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September 21, 2026

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CRYPTO·COINBEAT

Journalism for the digital-asset economy

Ratings / Yield & Lending

Best DeFi Vault Curators

A DeFi vault curator is a firm that sets the risk parameters of lending vaults on primitives such as Morpho, Euler and Kamino: which collateral a vault accepts, how much it lends against each asset, and where deposits are allocated. Depositors earn the yield and carry the curator's decisions.

Scored by Maria Fernandez14 services ratedLast verified September 21, 2026Methodology

What the score is made of

Weights total 100% · how each axis is recorded ↓
Assets under curation
20%
Total value deposited in the vaults the firm curates.
Tenure as curator
10%
Time since the firm's first curated vault went live on-chain.
Depositor losses
25%
Whether depositors in the firm's vaults have taken a loss, and whether it was made good.
Public reporting
15%
Whether the firm publishes reports on its vaults, and how often.
Performance fee
10%
The performance fee set on the firm's main vault.
Safeguards
10%
A timelock on parameter changes and a guardian able to veto them.
Primitives and networks
10%
Distinct primitive–network pairs with a live curated vault (Morpho on Base and Morpho on Ethereum count as two).

The table at a glance

14 rated · top score 10.0 · tap a row for the full entry

  1. 01Steakhouse FinancialStablecoin depositors and fintech integrators who want conservative, blue-chip-collateral Morpho vaults.10.0
  2. 02SentoraInstitutions and stablecoin issuers looking for a white-label curated vault with a research-heavy risk desk.9.8
  3. 03kpkConservative USDC/ETH depositors and DAOs who want low-fee Morpho vaults with strong governance controls.9.2
  4. 04YearnDeFi-native depositors who want Morpho USDC/ETH exposure with an openly published risk-scoring method.8.2
  5. 05RockawayXDepositors who want RWA and private-credit yield through Morpho or Kamino and accept a newer curator.8.1
  6. 06GauntletDepositors who want low-fee Prime-tier stablecoin vaults across many chains from a long-running quant risk firm.6.7
  7. 07KeyrockInstitutions that want a market maker's credit view on USDC lending, including on the Arc chain.6.7
  8. 08BitwiseAdvisers and institutions that want a known asset-manager brand curating an RWA-backed stablecoin lending vault.6.4
  9. 09SparkStablecoin depositors who want long timelocks and Sky-ecosystem backing.6.2
  10. 10K3 CapitalDepositors looking for Euler-based ETH and stablecoin yield on newer chains like Monad and Plasma.5.9
  11. 11HyperithmStablecoin depositors who want tiered-risk Morpho vaults on Monad and Ethereum from a quant-trading firm.5.4
  12. 12MEV CapitalMainly a case study in curator risk; what remains is a small set of Morpho vaults.5.2
  13. 13Re7 LabsExperienced users who want long-tail chains and assets and accept higher curator risk.4.7
  14. 14UltraYieldUsers who want Edge Capital's market-neutral strategy vaults more than a large Morpho/Euler lending book.4.1

Curator risk on the record: Stream Finance, November 2025

On 4 November 2025, Stream Finance said an external fund manager had disclosed the loss of approximately $93 million in Stream fund assets, and suspended deposits and withdrawals. Its xUSD token, which traded near $1.26 days earlier, fell below $0.25 by 5 November. The losses spread to curator-run lending markets. TelosC reported that its Euler vaults on Plasma and Ethereum were affected and that withdrawals depended on debt being repaid; it had already cut supply and borrow caps. Elixir said Stream held roughly 90% of deUSD supply (about $75 million) and switched off minting and redemptions. MEV Capital's Ethereum Morpho USDC vault realized bad debt of nearly 3.6% of TVL after removing its sdeUSD market, and an Arbitrum DAO review counted about $14 million of bad xUSD debt in a Varlamore vault on Silo, whose DAO does not reimburse lenders.

