# unflat

> unflat is a European savings app based in Italy offering smart access to DeFi. Its entry product is a deposit account protected on-chain: deposits earn yield in Morpho Protocol lending markets while covered by Nexus Mutual against smart contract exploits, oracle failures and stablecoin depegs. unflat is the first European app to offer an on-chain protected deposit account. No crypto knowledge is required: unflat handles the complexity, and everything stays verifiable on-chain.

## Company Overview

unflat is a fintech company based in Milano, Italy, building the simplest and safest door into on-chain finance for Europe. The platform is designed for European savers who are tired of earning 0.5% or less at their bank and want access to DeFi yields, without needing to understand cryptocurrency, wallets, or blockchain technology.

The mission is to democratize access to DeFi: the benefits of decentralized finance used to require technical skills and financial expertise, and unflat removes that barrier while keeping full on-chain transparency. The brand motto is "Please don't trust us. Verify what we're telling you."

The entry product is the protected deposit account: a deposit option covered on-chain via Nexus Mutual, designed as the safe first step into DeFi for people who would otherwise stay out. For users who want maximum yield, a standard (uncovered) option is available in the same app.

unflat is currently in early access with a waitlist.

Website: https://unflat.finance
Email: info@unflat.eu

## How It Works, Step by Step

### 1. Deposit USDC

Users add USDC in minutes, via Coinbase or direct blockchain transfer. No crypto experience is required. (European users starting from euros buy USDC first; EURC support is planned as euro stablecoin liquidity grows, to remove the EUR/USD exchange rate exposure.)

### 2. Choose protected or standard

At deposit, the user chooses between:
- **Protected deposit**: the position is covered on-chain by Nexus Mutual against smart contract exploits, oracle failures and severe stablecoin depegs. The cover premium (around 1.15% per year, set by Nexus Mutual) is built into the displayed rate.
- **Standard deposit**: maximum yield (up to 7% APY, historical range), no cover. unflat takes no fee on the yield generated, so the displayed APY is what the user keeps.

### 3. Deployment to Morpho Protocol

Funds work in Morpho Protocol, a decentralized, non-custodial lending protocol. Morpho is:
- Audited 25+ times by independent security firms (Trail of Bits, OpenZeppelin, Spearbit, Cantina)
- Non-custodial (funds are held by smart contracts, not by a company)
- Managing $10B+ in total deposits
- Exploit-free since launch in 2022, with immutable core contracts

### 4. Yield Generation

Yield comes from interest paid by borrowers on Morpho Protocol. All loans are overcollateralized: borrowers pledge 120-150%+ of what they borrow, and positions are liquidated automatically if collateral value drops. Interest accrues every second and is visible in real time in the app.

### 5. Withdrawal

Users can withdraw anytime. No lockups, no deposit fees, no withdrawal fees. Funds always stay in the user's own wallet: unflat never takes custody.

### 6. On-Chain Transparency

Every deposit, every yield and every cover position lives on-chain and can be verified by anyone at any time, directly on Morpho Protocol and Nexus Mutual. unflat names its protocol (Morpho), its cover provider (Nexus Mutual) and its fee.

## The Protected Deposit Account

- unflat is the first European app to offer a deposit account protected on-chain.
- Cover is provided by Nexus Mutual, a member-owned mutual underwriting on-chain risk since 2019, with claims paid publicly on-chain.
- Cover scope: smart contract exploits, oracle failures, severe stablecoin depegs and similar protocol failures listed in the cover wording (Nexus Mutual product 412).
- The cover does NOT protect against yield variability or EUR/USD exchange rate moves.
- The premium is built into the rate shown: no separate purchase, no hidden steps.
- Important: the protection is discretionary cover provided by Nexus Mutual, not regulated insurance and not a guarantee. Cover wording: https://app.nexusmutual.io/cover/product/412/cover-wording

## Key Features

### No Crypto Knowledge Required
The experience feels like a mobile banking app: a balance, earnings in real time, deposits and withdrawals. unflat handles the blockchain complexity behind the scenes.

### Protection First
The protected deposit account is the entry product. It is designed for savers who want the upside of DeFi yields with tail risks transferred to an on-chain cover provider.

### Full Transparency
Unlike traditional banks where money disappears into opaque balance sheets, unflat provides on-chain proof of where funds are deployed. Anyone can verify deposits, yields and cover positions.

### Fair, Simple Pricing
- No fee on the yield generated: no performance fee, no management fee, no subscription. What the rate says is what the user keeps.
- On protected deposits, the Nexus Mutual cover premium is built into the rate. It is paid to the cover provider, not to unflat.
- No deposit fees, no withdrawal fees. Payment and on-ramp providers may apply their own.

### Powered by Proven Infrastructure
- **Morpho Protocol**: $10B+ in deposits, 25+ audits, zero exploits since launch
- **Nexus Mutual**: on-chain cover provider since 2019
- **USDC by Circle**: fully reserved, dollar-pegged stablecoin, attested monthly by Grant Thornton

### Yield
Standard deposits have historically yielded approximately 4-7% APY net, depending on market conditions. Protected deposits yield less (the cover premium is deducted) but still more than typical European bank savings rates of 0.5-1.5%. All rates are variable.

