> For the complete documentation index, see [llms.txt](https://vaultbook.gauntlet.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vaultbook.gauntlet.xyz/vaults/morpho-vaults/morpho-vaults-overview/morpho-vault-structure.md).

# Morpho Vault Structure

<figure><img src="/files/hGUhtkLWtapE38SbJfhc" alt=""><figcaption></figcaption></figure>

### Supply Asset

The supply asset is the foundation for a vault. To access Gauntlet-curated vaults and the associated risk-adjusted yield, a supplier must add supply to the vault.

### Vault APY

Annual percentage yield, APY, is the main economic draw of Morpho vaults. It represents the annualized return suppliers receive as a percentage of the assets supplied to a vault. APY is determined by the markets to which a specific vault allocates its supply, as well as any incentives in those markets. APYs change dynamically based on several parameters, including market utilization and supply allocation.

### Allocated Markets

A vault’s supply APY results from the underlying lending markets to which it allocates.

### Suppliers

Suppliers are the primary users of Morpho Vaults. They supply a particular asset into a Vault, which generates risk-adjusted yield based on the vault curator’s market allocations. Selecting an appropriate set of markets to supply loan assets against can be a complex task, requiring a nuanced understanding of risk management, market dynamics, and yield optimization. Gauntlet vaults on Morpho simplify this process, with experienced vault curators like Gauntlet executing strategies on their behalf in a non-custodial manner.


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