Editor’s pickRank 01

Steakhouse Financial

Stablecoin depositors and fintech integrators who want conservative, blue-chip-collateral Morpho vaults.

steakhouse.financial ↗

Steakhouse Financial is a DeFi advisory and risk-curation firm that designs and curates Morpho lending vaults, mostly stablecoin vaults, for fintechs, exchanges and asset managers. Its vaults power products such as Coinbase's USDC lending and partner vaults with Robinhood Chain, Grove, Ethena and Safe. It also curates Kamino lending vaults on Solana.

In its favour

  • Largest book in this table by DefiLlama TVL (~$3.10B), with no depositor loss found: none of its 40 Morpho vaults above $0.5M showed a share-price decline, and it had no xUSD/deUSD or Resolv USR exposure.
  • Strong vault safeguards: a 7-day timelock and an Aragon DAO guardian on the flagship V1 vaults, and 3–7 day cap timelocks plus sentinels on its V2 vaults.

Against it

  • Almost all of its business is on one primitive: 6 of its 7 verified deployments are Morpho, and the only other one is Kamino on Solana.
  • Fees vary widely by product line: 0% performance fee on the Prime vaults, but 25% on Steakhouse High Yield USDC Edition (Base, $423M).
  • PrimitivesMorpho, Kamino
  • Networks7
Score10.0

The sum of points across the 7 facts below, divided by 10 — each fact printed with its source.

Scorecard — and what it was read from

Assets under curation
10.0
$3.1B under curation.

20 of 20 pts · api.llama.fi

Tenure as curator
10.0
First vault 2024-01 — 2 years 8 months as of 2026-09-21.

10 of 10 pts · api.morpho.org

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · protos.com

Public reporting
10.0
Regular public reports.

15 of 15 pts · kitchen.steakhouse.financial

Performance fee
10.0
0% performance fee. Prime vaults; Steakhouse High Yield USDC Edition (Base) charges 25%.

10 of 10 pts · api.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · api.morpho.org

Primitives and networks
10.0
7 primitive–network pairs.

10 of 10 pts · api.morpho.org

Read the full Steakhouse Financial review →

The rest of the table

02

Sentora

Institutions and stablecoin issuers looking for a white-label curated vault with a research-heavy risk desk.

sentora.com ↗

Sentora, formerly IntoTheBlock, is an institutional DeFi platform offering strategy design, risk management and vault curation. It curates stablecoin vaults for issuers and platforms such as PayPal (PYUSD), Ripple (RLUSD) and Kraken on Morpho, Euler and Kamino, and runs BoringVault strategies, including Ether.fi-related ones.

In its favour

  • Large, fast-growing book: ~$2.7B on DefiLlama, and Morpho vaults of $1.36B with no share-price decline in any vault above $0.5M.
  • Publishes research every week (a weekly digest and articles) and uses timelocks plus 2–3 sentinels on its main V2 vaults.

Against it

  • Short track record: its first curated vault dates from September 2025.
  • Its AUM relies on few counterparties: most Morpho assets sit in a handful of issuer-partner vaults (PYUSD, RLUSD). A large part of the DefiLlama figure is BoringVault strategies on Ink ($898M) rather than lending-market curation.
  • PrimitivesMorpho, Kamino, Euler
  • Networks3

Scorecard — and what it was read from

Assets under curation
10.0
$2.71B under curation. Includes about $898M in BoringVault strategies on Ink; Morpho credits $1.36B.

20 of 20 pts · api.llama.fi

Tenure as curator
8.0
First vault 2025-09 — 1 year as of 2026-09-21.

8 of 10 pts · api.kamino.finance

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · api.morpho.org

Public reporting
10.0
Regular public reports.

15 of 15 pts · sentora.com

Performance fee
10.0
0% performance fee. Largest vault, PayPal USD Main (about 1% management fee); its other vaults charge 5–15%.

10 of 10 pts · api.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · api.morpho.org

Primitives and networks
10.0
4 primitive–network pairs.

