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  "schemaVersion": "1.0.0",
  "id": "vault-curators-allocators",
  "canonical": "https://degreesofsatoshi.com/encyclopedia/vault-curators-allocators/",
  "collection": "defi",
  "title": "Vault curators and allocators: who chooses the lending exposure?",
  "description": "Identify who selects a vault’s risks, who moves its funds and who can stop pending changes.",
  "aliases": [
    "Morpho vault curator allocator roles",
    "Morpho curator versus allocator permissions"
  ],
  "dates": {
    "published": "2026-10-02",
    "modified": "2026-10-02",
    "verified": "2026-10-02T19:18:00.092Z",
    "dataAsOf": "2026-10-02"
  },
  "authorship": {
    "publisher": "Degrees of Satoshi editorial project",
    "process": "AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied."
  },
  "quickAnswer": {
    "text": "A vault curator chooses permitted strategies and risk limits; an allocator moves funds within those permissions. In Morpho Vault V2, these roles are distinct from an owner who appoints key roles and sentinels who can reduce limits or revoke pending changes. Depositing in the vault exposes the user to the resulting configuration, not merely to a familiar brand name.",
    "claimId": "vault-curators-allocators-quick-answer",
    "sourceIds": [
      "x425-defi-morpho-curator",
      "x425-defi-morpho-risk"
    ]
  },
  "keyFacts": [
    {
      "label": "Curator",
      "value": "The V2 curator configures adapters, risk caps, fees and other controls.",
      "sourceIds": [
        "x425-defi-morpho-curator"
      ],
      "id": "curator",
      "claimId": "vault-curators-allocators-fact-curator"
    },
    {
      "label": "Allocator",
      "value": "Allocators operate within enabled adapters and configured boundaries.",
      "sourceIds": [
        "x425-defi-morpho-curator"
      ],
      "id": "allocator",
      "claimId": "vault-curators-allocators-fact-allocator"
    },
    {
      "label": "Owner",
      "value": "The V2 owner appoints roles but does not automatically inherit their powers.",
      "sourceIds": [
        "x425-defi-morpho-curator"
      ],
      "id": "owner",
      "claimId": "vault-curators-allocators-fact-owner"
    }
  ],
  "prerequisites": [
    "yield-vaults"
  ],
  "sections": [
    {
      "id": "example",
      "heading": "Separate permission from daily allocation",
      "sourceIds": [
        "x425-defi-morpho-curator"
      ],
      "paragraphs": [
        "Suppose a vault permits up to 30% exposure to strategy A and 70% to strategy B. An allocator moving funds within those limits is exercising an existing permission. Raising A’s cap or adding strategy C is a different governance action.",
        "Limits constrain choices but do not make the permitted strategies loss-free."
      ]
    },
    {
      "id": "response",
      "heading": "Read who can intervene",
      "sourceIds": [
        "x425-defi-morpho-curator"
      ],
      "paragraphs": [
        "V2 sentinels can reduce caps, deallocate assets and revoke pending timelocked actions. Those powers can help respond to risk, but they do not guarantee a sale or withdrawal from an illiquid underlying position. The owner can replace the curator, so role-appointment authority also belongs in the assessment."
      ]
    },
    {
      "id": "version",
      "heading": "Role names can hide different powers",
      "sourceIds": [
        "x425-defi-morpho-curator",
        "x425-defi-morpho-risk"
      ],
      "paragraphs": [
        "The retrieved documentation compares V1 and V2: in V1 the owner inherits broader powers, while V2 separates them. Record contract version, role addresses, allowed strategies, gates and timelocks. A timelock gives notice before a change; actual exit still depends on the vault’s withdrawal conditions and available liquidity."
      ]
    }
  ],
  "faq": [
    {
      "question": "Can a curator label tell me the full risk of a vault?",
      "answer": "No. Inspect the actual permissions, allocations, limits and underlying assets for that vault.",
      "sourceIds": [
        "x425-defi-morpho-curator",
        "x425-defi-morpho-risk"
      ]
    }
  ],
  "claims": [
    {
      "id": "vault-curators-allocators-quick-answer",
      "articleSlug": "vault-curators-allocators",
      "statement": "A vault curator chooses permitted strategies and risk limits; an allocator moves funds within those permissions. In Morpho Vault V2, these roles are distinct from an owner who appoints key roles and sentinels who can reduce limits or revoke pending changes. Depositing in the vault exposes the user to the resulting configuration, not merely to a familiar brand name.",
      "sourceIds": [
        "source-618aecc50ad7d607",
        "source-2c6118fd53915127"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-618aecc50ad7d607",
          "locator": "Owner; Curator; Allocator; Sentinel"
        },
        {
          "sourceId": "source-2c6118fd53915127",
          "locator": "Smart contract; Oracle; Counterparty; Bad debt; Liquidity risks"
        }
      ],
      "scope": {
        "collection": "defi",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked Morpho V2 owner appointment without inherited roles, curator/allocator limits and sentinel de-risking powers; V1 distinctions and liquidity-limited exit qualified."
