Earn While You Wait

When placing a lend limit order, users can choose to earn the Morpho V1 variable rate while waiting for their order to fill. By enabling the Earn While You Wait feature, lenders earn the prevailing rate from the corresponding Morpho V1 variable-rate market while their order is pending.

When a user places a limit order and enables Earn While You Wait, their funds are automatically deposited into a Metamorpho v1.1 vault, which allocates uniquely to the Morpho V1 variable-rate market. The vault is unmanaged and immutable and can only allocate into one variable rate Morpho V1 market. When the limit order is filled, the funds are programatically withdrawn from the vault and used to execute the fixed rate lend limit order.

Example

Suppose a user places a limit order to lend 10,000 USDC at 8% fixed for 1 month with exposure to cbBTC, and enables Earn While You Wait:

• Immediately, the 10,000 USDC is deposited into the Metamorpho v1.1 vault associated with the cbBTC/USDC variable-rate market, and the user begins earning variable rate.
• When a borrower borrows at 8% in the fixed rate market and the order is executed, the funds are withdrawn from the vault and used to execute the fixed rate lend limit order.