Morpho Blue — PAPY lending on Ethereum

DeFi LendingMorpho Blue (protocol)Ethereum

YIELD

8.31%

vs SAVINGS

+631bp

RISK

NOT RATED

RANK IN TYPE

0/5

VENUES

—

Peers · DeFi Lending

AVG 4.68% · BENCH 2.00%

TICKER	ISSUER	YIELD	vs SAV	RISK	MIN
MORPHO	Morpho (vaults by curators)	~4-8%	+600bp	MEDIUM	None
JUP-LEND	Jupiter (protocol)	~4%	+200bp	MEDIUM	None
USDD-JL	JustLend DAO (Tron)	~4%	+200bp	MEDIUM-HIGH	None
AAVE-USDC	Aave (protocol)	~3.8%	+180bp	MEDIUM	None
SPARK	Spark (Sky ecosystem)	~3.6%	+160bp	MEDIUM	None

Description

ISSUER DOCS

Morpho Blue (Lending) pool for PAPY on Ethereum: 8.31% APY (4.51% base + 3.79% in reward tokens) on $18.6M deposited, as read by DefiLlama on 2026-10-17; 30-day average 8.12%. Paid in the deposited asset, whose price moves. Smart-contract risk applies. Figures from DefiLlama’s open yields data, refreshed daily.

Buying · Q&A

1 QUESTIONS

How do I buy DL-MORPHOBLUE-PAPY-ETHEREUM?+

Deposit through Morpho Blue (app.morpho.org) from a self-custody wallet. The token runs on Ethereum.

Where to trade

SECONDARY MARKET

No market data for DL-MORPHOBLUE-PAPY-ETHEREUM yet — buy through the issuer below.

Issuer · primary market

SUBSCRIBE / REDEEM

Morpho Blue (protocol)

Deposit through Morpho Blue (app.morpho.org) from a self-custody wallet

MIN

None

KYC

Not stated by the source

CUSTODY

Self-custody (smart contract)

GO TO MORPHO BLUE↗

Who may buy is set by the issuer — check their terms. Not investment advice.

Key facts

VERIFIED 2026-10-17

Yield / return: 8.31% (variable, DefiLlama 2026-10-17)
Risk: Not rated (imported)
Minimum: None
Liquidity: Withdraw subject to pool utilization
Custody: Self-custody (smart contract)
KYC: Not stated by the source
Verified: 2026-10-17

Details

Issuer: Morpho Blue (protocol)
Type: DeFi Lending
Category: DeFi Lending
Yield source: Interest paid by borrowers
Network: Ethereum
Jurisdiction: Decentralized protocol
AUM: $18.6M

Spread to savings

MORPHO

+600

JUP-LEND

+200

USDD-JL

+200

AAVE-USDC

+180

SPARK

+160