10 of 10 pts · api.llama.fi

Full Sentora review →

Score9.8
03

kpk

Conservative USDC/ETH depositors and DAOs who want low-fee Morpho vaults with strong governance controls.

kpk.io ↗

kpk (formerly karpatkey) is a non-custodial onchain asset manager that has managed DAO treasuries such as the ENS Endowment since 2020. Since September 2025 it has curated 'agent-powered' Morpho vaults (Prime and Yield tiers), plus Euler Earn, Gearbox and Aleph vaults, mainly on Ethereum. All of its Morpho vaults charge a 0% performance fee.

In its favour

  • Layered safeguards: a 5/8 Security Council sentinel, 3–7 day timelocks on allocations, and a 14-day timelock on fee changes.
  • 0% performance fee on every Morpho vault, and long-running public monthly treasury reporting (ENS Endowment).

Against it

  • DefiLlama's ~$216M figure mixes in fund AUM and Safes it manages. Morpho vaults hold only about $47M.
  • Curated-vault history only goes back to September 2025, and most assets sit on Ethereum.
  • PrimitivesMorpho, Euler, Gearbox
  • Networks2

Scorecard — and what it was read from

Assets under curation
7.0
$216M under curation. DefiLlama includes kpk's fund AUM and managed Safes; its Morpho vaults hold about $47M.

14 of 20 pts · api.llama.fi

Tenure as curator
8.0
First vault 2025-09 — 1 year as of 2026-09-21.

8 of 10 pts · app.morpho.org

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · protos.com

Public reporting
10.0
Regular public reports.

15 of 15 pts · discuss.ens.domains

Performance fee
10.0
0% performance fee.

10 of 10 pts · app.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · docs.kpk.io

Primitives and networks
10.0
4 primitive–network pairs.

10 of 10 pts · api.llama.fi

Full kpk review →

Score9.2
04

Yearn

DeFi-native depositors who want Morpho USDC/ETH exposure with an openly published risk-scoring method.

yearn.fi ↗

Yearn, the yield-aggregator DAO, runs a curation arm that manages Morpho vaults in three risk tiers (OG, Degen and plain USDC/WBTC/USDT). Per Yearn's docs, it began as an internal risk system for Morpho vaults used by Yearn V3 strategies. It publishes scored risk assessments of assets and protocols at curation.yearn.fi.

In its favour

  • Its public risk-report library (curation.yearn.fi, 47 reports) shows the score breakdown and is open to challenge on GitHub.
  • Its main vault has both safeguards: Yearn OG USDC (Ethereum) has a 3-day timelock and a guardian, and V2 vaults have 3–7 day timelocks plus a sentinel.

Against it

  • Curated deposits are small next to Yearn's own protocol TVL ($77M on DefiLlama, $44.3M credited by Morpho), and several older vaults are deposit-disabled or winding down.
  • Fees differ by vault (0–10%; 5% on the main Ethereum vault), and the vault lineup is spread across V1 and V2 copies, which is harder to compare.
  • PrimitivesMorpho
  • Networks3

Scorecard — and what it was read from

Assets under curation
4.0
$77M under curation. Morpho credits $44.3M to Yearn as curator.

8 of 20 pts · api.llama.fi

Tenure as curator
8.0
First vault 2025-02 — 1 year 7 months as of 2026-09-21.

8 of 10 pts · api.morpho.org

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · api.morpho.org

Public reporting
10.0
Regular public reports.

15 of 15 pts · curation.yearn.fi

Performance fee
10.0
5% performance fee.

10 of 10 pts · app.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · app.morpho.org

Primitives and networks
6.0
3 primitive–network pairs.

6 of 10 pts · app.morpho.org

Full Yearn review →

Score8.2
05

RockawayX

Depositors who want RWA and private-credit yield through Morpho or Kamino and accept a newer curator.

rockawayx.com ↗

RockawayX is a crypto investment and infrastructure firm (venture, validators, liquidity) with offices in London, Prague and Dubai. Its vault-curation arm launched a Kamino RWA vault on Solana in February 2026 and Morpho vaults from March 2026. It focuses on RWA, PayFi and protocol-ecosystem credit vaults, plus Kamino lending markets.

