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DeFi Earn

Overview

Native Lending allows you to earn yield on supported digital assets directly from the Fireblocks platform by supplying assets to either curated DeFi lending vaults (in the case of Morpho), or to markets (in the case of Aave). Instead of interacting with external protocols manually, Fireblocks provides a secure, integrated experience for depositing assets into vetted lending opportunities and tracking your active positions in one place. In the initial release, lending is supported through curated vaults powered by Morpho, or through markets powered by Aave.

Using DeFi Earn, you can lend your assets for getting yield, and:

  • Browse available earning opportunities
  • Deposit assets into lending vaults and/or markets
  • Withdraw partially or fully at any time (subject to liquidity)
  • Track active lending positions and earned yield
  • Approve lending transactions using standard Fireblocks governance and policy controls

The feature is available from the Earn dashboard.

Supported assets & markets

Note:

Currently, all Native Lending opportunities (Aave markets and Morpho vaults) are supported exclusively on the Ethereum Mainnet. Ensure your assets are held in an Ethereum vault account before attempting to deposit.

Fireblocks Earn currently focuses on high-liquidity stablecoins and institutional-grade lending markets.

Morpho curated vaults

Morpho opportunities use a "curator" model where professional risk managers manage the asset allocation and parameters.

Sentora PYUSD Main: 

  • Asset: PYUSD (PayPal USD)
  • Curator: Sentora
  • Description: A curated vault focused on stable yield for PayPal's stablecoin.

Galaxy USDC Quality:

  • Asset: USDC (USD Coin)
  • Curator: Galaxy
  • Description: A curated vault focused on stable yield for USDC stablecoin.

Galaxy USDT Quality:

  • Asset: USDT (USDT Coin)
  • Curator: Galaxy
  • Description: A curated vault focused on stable yield for USDT stablecoin.

Galaxy WETH Quality:

  • Asset: WETH (Wrapped Ethereum)
  • Curator: Galaxy
  • Description: A curated vault focused on stable yield for WETH.

Aave direct markets

All Aave opportunities utilize Aave V3 markets, providing direct interaction with decentralized liquidity pools. Supported assets include:

Aave V3 market

  • PYUSD (PayPal USD)
  • USDC (USD Coin)
  • USDT (Tether USD)
  • USDe (Ethena)
  • RLUSD (Ripple USD)
  • WBTC (Wrapped Bitcoin)
  • WETH (Wrapped Ethereum)

Aave Horizon

  • USDC (USD Coin)
  • RLUSD (Ripple USD)

How Native Lending works

You can lend assets by selecting an opportunity which can be either a Morpho curated vault or an AAVE market. The process is:

  1. Your assets are supplied to the selected opportunity.
  2. Borrowers pay interest.
  3. Yield accrues automatically to your position.

Fireblocks does not custody or manage lending strategies directly. Lending execution occurs through smart contracts operated by the underlying protocol.

Before you begin

Make sure the following requirements are met:

  • A Transaction Authorization Policy (TAP) allows:
    • An approve rule
    • Approve transactions
    • Contract call transactions
  • You create a Policy rule with the official lending protocol contracts as the Destination. When creating the rule, go to Destination and select the appropriate Predefined Destinations from the list.
  • Your vault account holds a supported asset.

Deposit assets

You can start lending from the Earn dashboard.

To deposit assets

  1. Go to Earn.
  2. Select Start earning or Deposit.
  3. Select a lending opportunity.
  4. Review vault details, including:
    • Asset & Protocol (e.g., ETH on Aave)
    • APY & Liquidity (Current yield and total withdrawable assets)
    • Curator (For Morpho vaults only)
    • Fees (Any applicable management or performance fees)
  5. Enter the deposit amount.
  6. Select the source vault account.
  7. Select Deposit.

The deposit requires two approvals:

Step 1: Approve

Authorizes the protocol to access the specified asset.

Step 2: Contract call

Executes the deposit into the lending vault.

Approvers and signers review and authorize both transactions according to your workspace’s configured approval methods (such as the Fireblocks Console or Mobile App).

After completion:

  • The deposited amount is moved into the lending vault or market.
  • Your vault balance decreases accordingly.
  • The position appears in the Earn dashboard as Active.

Note:

To complete the deposit, you must approve two consecutive transactions: first a Permit to authorize the asset, followed by a Contract Call to supply the funds.

Add funds to an existing position

You can increase an existing lending position at any time.

When adding funds:

  • The deposit screen opens with the same vault and asset preselected.
  • Deposited funds are added to the existing position.
  • Changing the vault or asset creates a new position instead.

Withdraw assets

You can withdraw funds partially or fully from a lending opportunity.

To withdraw assets

  1. Go to Earn.
  2. Locate your active position.
  3. Select Withdraw.
  4. Enter the withdrawal amount:
    • Partial withdrawal keeps the position active.
    • Full withdrawal closes the position.
  5. Confirm the transaction.

As with deposits, withdrawal requires:

  1. Approve authorization
  2. Contract call execution

After approval:

  • The withdrawal transactions appear in Recent activity and in the transaction history.
  • Funds return to your vault account once completed.

Under normal market conditions, withdrawals are processed quickly. However, delays may occur if vault liquidity is temporarily unavailable. Note that yield continues to accrue on any remaining balance after a partial withdrawal. A full withdrawal closes the position and stops all future yield generation.

Note:

Unlike staking, funds have no lockup or unbonding period. Withdrawals are available immediately, subject to liquidity conditions.

Track lending positions

The Earn dashboard displays all active positions, including:

  • Opportunity
  • Balance (the current value of your position, including accrued yield)
  • Protocol
  • Vault account
  • Deposit date
  • Activation status

You can monitor performance and manage positions directly from this view. The dashboard also aggregates multiple positions across different vaults and providers into a single management interface.

Fees

Depositing to lending may include the following fees, which are displayed before confirming a deposit.
  • Network fees: blockchain gas costs for approving tokens, depositing, and withdrawing. Paid to validators, not to Morpho, Aave, or a curator.
  • Performance fee: a share of the yield a vault earns. Applies only when the position is in earning mode, and scales with vault performance.
  • Management fee: an ongoing fee for running the vault, expressed as an annual rate on deposited assets.
  • Gross vs. net APY: The APY displayed in Fireblocks is the net rate — the return after performance and management fees are deducted. Gross APY is the return before fees. Higher fees lower the net APY relative to gross APY under the same market conditions.
  • Reserve factor: The percentage of interest fees allocated to Aave's collector.

All applicable fees are displayed before confirming a deposit.

Risks and considerations

Lending through DeFi protocols involves risk.

Potential risks include:

  • Liquidity risk
    If available liquidity is fully utilized, withdrawals may take longer to process.
  • Vault strategy risk
    Vault allocation strategies are managed externally and may change over time.
  • Smart contract risk
    Protocol vulnerabilities or exploits may impact deposited funds.
  • Market risk
    Extreme market conditions may affect lending performance.

You should evaluate each opportunity carefully before depositing assets.

Supported providers

  • Morpho curated lending vaults
  • Aave markets
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