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	Ethereum
Gauntlet WETH Balanced V2	Ethereum
Gauntlet USDT Balanced V2	Ethereum
Gauntlet USDC Prime V2	Ethereum
Gauntlet WETH Prime V2	Ethereum
Gauntlet USDT Prime V2	Ethereum
USDC Frontier V2	Base
WETH Balanced V2	Base
USDC Prime V2	Base
USDC Prime V2	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.

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