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Glossary

Approval​

An on-chain allowance letting Earn move a token on your behalf. Earn asks for one on USDC (so it can pull your deposit) and one per vault share token (so it can move shares during rebalances, collect the fee, and redeem at close). Manage them on the Vaults page or via revoke.cash. See Approvals and signatures.

Auto-Pilot​

The app's name for Earn's rebalancer. The Auto-Pilot Status card on each strategy page shows what it is doing right now. See Rebalancing.

Bridge​

A cross-chain USDC move via Circle's CCTP v2: burn on the source chain, mint on the destination chain, then deposit. See Cross-chain bridging.

Cycle​

One pass Auto-Pilot makes over a strategy: score eligible vaults, decide whether to move, submit the transaction. Runs every five minutes. See Rebalancing.

Eligible vault​

A vault Auto-Pilot may route your strategy into. It must be on Earn's approved set and clear your strategy's filters: approved by your wallet, not hidden, above your Min vault size and about twice your Min withdrawable liquidity, on one of your chains, and able to accept the deposit. See Vaults.

Forced exit​

An exit that skips the normal Sensitivity and Confirmation window gates: Auto-Pilot leaves a vault on the next check because you hid it or its liquidity fell below your floor. Shown as Force Rebalance in history when it lands in a lower-APY vault. See Rebalancing.

Holding​

A tag on a position whose vault can't cover a withdrawal right now. The position stays put, keeps earning, and is excluded from moves and closes until liquidity returns. See Rebalancing.

Performance fee​

Gas-cost-plus: the gas cost of the rebalance, converted to USDC, times a small per-chain factor. Not a percentage of yield. Taken in shares of the source vault. A principal-erosion guard blocks fees that would push your net value below your original capital (forced exits excepted). No fee on deposits, closes, or idle balances. See Fees and gas.

Position​

Your holding in one vault. A strategy splits its capital equally across the number of vaults you chose at creation, one position per vault.

Rebalance​

A move from one eligible vault to another when a higher-APY vault wins the score. Same-chain or cross-chain (via Circle's CCTP v2). When both qualify together, the cross-chain move runs first. See Rebalancing.

Smart-contract wallet​

A wallet that can sign multiple actions in a single transaction. Earn batches per-vault approvals on wallets that support this in groups of up to ten per transaction. See Supported wallets.

Strategy​

Your auto-rebalancing position. One wallet can own many strategies, each with its own parameters. See Creating a strategy.

USDC​

The US dollar stablecoin issued by Circle. Earn supports USDC only. All deposits, vault holdings, and bridges are USDC.

Vault​

A smart contract that pools deposits and lends them through Morpho's markets. You hold shares; share price rises as borrowers pay interest. See Vaults.

Withdrawable liquidity​

The dollars that can actually be pulled out of a vault right now. Vaults lend most deposits out, so this is usually far less than TVL. Shown per vault with a colored Liquid % tag, and used by every strategy's liquidity floor. See Vaults.