RockawayX, the global digital asset investment firm with over $2 billion in assets under management, has launched three curated vaults on Morpho, a leading permissionless lending protocol on Ethereum with more than $11 billion in total deposits. 

The three vaults (USDC Prime, USDC Yield, and wETH) deliver diversified lending exposure across multiple borrower markets through a single deposit, with RockawayX handling the selection and risk management behind the scenes.

RockawayX’s vaults on Morpho follow a long history with the firm across our verticals. Our venture arm backed its early $50M funding round alongside a16z and Coinbase Ventures, our market-neutral vertical has operated as an active liquidity provider, and we’ve built institutional credit facilities directly on Morpho’s infrastructure. This cross-functional involvement gives us a deeper understanding of how Morpho’s markets behave across conditions and how to structure lending strategies that prioritize consistency, capital preservation, and long-term performance for vault depositors. 

The vaults are also backed by our wealth of institutional Defi credit experience.

To date, we’ve deployed over $1 billion in liquidity across more than 50 DeFi protocols, and our market-neutral strategy has run for over five years with zero down months and no counterparty defaults, making us one of the largest liquidity providers across the lending venues that vaults are built on. 

We've now formalised that experience into a dedicated vault curation business, building structured, actively managed onchain products that look more like traditional credit funds than simple lending wrappers.

Today’s launch extends our underwriting, allocation, and risk publication framework to Ethereum vaults and serves as a natural evolution of the shared history we have with Morpho.

Access Vaults - https://app.morpho.org/vaults?curators=rockawayx 

The RockawayX-Curated Morpho Vaults

Onchain lending today can be fragmented across a wide range of markets, collateral types, and counterparties, often requiring active management to maintain performance and manage risk. For the fast-growing sector, the limiting factor is now the ability to effectively underwrite the wave of tokenized assets that have, and are continuing to become, available onchain. As such, the bottleneck has shifted from tokenization itself to the quality of risk assessment, collateral selection, and ongoing monitoring. The RockawayX Morpho Vaults are designed around this premise. 

Instead of exposing users to isolated markets, the vaults apply a curation framework that combines institutional underwriting, continuous monitoring, and transparent risk reporting into a single product. This approach reflects a necessary evolution in onchain asset management, where static, single-asset vault designs are being replaced by continuously managed, multi-asset strategies where allocation, risk management, and execution operate as a continuous, programmatic system. 

Instead of relying on manual intervention or fixed strategies, capital is dynamically allocated and rebalanced based on real-time market conditions and predefined risk frameworks, while maintaining full visibility into how it is deployed. Each Morpho Vault we launch targets a distinct risk-return profile while operating under the same core risk framework. Differentiation among the vaults comes from the underlying collateral and strategy design, with allocations tailored to reflect varying levels of conservatism, yield potential, and market exposure. Through automated allocation and rebalancing, the vaults provide diversified lending exposure across rigorously vetted markets, all accessible through a single deposit.

USDC Prime (Conservative)

The USDC Prime vault is designed as the most conservative offering within the suite, focusing on highly liquid, battle-tested collateral. Allocations are concentrated in BTC and ETH markets, where deep liquidity, robust oracle infrastructure, and long operating histories provide a strong foundation for risk-managed lending.

By prioritizing established assets and mature markets, the strategy aims to deliver stable, consistent yield with minimized exposure to tail risks associated with newer or less-proven collateral types. Position sizing is governed by strict concentration limits, ensuring balanced exposure across selected markets while maintaining high liquidity for efficient deposits and withdrawals.

This vault is suited for depositors seeking a conservative approach to onchain lending, anchored in the most resilient segments of the market.

USDC Yield (Moderate)

The USDC Yield vault is designed to generate higher returns through a broader and more diversified set of collateral and lending markets. In addition to established crypto-native assets, the strategy incorporates exposure to RWA-backed markets, yield-bearing stablecoins, and emerging lending opportunities. LLTVs range from approximately 77% to 91.5%, reflecting a more flexible allocation strategy across varying collateral profiles.

Allocations may include RWA-backed collateral such as FalconX’s institutional credit markets and Maple Finance credit strategies, alongside yield-bearing stablecoins including siUSD (InfinniFi Staked iUSD), stcUSD (Cap’s yield-bearing stablecoin), wrsUSD (Reservoir), and savUSD (Avant Protocol).

This expanded opportunity set introduces sources of yield that are less directly correlated to crypto market cycles, instead driven by real-world revenue streams, credit facilities, and lending activity. In this context, effective underwriting becomes the primary driver of performance, particularly as RWA markets continue to scale.

Given its wider exposure, the USDC Yield vault operates with a moderately higher risk profile relative to USDC Prime. However, all positions remain subject to RockawayX’s evaluation framework, with continuous monitoring of counterparties, collateral quality, and onchain performance. The resulting strategy balances enhanced yield potential with structured risk controls and diversified exposure.

wETH Vault (Conservative)

The wETH vault is designed for users seeking native ETH-denominated yield through a conservative lending strategy. Allocations focus primarily on ETH-correlated collateral, including liquid staking tokens (LSTs) and liquid restaking tokens (LRTs), which maintain close alignment with ETH price movements. Correlated markets operate at up to approximately 94.5% LLTV, enabled by the structural alignment of collateral and borrowed assets.

