> 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/v2-vaults/adapters.md). # Adapters Adapters are the architectural cornerstone of Morpho V2. They are smart contracts that translate between the vault and an external yield source, holding positions on behalf of the vault. The universal adapter model is what gives V2 vaults their flexibility and broader reach. ### What Adapters Enable In V1, vaults could only allocate to Morpho V1 markets. In V2, an adapter can connect a vault to: * Morpho V1 markets, preserving existing strategies * Morpho Midnight: the upcoming fixed-rate, fixed-term primitive * Other Morpho V1 vaults, enabling meta-vault structures * External protocols across DeFi This means curators can build strategies that draw from significantly broader liquidity sources, layer vaults inside vaults, or integrate with protocols outside Morpho entirely, all from a single vault contract that suppliers normally interact with. ### Adapter Lifecycle and Risk Controls Adapters are enabled by the Curator and are subject to timelocks before going live. They can also be abdicated, meaning a Curator can permanently and irreversibly disable the ability to enable new adapters of a given type. This hardens the vault's risk surface for institutional suppliers. For each enabled adapter, exposure is governed by the vault's risk parameter framework: absolute caps, relative caps, and Risk IDs. See "Risk Parameterization & Controls" for more on how Gauntlet uses these to manage vault exposure. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://vaultbook.gauntlet.xyz/vaults/morpho-vaults/v2-vaults/adapters.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.