A Morpho Vault V2 position value and its available withdrawal liquidity measure different things. Shares represent a depositor's claim on vault assets. A standard withdrawal uses idle funds, followed by the selected liquidity adapter. A large vault can therefore have only part of its total assets available through that route.
Here is how to choose and exit a vault using Keyrock USDC on Ethereum. On 19 October 2026, it held 8.26 million USDC in total assets, with about 1.69 million USDC available to the standard withdrawal route.
Identify the vault before choosing a rate
Vaults are A program recorded on a blockchain. It performs defined actions with funds and data when called, such as exchanging tokens according to an application’s rules. that accept an asset and issue shares to depositors, then put the funds to work under a selected strategy. For Keyrock USDC, the deposit and standard withdrawal asset is USDC on Ethereum Mainnet. Its shares are called kUSDC.
| Parameter | Keyrock USDC |
|---|---|
| Version | Morpho Vault V2, 2.0 |
| Network | Ethereum Mainnet |
| Deposit asset | USDC |
| Vault share | kUSDC |
| Vault address | 0x04422053aDDbc9bB2759b248B574e3FCA76Bc145 |
The name helps you find the product; its network and address distinguish it from similar listings. Open the Keyrock USDC page in the Morpho app.
A curator sets permitted strategies, allocation limits and fees. An adapter connects the vault to a yield source and reports the value of its positions. A separate role, the allocator, distributes funds. In lending markets, borrowers' interest supplies the income.
These settings matter alongside the rate. A cap limits exposure to a market or a shared risk factor; several caps can apply together. Access rules, called gates, can control who receives shares or withdrawn assets. Keyrock USDC had no gates configured in the settings checked on 19 October.
The Morpho hub explains the wider market and vault structure. This interactive map compares a vault deposit with direct lending and borrowing:
Read shares and fee bases
A USDC deposit buys kUSDC at the current ratio of shares to assets. Interest changes the value of each share. Fees and losses also affect how much USDC a depositor's shares represent.
On 19 October, one whole share was worth approximately 1.0619629708 USDC. A hypothetical 1 000 shares represented about 1 061.962970 USDC, rounded down to six decimal places. Calculating that depositor's return requires comparing this value with the USDC spent to acquire those shares.
Keyrock USDC's performance fee was 5% of yield: 100 USDC of strategy yield gives a 5 USDC fee. V2 also supports a management fee, calculated on vault assets over time. Compare the charging bases alongside the percentages.
Why 8.26 million USDC was not immediately withdrawable
These Keyrock USDC figures are from 19 October 2026: assets and allocations at Ethereum block 26 227 451.
| Measure | USDC |
|---|---|
| Total vault assets | 8 260 243.463012 |
| Idle funds in the vault | 0.654184 |
| Vault position in the selected withdrawal market | 1 691 690.107804 |
| Available to the standard withdrawal route | 1 691 690.761988 |
The calculation is 0.654184 + 1 691 690.107804 = 1 691 690.761988 USDC, around 20.48% of total assets. The remaining funds were allocated outside that standard route.
The selected adapter draws from one lending market. Withdrawals use idle USDC first, then available funds from that market. There is no automatic fallthrough to other markets as in a Vault V1 withdrawal queue. Market liquidity matters too: USDC already lent to borrowers cannot simultaneously be returned to a depositor.
A hypothetical 2 000 000 USDC request would have exceeded that standard liquidity by 308 309.238012 USDC. The available 1.69 million was shared across the vault and changes with other transactions. An individual's claim also depends on their share balance.
Get USDC back
Open the same Keyrock USDC page, connect your Ethereum wallet and select withdrawal from your position. The contract supports two ways to specify the amount: withdraw sets the USDC amount, while redeem sets the number of shares to burn. The interface prepares the wallet transaction; its important figures are USDC received, shares spent and the estimated network fee.
A successful transaction burns shares and sends USDC to the recipient on Ethereum. When available liquidity is below the selected amount, a smaller withdrawal or waiting for repayments and allocator reallocation are possible routes.
V2 also offers forceDeallocate: anyone can trigger movement of an adapter's available funds into the vault's idle balance. On 19 October, the selected adapter's penalty was 0.5% of the deallocated amount, paid in the depositor's shares. For a hypothetical 1 000 USDC, that means shares worth 5 USDC before rounding. This penalty applies to forced reallocation; standard withdrawal is a separate operation.
This call uses available adapter liquidity. When funds are tied up in loans, a more involved in-kind exit can deliver a direct position in the underlying protocol. The depositor then holds that position with its own redemption conditions. This route requires a separate transaction sequence; a standard withdrawal screen need not offer it as a single button.
USDC on Ethereum and ETH for transactions
This vault accepts USDC on Ethereum Mainnet at contract 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48. ETH in the same wallet pays network fees for approval, deposit and withdrawal transactions.
The table compares sending ETH and USDC from an exchange to Ethereum, showing exchange withdrawal fees and their update times. An exchange withdrawal charge, a Morpho transaction's network fee and vault fees pay for different actions.
Withdrawal fees to Ethereum
| Exchange | Network on the exchange | Fee | Minimum | Withdrawals | Withdraw |
|---|---|---|---|---|---|
| MEXC | ETHEREUM(ERC20) | 0.000024 ETH | 0.001 ETH | Open | Withdraw |
| Bitget | ETH | 0.00004325 ETH | 0.00216234 ETH | Open | Withdraw |
| OKX | ERC20 | 0.000072 ETH | 0.001 ETH | Open | Withdraw |
| Kraken | ETHEREUM | 0.00014 ETH | 0.000168 ETH | Open | Withdraw |
| Binance | ETH | 0.00015 ETH | 0.002 ETH | Open | Withdraw |
| Bybit | ETH | 0.0003 ETH | 0.0015 ETH | Open | Withdraw |
| BingX | ERC20 | 0.0004 ETH | 0.002017 ETH | Open | Withdraw |
| Gate.io | ETH | 0.000424 ETH | 0.002 ETH | Open | Withdraw |
| HTX | ETH | 0.0005 ETH | 0.0001 ETH | Open | Withdraw |
| KuCoin | ERC20 | 0.0015 ETH | 0.003 ETH | Open | Withdraw |
| Upbit | ETH | 0.007 ETH | 0.0001 ETH | Open | Withdraw |
| MEXC | ETHEREUM(ERC20) | 0.17 USDC | 2 USDC | Open | Withdraw |
| Binance | ETH | 0.6 USDC | 5 USDC | Open | Withdraw |
| Kraken | ETHEREUM | 0.6071 USDC | 0.72852 USDC | Open | Withdraw |
| Bybit | ETH | 0.8 USDC | 6 USDC | Open | Withdraw |
| Gate.io | ETH | 0.999 USDC | 0.01 USDC | Open | Withdraw |
| BingX | ERC20 | 1 USDC | 4.996603 USDC | Open | Withdraw |
| Upbit | ETH | 1 USDC | 1 USDC | Open | Withdraw |
| HTX | ERC20 | 1.163622 USDC | 2 USDC | Open | Withdraw |
| Bitget | ERC20 | 1.997424 USDC | 4.993558 USDC | Open | Withdraw |
| KuCoin | ERC20 | — | 1 USDC | Open | Withdraw |
After redemption, USDC remains on Ethereum. Sending it to an exchange uses that exchange's USDC deposit address for this network. See the Ethereum overview for more about the network.
You do not need MORPHO to deposit into this vault: the deposit uses USDC and transactions use ETH.