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The vault is the hands-off path. Direct lending is the hands-on one: pick a single market and supply USDG straight into it, earning that market’s supply APR.

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When it makes sense

  • You have a view on one specific market — say, you expect NVDA borrowing demand and want that yield specifically.
  • You want exposure beyond the vault’s caps, which bound the vault’s allocation but not yours.
  • You want to be your own risk manager instead of delegating allocation to the vault’s curator.

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How to lend directly

1

Open the market card

In the app, each market card shows its Supply APR and Utilization — the two numbers that determine what direct lenders actually earn.
2

Press Lend USDG

Enter an amount and confirm (approval + supply). Your position accrues that market’s interest from the next block.
3

Withdraw anytime there is liquidity

Withdrawals draw on the market’s unborrowed liquidity, exactly like vault exits.

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Read the APR correctly

The headline borrow rate is what borrowers pay — lenders earn it only in proportion to how much of the pool is actually borrowed:
A market at 0% utilization pays lenders ~nothing regardless of its borrow rate. Supplying more USDG to a market lowers its utilization — so piling into the “highest APR” market pushes that APR down. The equilibrium thinking is what the vault’s allocator automates; direct lenders do it by hand.
No vault cap protects a direct position. You carry the market’s isolated risk in full: if that one market eats bad debt, direct lenders share the write-off pro rata with the vault’s allocation there. For capped, curated exposure use the vault instead.