The yield comes from Morpho, an open lending protocol. Money put to work flows into strategies built by third-party risk teams, currently Steakhouse Financial and Gauntlet, according to the Google Play listing. Borrowers post collateral worth more than their loans, and the interest they pay becomes the saver’s yield. The rate is set by the lending market, not by Unflat.
Unflat describes itself as non-custodial software. Its website says users’ money stays in a wallet only they control, and that deposits, yield and cover are recorded publicly on the Base blockchain. The company was founded by Alessandro Prandini (CEO) and Giacomo Dotto (COO) and grew out of Bocconi for Innovation (B4i), according to the same page.
The 7% figure is a ceiling, not a guarantee
The advertised yield is not fixed. Unflat’s own explainer says historical yield sourced from Morpho has reached up to 7% net APY, and that rates have mostly moved in a 4% to 7% range on the more mature vaults. It also states that the yield is variable and depends on liquidity demand in the market.
The app carries the usual DeFi risks. Unflat is not a bank, and balances are not covered by any government deposit guarantee scheme, the Google Play listing states. It adds that users can lose money. Optional onchain cover from OpenCover and Nexus Mutual is available but switched off by default, per the App Store listing. That cover is discretionary rather than an insurance contract, and a 4% deductible applies.
The pitch targets a gap in European savings. In an interview with Stablecoin Insider, Prandini said the goal is returns that clearly beat the roughly 0.5% APY most European banks currently offer on savings accounts, according to the outlet. The Unflat integration with MoonPay Enterprise is the latest sign that DeFi yield is becoming easier for everyday European savers to reach, though the returns remain variable and capital is at risk.