        ]
      }
    },
    {
      "id": "vault-curators-allocators-fact-curator",
      "articleSlug": "vault-curators-allocators",
      "statement": "Curator: The V2 curator configures adapters, risk caps, fees and other controls.",
      "sourceIds": [
        "source-618aecc50ad7d607"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-618aecc50ad7d607",
          "locator": "Owner; Curator; Allocator; Sentinel"
        }
      ],
      "scope": {
        "collection": "defi",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
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        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked Morpho V2 owner appointment without inherited roles, curator/allocator limits and sentinel de-risking powers; V1 distinctions and liquidity-limited exit qualified."
        ]
      }
    },
    {
      "id": "vault-curators-allocators-fact-allocator",
      "articleSlug": "vault-curators-allocators",
      "statement": "Allocator: Allocators operate within enabled adapters and configured boundaries.",
      "sourceIds": [
        "source-618aecc50ad7d607"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-618aecc50ad7d607",
          "locator": "Owner; Curator; Allocator; Sentinel"
        }
      ],
      "scope": {
        "collection": "defi",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked Morpho V2 owner appointment without inherited roles, curator/allocator limits and sentinel de-risking powers; V1 distinctions and liquidity-limited exit qualified."
        ]
      }
    },
    {
      "id": "vault-curators-allocators-fact-owner",
      "articleSlug": "vault-curators-allocators",
      "statement": "Owner: The V2 owner appoints roles but does not automatically inherit their powers.",
      "sourceIds": [
        "source-618aecc50ad7d607"
      ],
      "sourceLocators": [
        {
          "sourceId": "source-618aecc50ad7d607",
          "locator": "Owner; Curator; Allocator; Sentinel"
        }
      ],
      "scope": {
        "collection": "defi",
        "dataAsOf": "2026-10-02",
        "blockHeight": null
      },
      "qualification": "",
      "evidenceStatus": "documented",
      "verification": {
        "status": "verified",
        "method": "independent automated source review",
        "checkedAt": "2026-10-02T19:18:00.092Z",
        "reviewer": "Independent automated verification — Codex root, separate from the DeFi drafting agent",
        "notes": [
          "Checked Morpho V2 owner appointment without inherited roles, curator/allocator limits and sentinel de-risking powers; V1 distinctions and liquidity-limited exit qualified."
        ]
      }
    }
  ],
  "sources": [
    {
      "id": "x425-defi-morpho-curator",
      "label": "Roles and Capabilities",
      "publisher": "Morpho",
      "url": "https://docs.morpho.org/curate/concepts/roles/",
      "locator": "Owner; Curator; Allocator; Sentinel",
      "note": "Vault-specific permissions and allocation.",
      "version": "Morpho Vault V2 documentation retrieved 2026-10-02",
      "checkedAt": "2026-10-02T18:53:22.487Z",
      "contentSha256": "40c4de54802efcb71194848f8f85d379d9ec41edcbde60d586fdfffefeab37d0",
      "recordId": "source-618aecc50ad7d607"
    },
    {
      "id": "x425-defi-morpho-risk",
      "label": "Risk and Security Documentation",
      "publisher": "Morpho",
      "url": "https://docs.morpho.org/learn/resources/risks/",
      "locator": "Smart contract; Oracle; Counterparty; Bad debt; Liquidity risks",
      "note": "Distinguishes types of protocol risk.",
      "version": "Documentation retrieved for the 2026-10-02 editorial scope; content hash recorded",
      "checkedAt": "2026-10-02T18:53:22.330Z",
      "contentSha256": "2f336c66ab4873723d5314f6ba5ec56e3e61b5d10213d62ce96b467e2e46d414",
      "recordId": "source-2c6118fd53915127"
    }
  ],
  "related": {
    "articles": [
      "vault-management-performance-fees",
      "governance-timelocks",
      "bad-debt-socialization",
      "principal-yield-tokens"
    ],
    "dossiers": [],
    "wallets": []
  },
  "revisionHistory": [
    {
      "date": "2026-10-02",
      "kind": "published",
      "summary": "First publication after primary-source research and separate automated verification."
    }
  ],
  "citation": "Degrees of Satoshi editorial project. “Vault curators and allocators: who chooses the lending exposure?.” Published 2026-10-02; updated 2026-10-02. https://degreesofsatoshi.com/encyclopedia/vault-curators-allocators/"
}