Every dollar market on this chain prices borrowing off how full it is, so a deposit big enough to matter changes its own answer the moment it lands. Sheaf divides yours across Morpho's markets until the last dollar into each one earns the same, and sends the whole thing as a single transaction.
However many markets the money is divided between, your wallet asks you for the same two things — and the first only happens once per amount.
Tick the stocks you are willing to stand behind. A Morpho market lends against exactly one of them, so the choice is real: tick NVDA and your dollars go to people who pledged NVDA, and to nobody else.
One approval, for exactly the deposit and not a cent more, to Morpho's own GeneralAdapter1. Sheaf has no contract in the path and never holds your money.
Bundler3 pulls the dollars in and supplies every leg into its market, credited to your address. The legs sum to the deposit exactly, so nothing is left behind in the adapter.
Morpho's Adaptive Curve sets the borrow rate from one number: the share of a market that has been lent out. Below 90% the curve is shallow; above it, four times as steep.
At the best division of a deposit, every market used has been pushed to the same marginal rate: the next dollar would earn the same wherever it went. If it would not, moving a little money would pay for itself — so the division was not the best one.
That turns a search over every possible division into a search for one number, which is a bisection. Sheaf runs it on a port of Morpho's own arithmetic, in the page, so a hundred candidate divisions cost nothing and no rate on this site was ever guessed at.
Below a few thousand dollars the answer is usually a single market, and Sheaf says so rather than splitting for the look of it.
The second figure is the one that matters and the one nobody quotes. Read from Morpho at a single block and accrued to that block's own timestamp.
| Market | Supplied | Lent out | Pays now | With $10,000 in it | LLTV |
|---|---|---|---|---|---|
| Reading the chain… | |||||
A rate is not a gift. Every dollar Sheaf places is lent to somebody who pledged a tokenized stock against it, in a market whose terms were fixed when it was created.
You choose which stocks you stand behind. A market lends against exactly one of them, so ticking NVDA means your dollars go to people who pledged NVDA and nobody else.
Each market has a fixed LLTV — 38.5%, 62.5%, 86% — above which a borrower can be liquidated. A lower line is a thicker cushion, and it is on every row.
A market's oracle decides when a borrower is under water. Sheaf checks each against a price from outside Morpho — Uniswap's own pools — and refuses any that disagrees by more than a quarter.
A withdrawal is paid from the cash a market has not lent. A market at 100% utilization cannot pay you until a borrower repays, so the app shows what is free market by market.
Rates move with utilization, which moves every block. A rate here is what a market is paying at the instant it was read, not a promise about next week.
No contract, no fee, no custody, no upgrade key. Your position belongs to your address on Morpho, and it would still be there if this site disappeared.
withdraw, straight from your wallet. No
adapter, no permission, nothing in between.Sheaf never leaves a standing authorisation on your position.
Every line below is written from a results file a test wrote itself. The last one is there because a gap that reads as silence is the most expensive kind of claim.
ETH comes across Robinhood's own bridge — the canonical route takes about ten minutes, Relay is faster. USDG you can buy with ETH inside the app, in one transaction, through Uniswap's own router.
A borrower's collateral can fall faster than a liquidator can act, and a market can be fully lent out when you want your money back. Both are written on every row in the app rather than in a footnote here. Sheaf is not a bank and there is no deposit insurance behind it.