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Adapter Registry

Vault V2 introduces the concept of an Adapter Registry — a smart contract that defines which adapters a vault can use to allocate assets.

Why Registries Matter

Vault V2 is future-proof: any curator can add adapters to deposit assets into external protocols. This flexibility is powerful but also introduces risk: a vault could attract liquidity using the Morpho ecosystem and later redirect funds to other protocols that may be less secure or less aligned with Morpho’s safety and quality standards.

Adapter Registries solve this by giving curators (and end users) a way to lock the vault’s allocation perimeter.

  • Without a registry → any adapter can be added.
  • With a registry → only adapters explicitly approved by that registry can be used.
  • The curator can abdicate the setAdapterRegistry function (by timelocking it forever) to make this restriction permanent and non-custodial.

For implementation details, see the vault-V2-adapter-registries repository.

The Morpho Registry

The Morpho Registry is an official registry maintained by the Morpho governance. It lists adapters approved by the Morpho governance — including Morpho Markets (V1, V2) and Morpho Vaults V1 — and allows new ones to be added over time.

Vaults that:

  1. Set their adapter registry to the Morpho Registry, and
  2. Abdicate the ability to change it

are considered Morpho Vaults V2.

These Morpho vaults V2 gain access to Morpho ecosystem benefits, such as:

  • Eligibility for display and distribution in the Morpho App.
  • Access to Morpho’s support, incentive programs and Prime apps suite.
  • Confidence for depositors that the vault will remain within the Morpho-approved adapter perimeter.

Developers can explore the Morpho Registry contract and other registry implementations in the vault-V2-adapter-registries GitHub repo.

Key Properties

Future proof: vaults can add a new adapter, benefiting from it while preserving the liquidity the vault has built.

Add-only: Once an adapter is approved, it stays; adapters can’t be removed to avoid breaking existing vaults.

Non-custodial guarantees: Users can always exit before any configuration change (thanks to timelocks and in-kind redemptions).

Composable: Builders can create their own registries if they want different adapter rules.