Earn
Your dollars at work in open lending markets while they wait to be spent.
Greenwood Earn puts your dollars to work in open lending markets while they wait to be spent.
Where the yield comes from#
Deposits go into a curated USDG vault on Morpho, a lending protocol that runs entirely onchain. The vault lends USDG to overcollateralized borrowers. Rates are set by supply and demand in the market and verifiable onchain.
This is public infrastructure. What Greenwood adds is that the earning balance and the spending balance are the same balance. Your money earns until you remove it from earning.
What we charge#
Nothing, until the vault earns more than 3%.
Above that, we keep a share of the excess and you keep the rest. The share depends on your tier and falls as your holdings grow.
| Tier | Our share above 3% | You keep, at a 7% vault rate |
|---|---|---|
| Seed | 30% | 5.80% |
| Bloom | 20% | 6.20% |
| Harvest | 10% | 6.60% |
| Perennial | 0% | 7.00% |
How it behaves in the app#
- Compounds every second. Your position accrues continuously.
- No lockup and no notice period. Withdrawals are onchain transactions.
- Full transparency. Your position is vault shares you hold in your own account. The app computes your balance from the chain, not from a database we control.
Disclaimers#
The current vault rate is around 7% estimated APY. It is variable, it moves with the market, and it is not guaranteed. Past performance does not predict future returns. Yield comes from third-party onchain protocols, not from Greenwood, and your deposit is not a bank deposit. It is not FDIC or SIPC insured.
Risks#
Four key risks:
- Smart contract risk. Greenwood routes to established, independently audited protocols with substantial operating history. Audits and scale meaningfully reduce risk but do not eliminate it.
- Curator risk. A vault curator decides which markets to lend into. A curator that reaches for yield can lose depositor money, and this has happened elsewhere in the industry. We select conservatively and will say publicly if we change curator or add a second one.
- Withdrawal liquidity. If every dollar in the underlying markets is borrowed, withdrawals can queue until borrowers repay or new deposits arrive. This is uncommon and it is not impossible.
- Bad debt. If a borrower position goes bad and the collateral does not cover it, depositors bear the loss.
Rates rise when borrowing demand is high and fall when it is not, which usually means they fall during market stress. Plan for a range, not a number.