Yearn Degen USDC on Katana
V2A Morpho V2 vault on Katana that lends out vbUSDC deposits, curated by Yearn. Depositors earn 8.00% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
8.00%
incl. 5.97% in rewards
30-day APY
2.10%
7-day 2.18%, from the share price
Deposits
$1.93M
1.93M vbUSDC
Withdrawable now
$653K
34% of deposits
Performance fee
10%
of the interest earned
Depositors
12
largest holds 101.0%
Yearn Degen USDC 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 |
|---|---|---|
| vbWBTC / vbUSDCLLTV 86% | $849K | 43.5% |
| weETH / vbUSDCLLTV 86% | $768K | 39.3% |
| vbETH / vbUSDCLLTV 86% | $336K | 17.2% |
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
| weETH | 38.6% |
|---|---|
| vbWBTC | 38.5% |
| vbETH | 18.8% |
| avKAT | 4.1% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.24% |
|---|---|
| Last 7 days | 2.18% |
| Last 30 days | 2.10% |
| Last 90 days | 2.54% |
Who controls this vault
| Curator | Yearn |
|---|---|
| Owner | 0x518C…01494-of-7 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 4addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | May 25, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | vbUSDCprice $0.9996 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 2.25% |
| Rewards | KAT 5.97% |
| Vault contract | 0xA2d3…b692 |
| vbUSDC token | 0x203A…FD36 |
| Network | Katana |
The curator's description: "Yearn Degen vaults lend underlying assets to markets labeled as higher risk by the Yearn team. Optimization across markets is handled automatically via an algorithm developed by Yearn. Supply caps are set based on various factors and continuously monitored by the Yearn team as well."
Largest depositors
12 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x1e35…49B8 | $1.95M | 101.0% |
| 0x518C…0149 | $168 | <0.01% |
| 0x040d…5958 | $52.00 | <0.01% |
| 0xAb18…acCd | $9.00 | <0.01% |
| 0x3F4B…983C | $5.00 | <0.01% |
| 0x5f50…Fb2f | $5.00 | <0.01% |
| 0x9272…CEFB | $2.00 | <0.01% |
| 0xd084…7Bd8 | $2.00 | <0.01% |
| 0xa701…7c68 | $1.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Yearn Degen USDC
Yearn Degen USDC is a Morpho V2 vault on Katana, created on May 25, 2026. It takes vbUSDC deposits and lends them to borrowers in 3 Morpho markets. The curator, Yearn, decides which markets it may use and how much can go into each.
It holds $1.93M (1.93M vbUSDC) from 12 depositors and pays a net APY of 8.00% after its 10% performance fee. Over the last 30 days depositors actually earned 2.10% a year. About 5.97% of today's rate comes from KAT rewards, which can stop at any time.
Its largest position is vbWBTC / vbUSDC at 43% of its deposits, followed by weETH / vbUSDC (39%) and vbETH / vbUSDC (17%). Counting every market, its loans are backed mainly by weETH (39%), vbWBTC (39%) and vbETH (19%). 34% 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 4-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Yearn Degen USDC: quick answers
What is the APY of Yearn Degen USDC on Katana?
Yearn Degen USDC pays 8.00% net APY right now, after its fees and including 5.97% of rewards. Measured from the growth of its share price, it paid 2.10% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Yearn Degen USDC lend against?
It lends vbUSDC through 3 Morpho markets. The biggest is vbWBTC / vbUSDC with 43% of its deposits. Overall its loans are backed mainly by weETH (39%), vbWBTC (39%) and vbETH (19%).
Can I withdraw from Yearn Degen USDC right now?
About $653K of its $1.93M in deposits (34%) 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 Yearn Degen USDC and what does it charge?
Yearn 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 Yearn Degen 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. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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