Waterline InfiniFi USDC V2 on Ethereum
A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Waterline. Depositors earn 6.56% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
6.56%
after fees, paid to depositors
30-day APY
7.32%
7-day 6.54%, from the share price
Deposits
$1.04M
1.04M USDC
Withdrawable now
$927K
89% of deposits
Performance fee
5%
of the interest earned
Depositors
64
largest holds 48.2%
Waterline InfiniFi USDC V2 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 |
|---|---|---|
| siUSD / USDCLLTV 91.5% | $1.22M | 99.3% |
| iUSD / USDCLLTV 91.5% | $8.0K | 0.7% |
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 | 99.3% |
|---|---|
| iUSD | 0.7% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 6.40% |
|---|---|
| Last 7 days | 6.54% |
| Last 30 days | 7.32% |
| Last 90 days | 6.41% |
Who controls this vault
| Curator | Waterline |
|---|---|
| Owner | 0x5c48…92FC |
| 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 | 7addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | April 30, 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 | 6.92% |
| Vault contract | 0xbeEF…4931 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The infiniFi USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the infiniFi ecosystem."
Largest depositors
64 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x46a8…4837 | $502K | 48.2% |
| 0x90CC…4e75 | $181K | 17.4% |
| 0x30fD…537a | $155K | 14.9% |
| 0x236c…6111 | $100K | 9.6% |
| 0x2710…374D | $71.7K | 6.9% |
| 0x2190…40a9 | $65.6K | 6.3% |
| 0xfFC9…1618 | $25.7K | 2.5% |
| 0xa9FF…cc24 | $15.7K | 1.5% |
| 0x12d2…0d02 | $15.4K | 1.5% |
| 0xBE07…7295 | $14.2K | 1.4% |
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 V2
Waterline InfiniFi USDC V2 is a Morpho V2 vault on Ethereum, created on April 30, 2026. 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 $1.04M (1.04M USDC) from 64 depositors and pays a net APY of 6.56% after its 5% performance fee. Over the last 30 days depositors actually earned 7.32% a year.
Its largest position is siUSD / USDC at 99% of its deposits, followed by iUSD / USDC (1%). Counting every market, its loans are backed mainly by siUSD (99%). 89% 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. Morpho's app shows no warnings for this vault.
Waterline InfiniFi USDC V2: quick answers
What is the APY of Waterline InfiniFi USDC V2 on Ethereum?
Waterline InfiniFi USDC V2 pays 6.56% net APY right now, after its fees. Measured from the growth of its share price, it paid 7.32% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Waterline InfiniFi USDC V2 lend against?
It lends USDC through 2 Morpho markets. The biggest is siUSD / USDC with 99% of its deposits. Overall its loans are backed mainly by siUSD (99%).
Can I withdraw from Waterline InfiniFi USDC V2 right now?
About $927K of its $1.04M in deposits (89%) 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 Waterline InfiniFi USDC V2 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 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
