# V2 Vaults

### Introduction

Morpho V2 Vaults are a new class of vault that features an updated architecture, enhancing access to yield, liquidity, and the user experience. Crucially, V2 Vaults introduce a universal adapter model and more granular role separation.

The range of updates opens the door to more sophisticated yield strategies, including fixed-rate and permissioned lending.

***Note: Currently, our Morpho V2 vaults allocate supply to their corresponding V1 vaults. Suppliers to our V2 vaults will accrue incentives from both V1 and V2.***

### Gauntlet’s V2 Vaults

| Vault Name                                                                                                                               | Chain    |
| ---------------------------------------------------------------------------------------------------------------------------------------- | -------- |
| [**Gauntlet USDC Frontier V2**](https://app.morpho.org/ethereum/vault/0x9a1D6bd5b8642C41F25e0958129B85f8E1176F3e/gauntlet-usdc-frontier) | Ethereum |
| [**Gauntlet WETH Balanced V2**](https://app.morpho.org/ethereum/vault/0x5f342382D5F77F0f99E8f26161E689df6c7Cded3/gauntlet-weth-balanced) | Ethereum |
| [**Gauntlet USDT Balanced V2**](https://app.morpho.org/ethereum/vault/0xE571B648569619566CF6ce1060C97B621CB635D3/gauntlet-usdt-balanced) | Ethereum |
| [**Gauntlet USDC Prime V2**](https://app.morpho.org/ethereum/vault/0x8c106EEDAd96553e64287A5A6839c3Cc78afA3D0/gauntlet-usdc-prime)       | Ethereum |
| [**Gauntlet WETH Prime V2**](https://app.morpho.org/ethereum/vault/0x43fCd85E8D9D003D515f886891B7C742AC9f92da/gauntlet-weth-prime)       | Ethereum |
| [**Gauntlet USDT Prime V2**](https://app.morpho.org/ethereum/vault/0xf3557AD5E984211ac8A0874A670344f2C3376471/gauntlet-usdt-prime)       | Ethereum |
| [**USDC Frontier V2**](https://app.morpho.org/base/vault/0x1deEfABEe758AAbdC29a542B24ca3b75aFD56765/usdc-frontier)                       | Base     |
| [**WETH Balanced V2**](https://app.morpho.org/base/vault/0xFeFeC33668E22677c4762d0853d56245a800ff08/weth-balanced)                       | Base     |
| [**USDC Prime V2**](https://app.morpho.org/base/vault/0x050cE30b927Da55177A4914EC73480238BAD56f0/usdc-prime)                             | Base     |
| [**USDC Prime V2**](https://app.morpho.org/arbitrum/vault/0x610D151aE40662AE148cdBaaE1Ea5904b6AFAE78/gauntlet-usdc-prime)                | Arbitrum |
| [**USDC Balanced V2**](https://app.morpho.org/arbitrum/vault/0x55a2B207b0074E13AdCb858950a81B7a04775E0F/gauntlet-usdc-balanced)          | Arbitrum |

### V1 vs. V2

By using adapters, curators can tap into broader liquidity sources, build meta-vaults, or streamline the user experience, while also benefiting from more granular risk-parameter tuning and support for fixed-rate lending. V2 also introduces more granular role separation and enhanced risk and compliance controls.

[Visit Morpho Docs for a complete breakdown of Morpho V2 updates](https://docs.morpho.org/learn/concepts/vault-v2/#key-feature-comparison-morpho-vaults-v1-vs-morpho-vaults-v2).

|                                  | Morpho V1                                                                                                                                                                                                                                                                                            | Morpho V2                                                                                                                                                                                                                                                                                                                                                                                            |
| -------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Allocations**                  | Allocate supply to Morpho V1 Markets                                                                                                                                                                                                                                                                 | <p>Allocate supply to:</p><ul><li>Morpho V1 and V2 Markets</li><li>Morpho V1 Vaults</li><li>Other yield sources</li></ul>                                                                                                                                                                                                                                                                            |
| **Risk management and curation** | Market-level risk parameterization                                                                                                                                                                                                                                                                   | <p>Multidimensional risk parameterization across:</p><ul><li>Asset type</li><li>Oracle source</li><li>Protocol</li><li>Market configuration</li></ul>                                                                                                                                                                                                                                                |
| **Vault roles**                  | <p><strong>Owner</strong>: inherits responsibilities from all other roles.<br><strong>Curator:</strong> risk manager and yield strategist.<br><strong>Allocator:</strong> oversees vault allocations to underlying markets and vaults.<br><strong>Guardian</strong>: can revoke pending actions.</p> | <p><strong>Owner:</strong> sets the curator and sentinels.<br><strong>Curator:</strong> risk manager and yield strategist. Configures vault adapters, supply caps, gates, timelocks, and fees.<br><strong>Allocator:</strong> oversees vault allocations to underlying markets and vaults.<br><strong>Sentinel:</strong> can revoke pending actions, deallocate funds, and decrease supply caps.</p> |
| **Onchain compliance**           | Non-permissioned.                                                                                                                                                                                                                                                                                    | Permissioned or non-permissioned, with the ability to set allowlists.                                                                                                                                                                                                                                                                                                                                |
| **Fees**                         | Performance fees.                                                                                                                                                                                                                                                                                    | Performance fees and management fees.                                                                                                                                                                                                                                                                                                                                                                |