Last updated 6 October 2026.
Mercato (mercato.sh, “Mercato”, “we”) is a website interface. It reads public blockchain data and lets you prepare transactions with smart contracts on Ethereum that are deployed and run by others — mainly Morpho, Curve, Stake DAO, Spectra and Merkl. Using the site means you accept these terms.
We never hold your assets, your keys or your funds. Every transaction is signed in your own wallet and carried out by smart contracts. We cannot reverse, cancel, pause or recover a transaction, and we cannot access or move assets in your wallet.
The protocols Mercato connects to are permissionless: their smart contracts are public, run on Ethereum and can be used by anyone, directly or through any other interface, without Mercato. Mercato USDC is a Morpho Vault V2; you can supply to it and withdraw from it through any interface that supports Morpho vaults, or by calling the contracts yourself.
Mercato USDC is run by a curator. Within the limits the vault contract enforces — the markets it is allowed to use, caps per market, roles and timelocks — the curator decides where the vault lends and how much. That is an active, discretionary role, not an automatic one. Adding a new place the vault may send funds, or raising a cap, takes effect only after the timelock set in the vault (published on Morpho), so you can see it coming and withdraw first, subject to available liquidity. Choosing how much goes to markets already allowed can happen at once.
mcUSDC is your share of Mercato USDC. It is not a stablecoin, not a bank deposit and not insured. Its value in USDC changes with the vault's results and can fall.
Everything on the site is information, not investment, legal or tax advice, and not an offer or solicitation to buy or sell anything. Rates are variable and measured from past on-chain data; they are never a promise of future returns. You decide what to do and you are responsible for it.
You may not use Mercato if you are a person or entity subject to sanctions, or ordinarily resident in or located in a sanctioned or restricted jurisdiction: Cuba, Iran, North Korea, Syria, Russia, Belarus, Myanmar, or the Crimea, Donetsk, Luhansk, Kherson or Zaporizhzhia regions of Ukraine. This includes anyone on a sanctions list kept by the United Nations, the United States (OFAC), the European Union or the United Kingdom. Using a VPN or other means to get around these restrictions is not allowed. The points programme is not open to US persons. You must be old enough to enter into a binding agreement where you live, and you are responsible for the laws that apply to you.
Points are a record kept by Mercato of how you use mcUSDC. They have no monetary value, are not transferable, and give no right to any token, payment or distribution. We may change the rules, correct errors, exclude abuse (including Sybil activity) or end the programme at any time.
Morpho, Curve, Stake DAO, Spectra, Merkl, wallet providers and others are independent; their own terms apply when you use them. Mercato USDC charges the performance fee shown on the Supply page, taken by the vault from yield. The interface itself charges no fee. Network (gas) fees are paid to Ethereum, not to us.
Using DeFi can lose you money, including all of it. Read the risk disclosures before you use the site.
The site is provided “as is” and may be wrong, delayed or unavailable; figures come from third-party sources and may be inaccurate. To the fullest extent the law allows, we are not liable for any loss arising from your use of the site, the smart contracts or third-party services, and our total liability to you for any claim is limited to US$100. Nothing in these terms limits liability that cannot be limited by law.
We may update these terms; the date above shows the latest version, and using the site after a change means you accept it. These terms are governed by the laws of England and Wales. Any dispute will be resolved by binding arbitration under the LCIA Rules, seated in London and conducted in English, on an individual basis — not as part of a class or group action. If any part of these terms cannot be enforced, the rest still applies.
Contact: legal@mercato.sh.