Skip to main content

Roles & Capabilities

This section describes the different roles and capabilities of the Morpho Vaults (formerly known as MetaMorpho) Contract.

Owner​

  • Only a single address can have this role.
  • Capabilities:
    • Change owner (2 steps: the new owner has to accept ownership).
    • Renounce ownership.
    • Set the curator.
    • Add/remove addresses with the allocator role (including the Public Allocator).
    • [Time-locked] Set the guardian.
    • Increase the timelock duration for every time-locked function.
    • [Time-locked if already set] Decrease the timelock duration for every time-locked function.
    • Set the performance fee.
    • Set the fee recipient.
    • Set the rewards distributor address.
    • All the capabilities of the Curator, the Allocator and the Guardian.

Curator​

  • Only a single address can have this role.

  • Capabilities:

    • Decrease a supply cap on a Morpho market.
    • [Time-locked] Increase a supply cap on a Morpho market, which includes enabling a new market (by setting a non-zero cap on a not yet enabled market).
    • [Time-locked] Submit the forced removal of a market.
    • Revoke the pending supply cap on a Morpho market.
    • Revoke the pending removal of a Morpho market.
    • All the capabilities of the Allocator.

    Note: the Curator can’t pause the withdrawal of funds.

Allocator​

  • Multiple addresses can have this role.
  • Capabilities:
    • Can modify the allocation between markets and the idle supply in the vault within the bounds set by the Curator.
    • Set the supply queue to some arbitrary queue of markets.
    • Re-order the withdraw queue by applying a permutation to it. Can omit markets on which the vault has 0 supply and 0 cap to remove it form the withdraw queue.

Guardian​

  • Only a single address can have this role.
  • Capabilities:
    • Can revoke a pending timelock decrease until the previous timelock ends and the new timelock is accepted (by the Owner).
    • Can revoke a pending guardian until the timelock ends and the new guardian is accepted (by the Owner).
    • Can revoke each pending market cap increase until the timelock ends and the new market cap is accepted (by the Owner or the Curator).
    • In particular, it cannot revoke a pending fee (submitted by the Owner).

Any address​

  • Can accept the new cap after timelock.
  • Can accept the new fee after timelock.
  • Can accept the new guardian after timelock.
  • Can accept the new Timelock value after the current timelock duration.