Waterline

Q: How much does Waterline manage on Morpho?

Waterline curates 6 vaults listed in the Morpho app, holding $22.41M on 1 network. The largest is Waterline Reservoir USDC on Ethereum with $11.89M.

Q: What do Waterline's Morpho vaults pay?

Weighted by size, its vaults pay 7.16% net APY right now. The best with at least $1M deposited is M1 USDC on Ethereum at 7.73% net APY. Rates change daily with borrowing demand.

Q: What do Waterline's vaults lend against?

Mostly loans backed by mM1-USD (39%), wsrUSD (30%) and aguaUSDCgc (25%), counting money lent directly into markets. Each vault's page shows its own mix.

Verified

Waterline curates 6 listed Morpho vaults holding $22.41M on 1 network. A curator chooses which markets its vaults lend to and sets a cap for each one; depositors earn what those loans pay, minus the curator's fee.

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Data from Morpho's API · updated 2026-11-12 18:21 UTC

In their vaults

$22.41M

listed vaults only

Vaults

on 1 network

Average net APY

7.16%

weighted by vault size

Best vault right now

7.73%

M1 USDC

Waterline's vaults

Every listed vault Waterline curates, largest first. Fees are the share of interest the curator keeps.

Vaults curated by Waterline
Vault	Deposits	Net APY	30‑day APY	Fee	Withdrawable
Waterline Reservoir USDCV2Waterline · Ethereum · $11.89M	$11.89M11.89M USDC	7.08%incl. 0.89% rewards	6.27%	5%	$817K
M1 USDCV2Waterline · Ethereum · $8.62M	$8.62M8.62M USDC	7.73%	7.47%	5%	$860K
Waterline InfiniFi USDCV2Waterline · Ethereum · $1.04M	$1.04M1.04M USDC	6.56%	7.32%	5%	$927K
Waterline Reservoir USDC⚠ Deposits switched offWaterline · Ethereum · $498K	$498K498.60K USDC	4.78%	7.54%	5%	$498K
Tenbin USDCV2Waterline · Ethereum · $301K	$301K301.45K USDC	1.49%	1.24%	5%	$46.4K
Waterline infiniFi USDCWaterline · Ethereum · $60.4K	$60.4K60.42K USDC	0.00%	0.00%	5%	$60.4K
Nothing matches that filter.

What these vaults lend against

Money lent directly to markets, grouped by the collateral borrowers post. Higher-risk collateral usually pays more.

Collateral	Lent against it	Share	Markets
mM1-USD	$8.62M	38.6%	1
wsrUSD	$6.76M	30.3%	2
aguaUSDCgc	$5.62M	25.2%	1
siUSD	$1.03M	4.6%	1
stBRL	$210K	0.9%	1
cbBTC	$47.2K	0.2%	1
wstETH	$32.5K	0.1%	1
weETH	$10.6K	0.0%	1
iUSD	$7.7K	0.0%	1
WETH	$1.8K	<0.01%	1

Waterline on Morpho: quick answers

How much does Waterline manage on Morpho?

Waterline curates 6 vaults listed in the Morpho app, holding $22.41M on 1 network. The largest is Waterline Reservoir USDC on Ethereum with $11.89M.

What do Waterline's Morpho vaults pay?

Weighted by size, its vaults pay 7.16% net APY right now. The best with at least $1M deposited is M1 USDC on Ethereum at 7.73% net APY. Rates change daily with borrowing demand.

What do Waterline's vaults lend against?

Mostly loans backed by mM1-USD (39%), wsrUSD (30%) and aguaUSDCgc (25%), counting money lent directly into markets. Each vault's page shows its own mix.

Which networks does Waterline run Morpho vaults on?

Ethereum.

How to judge a curator's vaults

Look at three things on each vault page. First, what the vault lends against: loans backed by Bitcoin or ETH are usually safer than loans backed by newer or thinly traded tokens. Second, how much cash the vault could pay out today, shown as "withdrawable": if nearly everything is lent out, withdrawals may have to wait. Third, the fee and the timelock, which is how long depositors get to react before the curator's changes take effect. Comparing curators? See the curator ranking, the best vault yields, or read what can go wrong with a vault.