Core Insights - Bitwise Asset Management has launched a new onchain investor offering through non-custodial vault strategies on Morpho, targeting up to 6% annual percentage yield (APY) on stablecoins, reflecting increasing institutional interest in decentralized finance (DeFi) yield opportunities [1][2][6] Group 1: Strategy Overview - The initial vault strategy is designed to generate yield by investing in overcollateralized lending pools, currently targeting an APY of around 6%, providing exposure to onchain fixed-income-style returns [2][3] - Vaults function as a portfolio of lending positions, allocating capital across programmable strategies to earn digital yield, combining onchain infrastructure with professional oversight [3][5] Group 2: Risk Management and Oversight - The vault curation and risk management will be led by Jonathan Man, emphasizing the complexity of managing onchain risk that has kept many investors from participating [4][5] - Bitwise aims to add value by providing professional guidance and risk management experience to these non-custodial tools, leveraging its 140-person team of investment and technology professionals [5] Group 3: Institutional Demand and Infrastructure - Morpho provides programmable and non-custodial infrastructure for onchain lending and borrowing, with vaults operated through smart contracts [6] - The partnership with Bitwise highlights growing institutional demand for allocating capital onchain through noncustodial infrastructure, with vaults emerging as a core building block of onchain finance strategies [6][7]