaults work together:

🔹 Lenders deposit into a vault
🔹 Vault allocates deposits to markets 
🔹 Users borrow assets from markets
🔹 Interest paid by borrowers is paid to the vault
🔹 Yield is shared amongst lenders

Each Morpho Vault has a unique risk profile.

Vaults share liquidity to the extent they share Markets.