# Morpho Vaults: Curator Allocations and Collateral Exposure

> Morpho vaults by curator: each vault's allocation to Morpho markets, collateral exposure and lltv, reallocations, caps and realized APY, read on-chain.

Markdown copy of https://voltfincrypto.com/apps/morpho-vaults-curator-exposure

**Question:** Which markets and collateral is each Morpho vault exposed to right now?

- Kind: Dashboard in Voltfin Vantage
- Topic: [DeFi](https://voltfincrypto.com/topics/defi)
- Chains: Multi-chain, Ethereum, Base
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

A Morpho vault pools deposits of one asset and lends them across Morpho markets, each an isolated pairing of a loan asset, a collateral asset, an oracle and a liquidation limit. A curator decides which markets the vault may use and how much it may put in each, and an allocator moves funds within those limits. This dashboard shows, for every vault, where the money is lent and against what.

Depositors carry the risk of every market their vault supplies to, so exposure is shown by market and by collateral, with each market's lltv and oracle beside it. Reallocations, cap changes and curator changes are listed with their blocks, and the realized APY comes from the vault's share price at two pinned blocks rather than a quoted rate.

## Blueprint

### Vaults

Every vault with its curator, size, realized APY and largest exposure.

- **Vault assets** (USD): Assets held by the selected vault at the latest read, from totalAssets(), valued at the oracle price.
- **Realized APY, 30 days** (%): What depositors earned over the last thirty days, from growth in convertToAssets between two pinned blocks.
- **Markets supplied** (count): Markets or adapters the selected vault currently supplies to.
- **Idle share** (%): The share of the vault's assets not supplied to any market.
- **Vaults compared**: Every vault with its curator, chain, asset, total assets, 30-day realized APY, markets supplied and largest collateral exposure.

### Exposure

The selected vault's markets, collateral and allocation changes.

- **Largest collateral share** (%): The share of the selected vault's assets lent against its largest collateral asset.
- **Reallocations, 30 days** (count): Reallocations by the vault's allocator in the last thirty days.
- **Exposure by collateral** (USD): The vault's allocation by collateral asset and market lltv at the latest read.
- **Allocations by day** (USD): The vault's supply to each market by day, showing when funds moved between markets.
- **Curator and cap changes**: Every cap, queue, curator and timelock change on the selected vault, with its block.

Filters: Vault (Every Morpho vault, by name and chain); Curator (Every curator named by a vault's curator role, or all); Chain (Every chain with Morpho vaults, or all).

## How it will be measured

- Markets come from Morpho Blue CreateMarket events, each with its loan token, collateral token, oracle, interest rate model and lltv.
- A vault's allocation to each market is its supply position, position(id, vault), converted to assets at the read block; Vault V2 allocations are read through its adapters' allocation events.
- Curators and caps come from curator() calls and SetCurator, SetCap and SetSupplyQueue events; reallocations come from ReallocateSupply and ReallocateWithdraw.
- Realized APY is the growth of convertToAssets for one share between two daily blocks, annualized, so losses from bad debt show up in it.
- Values use Chainlink latestRoundData at the same block, and a vault's idle assets, not supplied to any market, are shown as their own line.

## Data it needs

- `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- `yield_rates_daily` (to build): Supply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Morpho Blue CreateMarket events: loanToken, collateralToken, oracle, irm and lltv
- Source: MetaMorpho ReallocateSupply, ReallocateWithdraw, SetCap and SetSupplyQueue events
- Source: MetaMorpho curator() calls and SetCurator events
- Source: Vault totalAssets() and convertToAssets at daily blocks for realized APY
- Source: Morpho Blue position(id, vault) per market at a pinned block
- Source: Morpho Vault V2 adapter allocation events

## Questions

### What is a Morpho vault?

A vault that takes deposits of one asset and lends them across several Morpho markets chosen by its curator. Depositors receive vault shares whose value grows with the interest earned, and they bear any losses in the markets the vault supplies to.

### What does a Morpho curator do?

The curator sets the vault's risk limits: which markets it may supply to and how much in each. Most curator changes wait behind a timelock, and a guardian or sentinel role can cancel a pending change before it takes effect.

### What is collateral exposure in a vault?

The collateral assets that borrowers in the vault's markets have posted. If a collateral asset loses value faster than liquidations can cover, the markets using it can take bad debt, and every vault supplying those markets shares the loss.

### How is the vault APY calculated here?

From the vault's share price: the assets one share converts to at two pinned blocks, annualized. It is what depositors actually earned, including any losses, rather than a rate quoted for the future.

### What changed with Morpho Vault V2?

Vault V2 connects to markets through adapters, splits control between owner, curator, allocator and sentinel roles and can cap exposure by collateral or other risk groupings as well as by market. The dashboard reads both vault versions into the same columns.

## Glossary

- **Curator**: The role that decides which markets a Morpho vault may supply to and the cap on each.
- **Allocator**: The role that moves a vault's funds between the markets the curator has enabled, within their caps.
- **LLTV**: A Morpho market's liquidation loan-to-value, fixed at creation: the debt-to-collateral level at which positions can be liquidated.
- **Supply cap**: The most a vault may supply to one market, set by the curator.

## Related apps

- [DeFi Lending Market Share: Aave, Morpho, Spark and Euler](https://voltfincrypto.com/apps/defi-lending-market-share)
- [DeFi Lending Rates Table: Utilization and LTV by Market](https://voltfincrypto.com/apps/defi-lending-rates-table)
- [Aave Rates: Borrow and Supply APY by Market](https://voltfincrypto.com/apps/aave-rates)
- [Stablecoin Lending Rates: USDC and USDT APY](https://voltfincrypto.com/apps/stablecoin-lending-rates)
- [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared)
- [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F