# Vault curators and allocators: who chooses the lending exposure?

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.

Evidence: [Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/); [Risk and Security Documentation](https://docs.morpho.org/learn/resources/risks/)

Canonical: https://degreesofsatoshi.com/encyclopedia/vault-curators-allocators/
Published: 2026-10-02
Substantively modified: 2026-10-02
Independently verified by an automated reviewer: 2026-10-02T19:18:00.092Z
Data current through: 2026-10-02

AI-assisted research and drafting with a separate automated source-verification pass; no external expert or named human review is implied.

## Key facts

- **Curator:** The V2 curator configures adapters, risk caps, fees and other controls. ([Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/))
- **Allocator:** Allocators operate within enabled adapters and configured boundaries. ([Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/))
- **Owner:** The V2 owner appoints roles but does not automatically inherit their powers. ([Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/))

## Separate permission from daily allocation

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.

Evidence: [Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/)

## Read who can intervene

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.

Evidence: [Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/)

## Role names can hide different powers

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.

Evidence: [Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/); [Risk and Security Documentation](https://docs.morpho.org/learn/resources/risks/)

## Questions

### Can a curator label tell me the full risk of a vault?

No. Inspect the actual permissions, allocations, limits and underlying assets for that vault.

Evidence: [Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/); [Risk and Security Documentation](https://docs.morpho.org/learn/resources/risks/)

## Claims and scope

### vault-curators-allocators-quick-answer

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.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### vault-curators-allocators-fact-curator

Curator: The V2 curator configures adapters, risk caps, fees and other controls.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### vault-curators-allocators-fact-allocator

Allocator: Allocators operate within enabled adapters and configured boundaries.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

### vault-curators-allocators-fact-owner

Owner: The V2 owner appoints roles but does not automatically inherit their powers.

Scope: {"collection":"defi","dataAsOf":"2026-10-02","blockHeight":null}

## Sources

- [Roles and Capabilities](https://docs.morpho.org/curate/concepts/roles/) — Morpho. Vault-specific permissions and allocation. Locator: Owner; Curator; Allocator; Sentinel. Retrieved: 2026-10-02T18:53:22.487Z.
- [Risk and Security Documentation](https://docs.morpho.org/learn/resources/risks/) — Morpho. Distinguishes types of protocol risk. Locator: Smart contract; Oracle; Counterparty; Bad debt; Liquidity risks. Retrieved: 2026-10-02T18:53:22.330Z.

## Revision history

- 2026-10-02: First publication after primary-source research and separate automated verification.

## Cite this entry

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/