Seamless WETH Vault (Base)smWETH
smWETH, issued by the Morpho Protocol smart contracts under the governance of MORPHO DAO tokenholders, is a lending-token representing a curated ERC4626 vault share entitling the holder to a pro-rata claim on deposited Wrapped Ether (WETH) plus accrued interest. Holders deposit Wrapped Ether (WETH) and receive vault shares whose value rises as interest accrues onchain. Yield combines native interest paid by borrowers, third-party rewards, and MORPHO DAO-voted incentives, and is variable and not guaranteed, fluctuating with market conditions. Borrower interest follows the AdaptiveCurveIRM targeting approximately 90% utilization. The vault may charge a performance fee up to a maximum of 50% of generated yield plus a curator-set management fee. Morpho Association, a French Association registered at 24 rue de Clichy, 75009 Paris (RNA W751263773; SIREN 911 156 933), publishes interfaces but states it does not control, operate, or run the protocols. It discloses no regulator and states it is not subject to supervision under the EU Regulation on Markets in Crypto-Assets (MiCA). The token is not issued by a single corporate entity; the holder's claim is an onchain, non-custodial position against immutable smart contracts. Access is permissionless subject to sanctions and Restricted-Territory screening. Suppliers withdraw the underlying plus accrued interest at any time subject to available market liquidity. Vault shares follow the ERC4626 standard, with WETH backing supplied to isolated, overcollateralized Morpho Markets protected by a liquidation mechanism. Morpho is deployed on Ethereum, Base, Arbitrum, OP Mainnet, Polygon POS, Unichain, World Chain, HyperEVM, Katana, Monad, Stable, and Tempo. Shares mint on deposit and burn on withdrawal; settlement is onchain and effectively immediate subject to liquidity, with accounting maintained entirely onchain.