How Your Funds Are Managed

Morpho vaults, their curators, and how unflat works behind the scenes.

Where your money goes

When you move money to Savings, it goes into Morpho lending vaults on the Base network, run by third-party curators, today Steakhouse Financial and Gauntlet.

Your funds are not held by unflat. They move from your wallet into the vaults, and every transaction needs your signature.

What is Morpho Protocol?

Morpho is an open lending protocol and one of the largest DeFi lending markets (the largest is Aave). It is made of isolated markets: each pairs one asset to lend with one asset accepted as collateral, under rules fixed when the market is created, so a problem in one market stays inside it. A vault spreads deposits across several markets.

Key facts about Morpho:

• Public smart contracts on Ethereum, Base and other networks

• Core contracts that can't be changed after deployment

• Published audits, listed in Morpho's documentation

How the vaults are run

Curators

Each vault is run by a curator, a risk team that chooses which markets the vault can use, how much it can put in each and what fees it charges. On unflat, today Steakhouse Financial and Gauntlet.

Collateral on every loan

In every market, the collateral is worth more than the loan. If the loan passes the market's limit, a liquidator can repay the debt and take the collateral.

Timelocks

Most changes a curator makes to a vault's risk settings take effect only after a waiting period, called a timelock, which gives depositors time to withdraw first.

Public record

Deposits, yield and cover are public on the Base blockchain.

Current stablecoin: USDC

Your money on unflat is held in USDC, a dollar stablecoin issued by Circle, which publishes its reserves on its transparency page. When you add euros by card or bank transfer, MoonPay or Coinbase converts them into USDC. The app can show your balance in euros.

Held in USDC. Your money is held in USDC, a dollar stablecoin, so its value in euros moves with the exchange rate.

Non-custodial architecture

unflat never holds your money: it stays in a wallet only you control. You sign in with email, Apple or Google, and your wallet is built on Privy. unflat can't recover your wallet; you can export your recovery key in Settings › Security. Never share it: it gives full control of your money.

This is different from a bank, where your deposit is a claim on the bank and the bank decides how to lend it.