Tom Wan Says Robinhood Earn Vault on Morpho Reaches $16 Million TVL

A Robinhood Earn vault managed by Steakhouse Financial on Morpho has reached $16 million in total value locked (TVL) and is offering a 7.1% annual percentage yield (APY), according to Tom Wan, head of data at Entropy Advisors and a former analyst at 21.co. According to Odaily, Wan said 1.7% of the APY comes from the protocol’s own yield, while 5.4% comes from incentive subsidies. Wan added that Robinhood allocates an annual USDG incentive budget of $115 million for the vault. Based on an incentive rate of about 5%, he said this could theoretically support around $2 billion in deposits, implying potential TVL of $1.5 billion to $2.5 billion.