Waterline infiniFi USDC
A Morpho vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 6.54% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
6.54%
after fees, paid to depositors
30-day APY
6.38%
7-day 6.54%
Deposits
$733K
733.58K USDC
Withdrawable now
$728K
99% of deposits
Performance fee
5%
of the interest earned
Depositors
44
largest holds 89.9%
Waterline infiniFi USDC 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 |
|---|---|---|
| siUSD / USDCLLTV 91.5% | $727K | 99.1% |
| iUSD / USDCLLTV 91.5% | $6.5K | 0.9% |
| PT-siUSD-20AUG2026 / USDCLLTV 91.5% · not listed in the Morpho app | $0 | 0.0% |
| 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
| siUSD | 99.1% |
|---|---|
| iUSD | 0.9% |
| Other | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 6.35% |
|---|---|
| Last 7 days | 6.54% |
| Last 30 days | 6.38% |
| Last year | 5.62% |
| Since the vault started | 6.08% |
Who controls this vault
| Curator | Waterline |
|---|---|
| Owner | 0xd608…081A5-of-8 multisig |
| Guardian | 0x6cF2…E2c2 |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 6addresses that move money between markets |
| Created | July 11, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 6.90% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xBEeF…3Ac9 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Steakhouse infiniFi USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the infiniFi ecosystem."
Largest depositors
44 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x76D2…5B78 | $659K | 89.9% |
| 0xCCf6…AA60 | $37.5K | 5.1% |
| 0x255c…085a | $18.2K | 2.5% |
| 0x19DC…5C6f | $7.6K | 1.0% |
| 0x7dd5…6c78 | $5.1K | 0.7% |
| 0xa69a…EE94 | $2.7K | 0.4% |
| 0x213f…9B26 | $1.0K | 0.1% |
| 0x4B43…9ae5 | $850 | 0.1% |
| 0x222C…17de | $270 | 0.0% |
| 0x0715…37bf | $270 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Waterline infiniFi USDC
Waterline infiniFi USDC is a MetaMorpho vault (Morpho V1) on Ethereum, created on July 11, 2025. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Waterline, decides which markets it may use and how much can go into each.
It holds $733K (733.58K USDC) from 44 depositors and pays a net APY of 6.54% after its 5% performance fee. Over the last 30 days depositors actually earned 6.38% a year, and 5.62% over the last year.
Its largest position is siUSD / USDC at 99% of what it lends, followed by iUSD / USDC (1%). Counting every market, its loans are backed mainly by siUSD (99%) and iUSD (1%). 99% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock, which gives depositors time to leave first. The owner is a 5-of-8 multisig wallet. Morpho's app shows no warnings for this vault.
Waterline infiniFi USDC: quick answers
What is the APY of Waterline infiniFi USDC on Ethereum?
Waterline infiniFi USDC pays 6.54% net APY right now, after its fees. Measured from the growth of its share price, it paid 6.38% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Waterline infiniFi USDC lend against?
It lends USDC through 2 Morpho markets. The biggest is siUSD / USDC with 99% of its lending. Overall its loans are backed mainly by siUSD (99%) and iUSD (1%).
Can I withdraw from Waterline infiniFi USDC right now?
Yes: all of its $733K 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 Waterline infiniFi USDC and what does it charge?
Waterline 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 Waterline infiniFi 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. Changes to it wait behind a 3-day timelock. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks