Original Title: Curators Explained
Original Author: @MerlinEgalite
Translated by: Peggy, BlockBeats
Editor’s Note: As DeFi shifts from high-yield driven to competition in institutions and infrastructure, Morpho is attempting to reshape the organization of on-chain lending through the Vault and Curator mechanisms. This article introduces the role of the Curator and its non-custodial, programmatic operational logic from the platform's perspective.
The following is the original text:
What is a Curator?
A Curator is an independent team or entity, not part of Morpho, responsible for designing, deploying, and managing on-chain Vaults.
From a macro perspective, the Curator's job is to package a diversified portfolio into user-friendly, easily integrable Vault products.
Specifically for Morpho Vaults, these Vaults are essentially composed of a portfolio of over-collateralized lending positions. This structure allows users to: deposit in one entry; obtain yields with one click; and delegate ongoing risk management and portfolio construction to the Curator.
In traditional finance, the role closest to a Vault Curator is that of an asset manager or fund manager. Both are responsible for formulating strategies and managing risks, but there are significant structural differences: Vault Curators are non-custodial, executing entirely through smart contracts in a fully transparent manner, rather than relying on human intermediaries.
In Morpho Vaults, Curators can never take over or hold user funds. What they do is execute established strategies through programmatic configurations of the Vault.
Users can freely deposit or withdraw funds at any time without anyone's approval, and there is no possibility of being blocked by human intervention; the ownership and control of assets always remain in the hands of the users themselves.
Curator's Business Model
Curators can earn compensation through: management fees; performance fees.
The specific fee structure is set by the Curator themselves and can be configured for different Vaults, but must adhere to a preset maximum fee cap.
Some Curators choose lower rates; others charge higher fees based on their historical performance or differentiated strategies. These decisions are entirely made by the Curator and are unrelated to Morpho.
Additionally, Curators can collaborate with distributors (such as fintech companies or platforms) to share revenue from fees generated by certain specific deposits between the Curator and the distributor.
Although the Curator's business model is similar in form to traditional asset managers, there is a key difference: the operational costs of the Vault are much lower than those of traditional funds or asset management platforms.
The Vault replaces the massive backend systems in traditional asset management with a few hundred lines of free, open-source code. The vast majority of processes are automated, everything runs in real-time on-chain, and there is no need to wait for quarterly reports.
As a result, Curators are often able to charge lower fees than their traditional financial counterparts while maintaining substantial profit margins.
How to Evaluate a Curator (Non-Exhaustive List)
For institutional entities, evaluating a Curator should not be unfamiliar. It is similar to evaluating traditional asset managers but has a significant advantage: complete transparency.
Vaults are built on public blockchains, and with various dashboard tools, detailed data on any Curator or Vault can be viewed in real-time.
Here are some key evaluation dimensions:
Track Record
What professional experience exists in the DeFi space (and in traditional finance in related contexts)?
Have they collaborated with well-known companies, fintech firms, or institutions?
How has their strategy performed across different market cycles, especially during stress testing phases?
What is the current amount of funds managed across all Vaults?
While the size of funds alone does not guarantee quality, it is often a useful signal of market trust and product fit.
Transparency & Methodology
Have they clearly articulated their asset allocation methods and risk control standards?
Have they established an internal risk rating system?
Have they publicly disclosed their response processes during market tightening or extreme events?
How are the roles and permissions of each Vault divided?
Do they adhere to strict operational security (OpSec) practices?
Do they provide any form of insurance or risk mitigation mechanisms?
Communications
Before depositing funds, attention should be paid to the Curator's public channels, such as X (Twitter) and their official website.
Do they maintain proactive communication during both high-yield periods and market turbulence?
Do they regularly update on Vault performance, asset allocation changes, and risk events?
Conflicts of Interest
Do they clearly disclose any real or potential conflicts of interest?
Do they have financial or governance relationships with certain protocols, investors, or counterparties that could influence allocation decisions?
Like traditional finance, responsible institutions should clearly state the sources of conflicts and how they are managed.
By evaluating based on the above dimensions, institutions can choose Curators that align with their strategy style, risk preferences, and information disclosure standards, while relying on the strong and immutable systemic guarantees provided by Morpho's underlying infrastructure.
Note: The above list is not exhaustive. Some content applies to Morpho Vaults and their Curators but may not necessarily apply to other platforms or Vault systems.
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