Morpho MAI wallet

What is Morpho MAI (MMAI)?

Deposit into the Morpho MAI vault and what comes back is MMAI, a share of that vault rather than the stablecoin that went in. The vault sits on Base and routes MAI, an overcollateralized dollar-pegged stablecoin, into lending markets on Morpho against various collateral, with Re7 Labs acting as the curator that decides which markets are in scope and at what limits.

The share behaves in a particular way. The number of MMAI in the wallet stays as issued, while the amount of MAI one share redeems for moves with the interest paid in the underlying markets, and can move down if one of those markets takes a loss. A wallet showing the same MMAI figure month after month is therefore working exactly as designed. Getting out means redeeming through the vault for MAI, which depends on the markets not having everything lent out at that moment, so a withdrawal can occasionally have to wait.

Since the position keeps itself current on chain, there is nothing for the holder to sign or refresh in between: the Tangem app reads what Base reports for the address, and the card can stay in a drawer from the deposit until the exit. A holding that maintains itself asks little of the wallet beyond a key that is available when it is finally needed, which a card does well.

Supported networks in Tangem (1): Base.