Earn on your stablecoins,
simply.

It's a deposit option where your money earns yield in Morpho lending markets while covered on-chain by Nexus Mutual against smart contract exploits, oracle failures and stablecoin depegs. unflat is the first European app to offer it. The cover premium is built into the rate you see.

Protocol failures listed in the cover wording: smart contract exploits, oracle failures, severe stablecoin depegs and similar events. It does not cover yield variability or EUR/USD exchange rate moves. Read the wording before depositing: it's public, like everything else.

No, and we're careful with this word. It is discretionary cover provided by Nexus Mutual, a member-owned mutual underwriting on-chain risk since 2019, not regulated insurance. Claims are assessed by mutual members and payouts are public on-chain, but there is no government-backed guarantee behind it.

The cover premium (currently around 1.15% per year, set by Nexus Mutual) is already included in the rate shown for protected deposits. There is no separate purchase and no extra step.

No. The experience is similar to a mobile banking app: you see a balance and earnings. You'll need a Coinbase account to deposit USDC, but no blockchain expertise is required. We handle everything else behind the scenes.

No. European banks currently pay an average of 0.8% APY on savings (ECB, Apr 2026). unflat provides up to 7% APY through overcollateralized DeFi lending via Morpho Protocol. However, deposits are not protected by government guarantee schemes like FITD. That's the tradeoff: higher returns but different risk profile.

Smart contract risk: the code could have a vulnerability, though Morpho has completed 25+ security audits by firms including Trail of Bits and OpenZeppelin. Stablecoin risk: USDC could temporarily lose its dollar peg, though Circle holds reserves in US Treasuries and is attested monthly by Deloitte. These are unlikely but possible. If you choose a protected deposit, cover by Nexus Mutual can pay out in some of these scenarios (see the cover wording), but it is discretionary cover, not a guarantee. Never deposit money you can't afford to lose.

unflat offers up to 7% APY compared to 0.5-1.5% from traditional European banks (ECB, Apr 2026). On a $10,000 deposit, that means earning roughly $450 per year with unflat versus approximately $80 per year with a typical bank. A difference of $370 annually. However, unlike bank deposits insured up to $100,000 under EU directive 2014/49/EU, DeFi deposits carry no such protection.

No. Luna/UST was an algorithmic stablecoin with no real backing. USDC is a fully reserved stablecoin with $70B+ in circulation, backed 1:1 by cash and short-term US Treasury bonds. Reserves are attested monthly by Deloitte. Additionally, all Morpho loans require 120-150% overcollateralization: borrowers must pledge more than they receive.

Currently around 4.5% APY on USDC deposits via Morpho Protocol. Historical yields have ranged from 3.8% to 7% APY over the past 12 months (DefiLlama). On a $10,000 deposit, that's roughly $450/year at current rates, compared to ~$80/year at a typical European bank. Rates are variable and update daily.

unflat charges a 15% performance fee on the yield generated, not on your deposit. If you earn $100 in interest, unflat keeps $15 and you receive $85. There are no deposit fees and no withdrawal fees. The rate shown is always net of fees.

Your deposits are converted to USDC, a stablecoin pegged to the US dollar issued by Circle and attested monthly by Deloitte. This means your savings are denominated in dollars. If the EUR/USD exchange rate changes, your returns in euros may vary slightly. We're working to integrate euro-denominated stablecoins (like EURC) to eliminate this risk.

No. Withdraw anytime: no lockups, no withdrawal fees. Your funds are available instantly.

Every transaction is recorded on-chain and verifiable by anyone. You can check your balance, earnings, and complete history at any time, directly from the dashboard or on Morpho Protocol.

Morpho is a decentralized lending protocol managing over $10 billion in deposits. It has been audited 25+ times by independent firms (Trail of Bits, OpenZeppelin, Spearbit) and has never been exploited in over 3 years. When you deposit on unflat, your funds are lent through Morpho to borrowers who provide collateral exceeding the loan value.

Morpho Protocol has $10B+ in total value locked, has been audited 25+ times by leading security firms including Trail of Bits, OpenZeppelin, Spearbit, and Cantina, and has had zero funds lost to exploits since its launch in 2022. Its core smart contracts are immutable (cannot be upgraded), and each lending market operates independently so problems in one market cannot spread to others.

The iOS and Android app is currently in beta testing. Join the waitlist to be among the first to get access when it launches publicly.

A traditional European savings account pays 0.5-1.5% per year. PayPal offers 4% on PYUSD. unflat offers up to 7% through DeFi lending on Morpho Protocol, with full on-chain transparency: you can verify every transaction in real time. Unlike a bank, your funds are not covered by the deposit guarantee fund (FITD).