By concentrating on highly correlated collateral, the vault reduces basis risk and the likelihood of adverse liquidation dynamics that can arise from more heterogeneous asset mixes. This allows for more efficient capital utilization while preserving a strong margin of safety within the overall strategy.

A smaller allocation to BTC markets may be included to enhance diversification, but the core of the portfolio remains anchored in ETH-native assets with deep liquidity and established market structures. As with the other vaults, all positions are actively monitored and rebalanced to maintain alignment with risk parameters and prevailing market conditions.

How The Vaults Work

The vaults operate through a rigorous, vetted, and structured system of automated allocation, continuous rebalancing, and integrated risk controls. Instead of being burdened by managing positions manually, users interact with a single tokenized position that reflects their share of the underlying strategy.

Deposits & Withdrawals

Users deposit USDC or wETH into the vault and receive a liquid vault token representing their proportional share of the underlying portfolio. This token serves as a single access point to the vault’s diversified set of lending positions and accrues yield as the vault generates returns.

Deposits are deployed automatically according to the vault’s allocation strategy, without requiring users to select individual markets or manage positions directly.

Withdrawals can be initiated at any time by redeeming the vault token. Redemptions are processed based on available liquidity across the underlying markets, ensuring that the vault continues to operate efficiently across its deployed positions.

Risk Management & Safeguards

Risk management is structured as a continuous, multi-layered process that combines initial underwriting, real-time monitoring, and automated execution. Each strategy is constructed through rigorous selection of collateral types, venues, and counterparties, supported by ongoing diligence and performance tracking across onchain and off-chain signals.

The vaults operate under a defined risk framework that incorporates multiple control layers, including conservative loan-to-value thresholds, liquidity buffers, and risk-tiered allocation. 

Collateral is evaluated across five core dimensions: token maturity, audit history, DEX liquidity depth, oracle reliability, and governance structure. These criteria inform initial inclusion and dynamic position sizing within the vault.

A system of continuous monitoring and automated rebalancing ensures that allocations remain aligned with evolving market conditions. Positions are adjusted based on changes in utilization, collateral quality, and liquidity to maintain consistent performance while limiting downside exposure.

Borrowers are required to over-collateralize beyond protocol minimums, creating an additional margin of safety for depositors. Position sizing is governed by strict concentration limits, ensuring that no single market or asset dominates overall exposure. 

This combination of underwriting discipline, automated execution, and ongoing oversight is designed to deliver resilient outcomes across market cycles.

Governance & Transparency

The vaults are governed through a structured framework designed to bring institutional reporting standards to onchain lending. 

All parameter changes and strategic updates are subject to a timelock mechanism, with a three-day delay for the USDC Yield and wETH vaults and a seven-day delay for the USDC Prime vault.

An independent guardian multisig retains veto power over pending timelocked actions, introducing an additional layer of oversight to protect depositors and ensure alignment with the vault’s risk mandate.

Transparency is maintained through both real-time visibility and structured reporting. Users can monitor vault composition, market exposure, historical APYs, and key risk metrics through a live dashboard. We also plan to publish frequent curation reports on the Morpho forum outlining performance, allocation rationale, notable risk events, and forward strategy.

Start Earning

The RockawayX Morpho Vaults are available now. 

For users and institutions seeking a more structured approach to onchain lending, the vaults offer a streamlined way to access diversified exposure without managing individual markets, collateral, or counterparties directly. 

As onchain credit markets continue to evolve, the focus is shifting toward more disciplined, transparent, and professionally managed strategies. With this launch, we’re extending our curation framework to a broader set of users, setting an example for how risk-managed lending strategies can be constructed, monitored, and delivered onchain.

Moving forward, the vaults will become accessible to a broader range of users through additional integrations. Stay tuned to RockawayX channels for future updates.

Deposit - https://app.morpho.org/vaults?curators=rockawayx 

About RockawayX

RockawayX is a leading digital asset investment firm operating across venture, liquidity, curation, and infrastructure, with over $2 billion in collective assets under management. Through its evolved approach to on-chain yield, the firm applies institutional-grade credit underwriting to construct, monitor, and manage diversified exposure across stablecoin and real-world asset strategies.

This framework is supported by advanced allocation models, automated risk controls, and real-time opportunity detection, enabling the firm to maintain a zero-default record across CeFi and DeFi lending since 2022.

In periods of heightened market volatility, RockawayX can also deploy proprietary capital to stabilize markets and backstop liquidations. The firm’s market neutral fund has provided > $1bnm in TVL over the last four years.

About Morpho

Morpho is the most trusted onchain lending network with $11B+ in deposits trusted by the world's largest fintechs, banks, and institutions. Businesses can connect to Morpho's open infrastructure to power any lending or borrowing use case at scale, including embedded crypto-backed loans and custom yield solutions.