Curators run vaults. Vaults pool depositor capital and allocate it across the underlying lending markets. The relationship is the same idea in Morpho and Euler, but the mechanics differ.
Morpho: the base layer is isolated single-collateral markets (see the Markets page). A curator deploys a MetaMorpho V1 or V2 vault that accepts deposits in one asset (e.g. USDC) and decides which underlying markets to allocate that liquidity to, with what caps. Curators set fees and can rebalance over time. Depositors get a diversified position without picking individual markets themselves.
Euler: each Euler vault is itself a lending market. A curator (the vault's governor) configures which collateral types the vault accepts, sets per-collateral LTVs, and can ramp those parameters over time. Depositors lend into the vault and borrowers post collateral against it directly. There's no separate "market" layer underneath.
Click a curator to see their vaults, allocation breakdowns, and AUM.
| Curator | Protocols | AUMⓘAssets Under Management — total deposits (supplied capital) across all of this curator's vaults, in USD. This is money deposited into the vaults, not borrowed from them.↓ | % of AUMⓘThis curator's AUM as a share of total curator AUM — a quick read on how concentrated deposits are. | BorrowedⓘTotal borrowed against this curator's vaults, in USD. Summed from each vault's borrowUsd and deduped by pool, so a vault shared across protocol versions isn't double-counted. Computed for the top curators by AUM (~99% of total deposits); smaller curators show —. | Vaults | Address | VerifiedⓘWhether the curator appears in the protocol's official curator listing (sourced from Morpho's published metadata). Unverified just means not on that list — often newer or permissionless deployers — so it warrants extra diligence, not that the vault is unsafe. |
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