Frax USDai EcosystemV2
A Morpho V2 vault on Ethereum that lends out frxUSD deposits, curated by RE7 Labs. Depositors earn 12.28% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
12.28%
incl. 11.04% in rewards
30-day APY
2.86%
7-day 2.68%
Deposits
$804K
803.64K frxUSD
Withdrawable now
$350K
44% of deposits
Performance fee
10%
of the interest earned
Depositors
20
largest holds 28.2%
Frax USDai Ecosystem APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| sUSDai / frxUSDLLTV 86% | $794K | 100.0% |
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
| sUSDai | 100.0% |
|---|
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 135.01% |
|---|---|
| Last 7 days | 2.68% |
| Last 30 days | 2.86% |
| Since the vault started | 15.90% |
Who controls this vault
| Curator | RE7 Labs |
|---|---|
| Owner | 0xa58f…0f0f |
| 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 | 1addresses that move money between markets |
| Sentinels | 0can pull money back or cut caps in an emergency |
| Created | September 21, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | frxUSDprice $0.9999 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 1.38% |
| Rewards | frxUSD 9.36%, WFRAX 1.68% |
| Vault contract | 0x07ec…E611 |
| frxUSD token | 0xCAcd…6E29 |
| Network | Ethereum |
The curator's description: "This vault deploys frxUSD exclusively across curated opportunities within the USDai ecosystem to optimize yield and capital efficiency."
Largest depositors
20 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x3dab…1d91 | $227K | 28.2% |
| 0xcCA0…D3BB | $100K | 12.5% |
| 0x9946…3D88 | $79.4K | 9.9% |
| 0x7f72…b512 | $75.9K | 9.4% |
| 0x2fCb…A48c | $64.7K | 8.0% |
| 0x4A61…75AB | $50.0K | 6.2% |
| 0x8cD1…F6Ed | $49.8K | 6.2% |
| 0x87DA…842F | $48.6K | 6.1% |
| 0xEA5A…5CA8 | $41.0K | 5.1% |
| 0x5275…f3a2 | $20.0K | 2.5% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Frax USDai Ecosystem
Frax USDai Ecosystem is a Morpho V2 vault on Ethereum, created on September 21, 2026. It takes frxUSD deposits and lends them to borrowers in 1 Morpho market. The curator, RE7 Labs, decides which markets it may use and how much can go into each.
It holds $804K (803.64K frxUSD) from 20 depositors and pays a net APY of 12.28% after its 10% performance fee. Over the last 30 days depositors actually earned 2.86% a year. About 11.04% of today's rate comes from frxUSD and WFRAX rewards, which can stop at any time.
Its largest position is sUSDai / frxUSD at 100% of what it lends. Counting every market, its loans are backed mainly by sUSDai (100%). 44% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Frax USDai Ecosystem: quick answers
What is the APY of Frax USDai Ecosystem on Ethereum?
Frax USDai Ecosystem pays 12.28% net APY right now, after its fees and including 11.04% of rewards. Measured from the growth of its share price, it paid 2.86% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Frax USDai Ecosystem lend against?
It lends frxUSD through 1 Morpho market. The biggest is sUSDai / frxUSD with 100% of its lending. Overall its loans are backed mainly by sUSDai (100%).
Can I withdraw from Frax USDai Ecosystem right now?
About $350K of its $804K in deposits (44%) 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 Frax USDai Ecosystem and what does it charge?
RE7 Labs curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Frax USDai Ecosystem?
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. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.
Other frxUSD vaults
The same deposit asset, other curators and networks
| Vault | Net APY |
|---|---|
| Stake DAO frxUSD v2V2Stake DAO · Ethereum · $709K | 3.02%incl. 0.58% rewards |
