Moonwell Flagship USDC on Base
A Morpho vault on Base that lends out USDC deposits, curated by Anthias Labs. Depositors earn 3.95% a year right now after a 15% performance fee.
Data from Morpho's API · updated
Net APY
3.95%
incl. 0.13% in rewards
30-day APY
4.41%
7-day 4.55%, from the share price
Deposits
$2.40M
2.40M USDC
Withdrawable now
$2.40M
100% of deposits
Performance fee
15%
of the interest earned
Depositors
17,269
largest holds 12.5%
Moonwell Flagship USDC APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| WETH / USDCLLTV 86% | $2.46M | 91.0% |
| cbBTC / USDCLLTV 86% | $134K | 5.0% |
| wstETH / USDCLLTV 86% | $108K | 4.0% |
| cbETH / USDCLLTV 86% | $36.00 | <0.01% |
| Idle cashnot lent out | $0 | 0.0% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| WETH | 94.6% |
|---|---|
| wstETH | 4.5% |
| cbBTC | 0.9% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.82% |
|---|---|
| Last 7 days | 4.55% |
| Last 30 days | 4.41% |
| Last 90 days | 3.79% |
| Last year | 3.90% |
Who controls this vault
| Curator | Anthias Labs |
|---|---|
| Owner | 0x8b62…7d51 |
| Guardian | 0xB9d4…AB38 |
| Timelock | 4 dayswait before risky changes take effect |
| Allocators | 1addresses that move money between markets |
| Pending changes | 1SetGuardian from October 30, 2026 |
| Created | June 10, 2024 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 4.50% |
| Rewards | WELL 0.13% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xc125…A2Ca |
| USDC token | 0x8335…2913 |
| Network | Base |
The curator's description: "The Moonwell Flagship USDC Morpho vault curated by Anthias Labs is intended to optimize risk-adjusted interest earned from blue-chip collateral markets."
Largest depositors
17,269 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xA643…e12b | $301K | 12.5% |
| 0x39be…705D | $230K | 9.6% |
| 0x5dB3…48D6 | $157K | 6.5% |
| 0x92B8…04E3 | $129K | 5.4% |
| 0x6BC8…572d | $108K | 4.5% |
| 0x7757…97B6 | $104K | 4.3% |
| 0xC53A…Fe6D | $72.4K | 3.0% |
| 0xe168…fd2E | $71.9K | 3.0% |
| 0x7917…F88f | $71.1K | 3.0% |
| 0xd542…4468 | $70.4K | 2.9% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Moonwell Flagship USDC
Moonwell Flagship USDC is a MetaMorpho vault (Morpho V1) on Base, created on June 10, 2024. It takes USDC deposits and lends them to borrowers in 4 Morpho markets. The curator, Anthias Labs, decides which markets it may use and how much can go into each.
It holds $2.40M (2.40M USDC) from 17,269 depositors and pays a net APY of 3.95% after its 15% performance fee. Over the last 30 days depositors actually earned 4.41% a year, and 3.90% over the last year. About 0.13% of today's rate comes from WELL rewards, which can stop at any time.
Its largest position is WETH / USDC at 91% of its deposits, followed by cbBTC / USDC (5%) and wstETH / USDC (4%). Counting every market, its loans are backed mainly by WETH (95%) and wstETH (5%). 100% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 4 days, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Moonwell Flagship USDC: quick answers
What is the APY of Moonwell Flagship USDC on Base?
Moonwell Flagship USDC pays 3.95% net APY right now, after its fees and including 0.13% of rewards. Measured from the growth of its share price, it paid 4.41% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Moonwell Flagship USDC lend against?
It lends USDC through 4 Morpho markets. The biggest is WETH / USDC with 91% of its deposits. Overall its loans are backed mainly by WETH (95%) and wstETH (5%).
Can I withdraw from Moonwell Flagship USDC right now?
Yes: all of its $2.40M in deposits could be withdrawn immediately, because the markets it lends to have enough unborrowed USDC left. That can change quickly when borrowing picks up.
Who runs Moonwell Flagship USDC and what does it charge?
Anthias Labs curates it. It keeps 15% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Moonwell Flagship USDC?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 4 days. This is not advice.
Other USDC vaults
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