Bitget's yield vaults on Morph, built with Gauntlet and Morpho, have reached a combined $55 million in total value locked one week after launch.
The bgBTC yield product went live on Bitget Exchange on July 31, followed by a USDC strategy on August 3 through the self-custodial Bitget Wallet. Onchain data shows roughly $32.1 million in BTC collateralized against the bgBTC vault, with $12.1 million in USDC borrowed against that collateral, and a separate $23.2 million deposited in a Gauntlet-managed vault on Morph. Morph provides the infrastructure connecting Bitget users to vault strategies that Gauntlet designs and manages, while Morpho supplies the underlying credit network.
The launch, announced jointly by the three companies on July 31, offers USDC depositors up to roughly 18% APY and bgBTC holders around 3%, with Chainlink's Cross-Chain Interoperability Protocol handling bgBTC transfers between Morph's Layer 2 and other chains.
"The future isn't about forcing users to learn new systems. It's about bringing opportunities to where users already are," Bitget CEO Gracy Chen said in the announcement. "By integrating onchain yield directly into the Bitget experience, we're removing friction between holding BTC and putting it to work."
Kate Wong, Morph's liquidity and DeFi lead, told Blockhead that the pace of early adoption signals that demand for onchain yield among centralized exchange users is genuine.
"We can ensure our products are built for that demand by collaborating with trusted curators and credit networks," Wong said. "The next phase is scaling that same model across more assets and more of the products people touch every day, so that digital assets no longer have to sit idle but can be put to work."
Morpho, which holds more than $11 billion in deposits and counts Coinbase, Bitwise and Société Générale among its institutional partners, is the credit network underwriting Gauntlet's vaults. Gauntlet itself manages more than $1.5 billion onchain across over 150 integrations, and Matt Dobel, the firm's VP of growth, said the Bitget deployment reflects the scale it's building toward.
Whether $55 million in TVL after one week holds up as a durable base, or reflects early-adopter incentives around a new yield product, will be the more telling number in the months ahead — particularly as Morph and Gauntlet look to extend the same vault model to other assets.
