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Curator

Morpho Curator Concept

A Curator in the Morpho ecosystem is an entity or individuals who configures vault risk parameters and liquidity allocation rules, abstracting risk curation decisions away from depositors.

Curators are specifically responsible for the strategic curation of Vault V2, making key decisions about which adapters and underlying markets to enable, how capital is allocated, and how risk is curated within the vault structure. Their expertise directly impacts vault performance and security.

The Curator's Responsibilities

A Curator's duties revolve around high-level strategic decisions and risk curation across Vault V2 configurations:

  • Strategic Curation: Defining the vault's overall allocation strategy. This includes selecting which protocols, markets, or asset types are permissible for allocation.
  • Risk Parameterization: Setting and maintaining the risk boundaries for the vault. This involves defining exposure limits (caps) to various risk factors to protect depositor capital.
  • Appointing Allocators: In Vault V2, the Curator is responsible for appointing the Allocator(s) who will execute allocations within the established risk framework.
  • Setting Core Vault Mechanics: In Vault V2, the Curator also controls crucial mechanisms like fees and compliance gating.

Crucially, nearly all of a Curator's significant actions are subject to a timelock, providing transparency and giving depositors a window to exit if they disagree with a proposed change.

The Curator's Toolkit in Vault V2

Vault V2 gives curators a flexible set of controls for portfolio construction and risk management:

  • Protocol selection via adapters: Curators decide which approved adapters can route vault capital.
  • Granular risk curation: Absolute and relative caps can be applied to abstract risk identifiers such as collateral, oracle, or protocol exposure.
  • Yield controls: Curators can set maxRate constraints while adapters report current asset values back to the vault.
  • Fee configuration: Curators set performance and management fees together with the corresponding recipients.
  • Compliance controls: Optional gate contracts can enforce onchain deposit, withdrawal, and transfer rules.

Curation within the Vault Role System

The Curator role is designed to be distinct from other vault management functions, creating a clear separation of duties.

  • The Owner is the ultimate authority, with the power to appoint the Curator and Sentinels. The Owner's role is primarily administrative.
  • The Curator defines the strategy and risk boundaries. They decide what is possible within the vault (which protocols, what max exposure).
  • The Allocator is the active execution role. Appointed by the Curator, they operate within the boundaries set by the Curator, deciding how to allocate liquidity among the permitted options.
  • The Sentinel (the evolution of V1's Guardian) is a safety mechanism. It can reactively reduce risk by decreasing caps or deallocating funds, and it can revoke pending timelocked actions from the Curator, acting as a crucial check on their power.

This structure ensures that strategic risk curation is separate from daily portfolio management (Allocation), leading to a more robust and secure system.