Governance & Fees

The Morpho Vaults protocol (formerly known as MetaMorpho) itself is governance-less, meaning Morpho governance is not involved in the operations of the protocol or individual Morpho Vaults.

A Morpho Vault is governed by the owner of the smart contract. As explained in the Role section, the owner can also assign one curator, one guardian, and multiple allocators to help manage the vault.

Morpho DAO can’t take fees on Morpho Vaults but Vaults owners can set a performance fee to their Morpho Vault. The fee works by taking a % of interest generated by the Vault. The maximum performance fee is 50%.