Stake DAO frxUSD v2V2
A Morpho V2 vault on Ethereum that lends out frxUSD deposits, curated by Stake DAO. Depositors earn 3.27% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
3.27%
incl. 0.60% in rewards
30-day APY
3.13%
7-day 2.64%
Deposits
$753K
753.25K frxUSD
Withdrawable now
$19.8K
3% of deposits
Performance fee
5%
of the interest earned
Depositors
44
largest holds 33.9%
Stake DAO frxUSD v2 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 |
|---|---|---|
| stakedao-frxsUSDS / frxUSDLLTV 91.5% | $397K | 52.7% |
| stakedao-frxUsDOLA / frxUSDLLTV 91.5% | $251K | 33.3% |
| stakedao-crvfrxUSD / frxUSDLLTV 91.5% | $105K | 14.0% |
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
| stakedao-frxsUSDS | 52.7% |
|---|---|
| stakedao-frxUsDOLA | 33.3% |
| stakedao-crvfrxUSD | 14.0% |
| stakedao-FrxMsUSD | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.26% |
|---|---|
| Last 7 days | 2.64% |
| Last 30 days | 3.13% |
| Since the vault started | 7.15% |
Who controls this vault
| Curator | Stake DAO |
|---|---|
| Owner | 0xB055…C7653-of-5 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 | 2addresses that move money between markets |
| Sentinels | 2can pull money back or cut caps in an emergency |
| Created | February 17, 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 | 2.80% |
| Rewards | WFRAX 0.60% |
| Vault contract | 0xCE13…271e |
| frxUSD token | 0xCAcd…6E29 |
| Network | Ethereum |
The curator's description: "The Stake DAO frxUSD vault aims to optimize yields by lending frxUSD against selected Stake DAO LP token collaterals with a cautious risk approach or other blue chip collaterals depending on market conditions."
Largest depositors
44 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x00D4…B000 | $255K | 33.9% |
| 0x0f1b…fe53 | $189K | 25.1% |
| 0x42E9…b7b9 | $102K | 13.6% |
| 0x9480…bbBc | $82.3K | 10.9% |
| 0xD82B…1136 | $66.5K | 8.8% |
| 0x68ad…12d4 | $11.5K | 1.5% |
| 0x5bd9…e6BA | $11.0K | 1.5% |
| 0xe80A…Ae1D | $10.2K | 1.4% |
| 0x4548…4e95 | $8.6K | 1.1% |
| 0x97De…eC3b | $4.1K | 0.5% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Stake DAO frxUSD v2 V2
Stake DAO frxUSD v2 V2 is a Morpho V2 vault on Ethereum, created on February 17, 2026. It takes frxUSD deposits and lends them to borrowers in 3 Morpho markets. The curator, Stake DAO, decides which markets it may use and how much can go into each.
It holds $753K (753.25K frxUSD) from 44 depositors and pays a net APY of 3.27% after its 5% performance fee. Over the last 30 days depositors actually earned 3.13% a year. About 0.60% of today's rate comes from WFRAX rewards, which can stop at any time.
Its largest position is stakedao-frxsUSDS / frxUSD at 53% of what it lends, followed by stakedao-frxUsDOLA / frxUSD (33%) and stakedao-crvfrxUSD / frxUSD (14%). Counting every market, its loans are backed mainly by stakedao-frxsUSDS (53%), stakedao-frxUsDOLA (33%) and stakedao-crvfrxUSD (14%). 3% 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. The owner is a 3-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
Stake DAO frxUSD v2 V2: quick answers
What is the APY of Stake DAO frxUSD v2 V2 on Ethereum?
Stake DAO frxUSD v2 V2 pays 3.27% net APY right now, after its fees and including 0.60% of rewards. Measured from the growth of its share price, it paid 3.13% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Stake DAO frxUSD v2 V2 lend against?
It lends frxUSD through 3 Morpho markets. The biggest is stakedao-frxsUSDS / frxUSD with 53% of its lending. Overall its loans are backed mainly by stakedao-frxsUSDS (53%), stakedao-frxUsDOLA (33%) and stakedao-crvfrxUSD (14%).
Can I withdraw from Stake DAO frxUSD v2 V2 right now?
About $19.8K of its $753K in deposits (3%) 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 Stake DAO frxUSD v2 V2 and what does it charge?
Stake DAO curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Stake DAO frxUSD v2 V2?
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.