In its favour

  • Every Morpho V2 vault has a sentinel/guardian and 3–7 day timelocks, including on fee changes.
  • Grew fast to ~$310M DefiLlama TVL across Kamino (Solana) and Morpho (Ethereum, Base, Sei, Pharos).

Against it

  • Very short track record: first curated vault went live 2026-02-09, so it has not been through a major stress event.
  • Leans on RWA and single-issuer ecosystem vaults (Huma, Tori, f(x), NUVA) that carry concentrated counterparty risk. The bi-weekly and monthly reporting it advertises is not visible as a public archive.
  • PrimitivesKamino, Morpho, Lista Lending
  • Networks6

Scorecard — and what it was read from

Assets under curation
7.0
$310M under curation. Morpho credits $75.1M; most of the rest is Kamino on Solana.

14 of 20 pts · api.llama.fi

Tenure as curator
5.0
First vault 2026-02 — 7 months as of 2026-09-21.

5 of 10 pts · rockawayx.com

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · rockawayx.com

Public reporting
4.7
One-off reports only.

7 of 15 pts · rockawayx.com

Performance fee
10.0
5% performance fee.

10 of 10 pts · app.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · app.morpho.org

Primitives and networks
10.0
6 primitive–network pairs.

10 of 10 pts · api.llama.fi

Full RockawayX review →

Score8.1
06

Gauntlet

Depositors who want low-fee Prime-tier stablecoin vaults across many chains from a long-running quant risk firm.

gauntlet.xyz ↗

Gauntlet is a quantitative risk-management firm, operating since 2018, that curates yield vaults for institutions and retail distribution partners. Its vaults run on Morpho (Prime, Balanced and Frontier tiers), on Morpho-fork Lista vaults on BNB Chain, on Kamino on Solana, and on Aera. Distribution partners include Uniswap and Coinbase.

In its favour

  • Widest footprint in this table: 14 verified primitive–network deployments across 13 networks.
  • Main vaults have 0% performance fees and both timelocks and guardians/sentinels.

Against it

  • Depositors lost money in the March 2026 Resolv USR exploit: Gauntlet USDC Core's share price fell 29.5% on 2026-04-01. Recovery funds of $4.38M were only partly offsetting, and separate reports put Drift-hack exposure at about $6.4M.
  • No recurring public vault report was found; Gauntlet's reports are one-off, event-driven market reports and an annual recap.
  • PrimitivesMorpho, Lista (Morpho fork), Kamino
  • Networks14

Scorecard — and what it was read from

Assets under curation
10.0
$1.65B under curation.

20 of 20 pts · api.llama.fi

Tenure as curator
10.0
First vault 2024-03 — 2 years 6 months as of 2026-09-21. First Morpho vault; Gauntlet's own Aera vaults go back to 2023.

10 of 10 pts · api.morpho.org

Depositor losses
0.0
Bad debt on record, not covered. Resolv USR exploit, March 2026: the Gauntlet USDC Core share price fell 29.5%, and a $4.38M recovery did not make depositors whole.

0 of 25 pts · bitget.com

Public reporting
4.7
One-off reports only.

7 of 15 pts · gauntlet.xyz

Performance fee
10.0
0% performance fee.

10 of 10 pts · api.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · api.morpho.org

Primitives and networks
10.0
14 primitive–network pairs.

10 of 10 pts · api.morpho.org

Full Gauntlet review →

Score6.7
07

Keyrock

Institutions that want a market maker's credit view on USDC lending, including on the Arc chain.

keyrock.com ↗

Keyrock is a digital-asset market maker and investment firm that curates Morpho vaults, starting with a USDC vault in October 2025, which Morpho presented as the debut of its Vaults V2 architecture. Its vaults lend USDC, USDT and RLUSD across Morpho markets on Ethereum and on Circle's Arc chain.

