How to Deposit USDC Into a Morpho Vault on Ethereum

381e35

381e35

11/12/2026

#plugs#morpho#ethereum#usdc#lending#vaults#how to
Morpho is a lending protocol made of many small, separate markets, each pairing one loan asset with one kind of collateral. A Morpho vault lends across a set of those markets for you. You deposit
, and the vault's curator decides which markets it goes into and how much each gets, within limits the vault's contracts enforce.

How a Vault Deposit Works

Morpho vaults follow the ERC-4626 vault standard. When you deposit, the vault mints you shares. The interest it earns raises what each share is worth, so your share count stays the same while the
they redeem for grows. There is nothing to claim.
The curator is the main risk decision. It chooses which collateral the vault lends against, so two
vaults can carry very different risk. The vault in the plug below is Steakhouse USDC on Ethereum, curated by Steakhouse Financial, which held about $75 million when this was written.

Depositing By Hand

  1. Get
    on Ethereum into your wallet, with some
    for gas.
  2. Open Morpho's app, switch to Ethereum, and pick a
    vault. Read which markets it lends into and who curates it.
  3. Approve the vault to move your
    , then deposit.

Deposit With Plug

Use in App
  1. Deposits 100
    into Steakhouse USDC on Ethereum. The approval happens inside the same run.
  2. Shows you how many vault shares the deposit minted.
Change 100 to the amount you want to deposit. To use a different vault, swap it for any other ERC-4626 vault on Ethereum that takes
.

What It Costs

We simulated the plug on Ethereum in November 2026. Depositing 100
minted 87.09 vault shares.
  • The curator's fee. Steakhouse USDC took a 5 percent performance fee from the interest it earned. It was earning 4.29 percent a year before that fee and 4.07 percent after it. Morpho itself charges nothing to deposit or withdraw.
  • Gas. The run used about 1.18 million gas. At 0.15 gwei that came to 0.000179
    , about 34 cents.
Ethereum gas is the same whatever the amount, so on small deposits it eats a real share of the first year's interest. On Base the same kind of deposit costs about a cent.

Related

  • How to deposit USDC into a Morpho vault on Base covers the same thing on Base, where gas is far cheaper.
  • How to withdraw USDC from a Morpho vault on Base covers getting out of a vault.
  • How to bridge USDC from Ethereum to Base covers moving
    to Base first.

Protocols ยท 3

How to Deposit USDC Into a Morpho Vault on BaseHow to Repay a USDC Loan on Aave on Base

How to Deposit USDC Into a Morpho Vault on Ethereum

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