Currently, we utilize Morpho as an infrastructure provider for our vaults. Morpho's design centers on two main structures:
Isolated markets
Each market is defined by a collateral asset, a loan asset, an oracle, and a Liquidation LTV (LLTV).
Vaults
Vaults aggregate user deposits and allocate them across multiple markets according to the curator's strategy.
Why this separation matters
This separation is what allows curators to develop custom strategies, fitted to different risk and yield profiles, by selecting specific lending markets to allocate to. It provides Armitage with granular control over the vault's risk profile and yield generation sources, including:
- Blue-chip crypto markets: established collateral, deep liquidity, well-understood liquidation mechanics.
- Pendle PT markets: fixed-yield exposure with looping opportunities.
- Yield-bearing assets: liquid staking and other assets that generate yield.
- Exotic RWA markets: tokenized real-world assets, money market instruments.
Role-based access control
Beyond exposure control, Morpho Vault V2 introduces role separation, which lets us split responsibilities across different wallet infrastructure providers, giving each role a different degree of safety and flexibility.
| Role | Responsibility |
|---|---|
| Owner | Sets the vault's high-level configuration and timelocks. |
| Curator | Strategy authority: proposes market additions, caps, and allocation policy. |
| Allocator | Operational authority: executes rebalancing inside the curator's policy. |
| Sentinel | Emergency authority: can derisk distressed markets without delay if needed. |
Transparency
Morpho exposes every vault's current allocation, role assignments, timelocks, and proposed changes through its dashboard. The Armitage vault state is observable at any time on Morpho's UI.
Our existing vaults utilize Morpho's Vault V2 infrastructure.