Morpho Vault Architecture

Morpho Vault V2 (MetaMorpho) is a lending optimization layer built on top of Morpho markets.

Instead of users manually selecting specific lending pairs (e.g., lending USDG against a specific wrapped staked ETH collateral), the vault acts as a managed pool. The curator configures a list of approved markets and supply limits. The vault then routes user deposits into these markets to aggregate yield.