## Frequently Asked Questions

### Who is unflat for?
European savers who want their money to earn more than at a traditional bank, without learning crypto. Both for people new to DeFi (protected deposit account) and for yield-focused users (standard deposit).

### What is the protected deposit account?
A deposit option where funds earn yield in Morpho lending markets while covered on-chain by Nexus Mutual against smart contract exploits, oracle failures and stablecoin depegs. The premium is built into the rate.

### Is the protection regulated insurance?
No. It is discretionary cover provided by Nexus Mutual, a member-owned mutual. Claims are assessed by mutual members and payouts are public on-chain, but there is no government-backed guarantee.

### Is unflat a bank?
No. unflat is not a bank, and deposits are not protected by FITD, FDIC, or any equivalent government deposit guarantee scheme.

### How does unflat generate yield?
Yield comes from interest paid by overcollateralized borrowers on Morpho Protocol. That interest is passed on to depositors.

### What is USDC?
USDC (USD Coin) is a stablecoin designed to maintain a 1:1 peg with the US dollar, issued by Circle. Reserves are held in cash and short-duration US Treasury bonds and attested monthly.

### What is Morpho Protocol?
Morpho is a decentralized lending protocol. It has been audited 25+ times, manages $10B+ in deposits, and has had no security exploits since launch. Its core smart contracts are immutable and each lending market is isolated.

### What are the risks?
- **Smart contract risk**: bugs in protocol code could lead to loss of funds (the protected option transfers part of this risk to Nexus Mutual cover)
- **Stablecoin risk**: USDC could lose its dollar peg
- **Market risk**: yield rates fluctuate and could decrease significantly
- **Regulatory risk**: changes in regulation could impact the service
- **Currency risk**: EUR/USD exchange rate fluctuations affect euro-denominated returns
- **No deposit insurance**: deposits are not government-insured; the on-chain cover is discretionary and scope-limited

This is not financial advice. Users should only deposit what they can afford to lose.

### Can I withdraw anytime?
Yes. No lockup periods, no withdrawal fees.

### Is my money safe?
unflat cannot guarantee the safety of deposits. Morpho has a strong security track record, USDC is a regulated stablecoin, and the protected option adds Nexus Mutual cover for specific failure scenarios. Still, all the risks above apply. Deposits are not protected by government deposit guarantee schemes.

### How do I verify where my money is?
Every transaction is recorded on-chain. Users can verify balances, yields and cover positions at any time on Morpho Protocol and Nexus Mutual, directly or via the links in the app.

### What countries are supported?
unflat is designed for European users. Specific country availability may vary; check the website for current details.

## About Morpho Protocol

Morpho is a decentralized, non-custodial lending protocol and one of the leading DeFi lending platforms by total value locked.

Key facts:
- **Total deposits**: $10B+
- **Security**: 25+ audits by independent firms (Trail of Bits, OpenZeppelin, Spearbit, Cantina)
- **Track record**: no exploits since launch in 2022
- **Architecture**: immutable core contracts; each lending market operates independently
- **Overcollateralization**: borrowers must pledge more value than they borrow
- **Non-custodial**: funds are held by smart contracts, not by any single company

## About Nexus Mutual

Nexus Mutual is a member-owned mutual providing discretionary cover for on-chain risks since 2019.

Key facts:
- **Model**: members assess claims and payouts are executed publicly on-chain
- **Track record**: the longest-running on-chain cover provider, with billions underwritten
- **Role for unflat**: covers protected deposit positions against smart contract exploits, oracle failures, severe stablecoin depegs and similar protocol failures (product 412)
- **Important**: discretionary cover, not regulated insurance

## About USDC

USDC (USD Coin) is a stablecoin issued by Circle, a regulated financial technology company.

Key facts:
- **Peg**: 1 USDC = 1 US dollar
- **Reserves**: cash and short-duration US Treasury bonds at regulated financial institutions
- **Transparency**: reserve holdings attested monthly by Grant Thornton
- **Market cap**: one of the largest stablecoins by market capitalization

## Risk Disclosure Summary

unflat is not a bank. Deposits are not insured by any government deposit guarantee scheme. On-chain protection on protected deposits is discretionary cover provided via Nexus Mutual, not regulated insurance and not a guarantee. Past performance and yield rates do not guarantee future returns. APY is variable and depends on market conditions.

Users are exposed to multiple risks including smart contract risk, stablecoin depegging risk, market risk, regulatory risk, and currency risk (EUR/USD fluctuation). Users should read the full risk disclosure before depositing and should only deposit funds they can afford to lose.

This content is for informational purposes only and does not constitute financial advice.

Full risk disclosure: https://unflat.gitbook.io/unflat-docs

## Links

- [Homepage](https://unflat.finance): Main landing page with product overview and waitlist signup
- [Docs](https://unflat.gitbook.io/unflat-docs): Official documentation for mechanics, risk disclosure, protocols, security, and technical details
- [Blog](https://unflat.finance/blog/): Articles about the product, DeFi, and savings
- [Cover wording](https://app.nexusmutual.io/cover/product/412/cover-wording): Full Nexus Mutual cover terms for protected deposits
- [Terms of Service](https://unflat.finance/terms.html): Legal terms and conditions
- [Privacy Policy](https://unflat.finance/privacy.html): Data handling and privacy practices

## Contact

- Email: info@unflat.eu
- Website: https://unflat.finance