Flowmark fGenesis on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Flowmark. Depositors earn 7.00% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
7.00%
after fees, paid to depositors
30-day APY
7.49%
7-day 6.96%, from the share price
Deposits
$404K
404.52K USDC
Withdrawable now
$20.5K
5% of deposits
Performance fee
0%
of the interest earned
Depositors
23
largest holds 49.5%
Flowmark fGenesis 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 |
|---|---|---|
| PGNGI+ / USDCLLTV 77% | $224K | 50.3% |
| PST / USDCLLTV 86% | $128K | 28.8% |
| NGI+ / USDCLLTV 62.5% | $68.5K | 15.4% |
| cbBTC / USDCLLTV 86% | $24.4K | 5.5% |
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
| PGNGI+ | 68.1% |
|---|---|
| NGI+ | 17.0% |
| PST | 9.9% |
| cbBTC | 5.1% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 7.00% |
|---|---|
| Last 7 days | 6.96% |
| Last 30 days | 7.49% |
| Last 90 days | 5.40% |
Who controls this vault
| Curator | Flowmark |
|---|---|
| Owner | 0x1610…5B553-of-4 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 4addresses that move money between markets |
| Sentinels | 5can pull money back or cut caps in an emergency |
| Created | May 12, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 7.00% |
| Vault contract | 0xfA53…6439 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "Flowmark fGenesis is an institutional-grade RWA vault curated by Flowmark specializing in regulated tokenized real-world assets. fGenesis allocates USDC across carefully selected RWA-collateralized markets on Morpho with conservative risk parameters designed for institutional and long-duration capital."
Largest depositors
23 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x9510…8B06 | $200K | 49.5% |
| 0x2366…8a14 | $66.1K | 16.4% |
| 0x257A…455e | $54.2K | 13.4% |
| 0xE273…DE9F | $39.2K | 9.7% |
| 0x1633…333b | $30.2K | 7.5% |
| 0x0528…7f36 | $28.3K | 7.0% |
| 0x1fee…cE4E | $10.4K | 2.6% |
| 0xa4CD…c3dE | $10.1K | 2.5% |
| 0xa41F…5350 | $4.0K | 1.0% |
| 0xAbbc…C68a | $499 | 0.1% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Flowmark fGenesis
Flowmark fGenesis is a Morpho V2 vault on Ethereum, created on May 12, 2026. It takes USDC deposits and lends them to borrowers in 4 Morpho markets. The curator, Flowmark, decides which markets it may use and how much can go into each.
It holds $404K (404.52K USDC) from 23 depositors and pays a net APY of 7.00% after its 0% performance fee. Over the last 30 days depositors actually earned 7.49% a year.
Its largest position is PGNGI+ / USDC at 50% of its deposits, followed by PST / USDC (29%) and NGI+ / USDC (15%). Counting every market, its loans are backed mainly by PGNGI+ (68%), NGI+ (17%) and PST (10%). 5% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, which gives depositors time to leave first. The owner is a 3-of-4 multisig wallet. Morpho's app shows no warnings for this vault.
Flowmark fGenesis: quick answers
What is the APY of Flowmark fGenesis on Ethereum?
Flowmark fGenesis pays 7.00% net APY right now, after its fees. Measured from the growth of its share price, it paid 7.49% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Flowmark fGenesis lend against?
It lends USDC through 4 Morpho markets. The biggest is PGNGI+ / USDC with 50% of its deposits. Overall its loans are backed mainly by PGNGI+ (68%), NGI+ (17%) and PST (10%).
Can I withdraw from Flowmark fGenesis right now?
About $20.5K of its $404K in deposits (5%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Flowmark fGenesis and what does it charge?
Flowmark curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Flowmark fGenesis?
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 3 days. This is not advice.
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