In its favour

  • Backed by an established trading firm (220+ staff per its website). It posted a public risk update saying its USDC vault had zero realized or unrealized bad debt.
  • All main vaults are Morpho V2 with 3–7 day timelocks and a sentinel. The largest vault charges 0% performance and 0% management.

Against it

  • Short record (first vault October 2025). About 90% of deposits sit in a single Arc vault earning under 0.01% APY at check time.
  • Only a one-off public update (Oct 2025), with no recurring reporting. DefiLlama tracks just $8.2M because it omits Arc, so third-party figures disagree.
  • PrimitivesMorpho
  • Networks2

Scorecard — and what it was read from

Assets under curation
2.0
$8M under curation. Morpho credits $83.7M, mostly in one vault on Circle's Arc chain, which DefiLlama does not track.

4 of 20 pts · api.llama.fi

Tenure as curator
5.0
First vault 2025-10 — 11 months as of 2026-09-21.

5 of 10 pts · api.morpho.org

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · forum.morpho.org

Public reporting
4.7
One-off reports only.

7 of 15 pts · forum.morpho.org

Performance fee
10.0
0% performance fee. Largest vault, on Arc; its Ethereum USDC vault charges 5%.

10 of 10 pts · app.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · api.morpho.org

Primitives and networks
6.0
2 primitive–network pairs.

6 of 10 pts · app.morpho.org

Full Keyrock review →

Score6.7
08

Bitwise

Advisers and institutions that want a known asset-manager brand curating an RWA-backed stablecoin lending vault.

bitwiseinvestments.com ↗

Bitwise Asset Management, a crypto asset manager, began non-custodial vault curation on Morpho in January 2026 for private-wealth, RIA, family-office and institutional investors. Its main vault, Bitwise Premium RWA (PAPY, launched 2026-09-02 on Ethereum), lends AUSD against tokenized real-world-asset collateral (Huma PST, sUSDai, Hastra PRIME).

In its favour

  • Regulated-style asset manager brand aimed at institutions. The main vault has 7-day timelocks and a sentinel.
  • Simple fee: 0% performance and 0.39% management on PAPY.

Against it

  • Short record (first vault February 2026) and small (about $21M), almost all in one RWA vault launched in September 2026.
  • PAPY collateral is concentrated in RWA credit tokens (about 74% Huma PST per press coverage). We found no recurring public reporting.
  • PrimitivesMorpho
  • Networks3

Scorecard — and what it was read from

Assets under curation
4.0
$21M under curation. Morpho shows $21.6M, including a small Arc vault.

8 of 20 pts · api.llama.fi

Tenure as curator
5.0
First vault 2026-02 — 7 months as of 2026-09-21.

5 of 10 pts · api.morpho.org

Depositor losses
10.0
No depositor loss on record.

25 of 25 pts · api.morpho.org

Public reporting
0.0
Not published — not recorded.

0 of 15 pts · no source on record

Performance fee
10.0
0% performance fee. Plus a 0.39% management fee on its main vault.

10 of 10 pts · app.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · api.morpho.org

Primitives and networks
6.0
3 primitive–network pairs.

6 of 10 pts · app.morpho.org

Full Bitwise review →

Score6.4
09

Spark

Stablecoin depositors who want long timelocks and Sky-ecosystem backing.

spark.fi ↗

SparkDAO, the Sky-ecosystem 'Star' behind SparkLend and the Spark Liquidity Layer, curates Morpho vaults that lend stablecoins against blue-chip collateral. Its largest is the Spark USDC Vault on Base, part of the Spark Liquidity Layer. It also co-curates the Sentora x Spark RLUSD vault on Ethereum.

In its favour

  • $587.2M in curated Morpho deposits, and a Morpho record going back to March 2024.
  • Long timelocks: the Spark USDC Vault on Base has a 10-day timelock and a guardian, and its V2 Blue Chip USDT vault has 10-day timelocks and a sentinel.

Against it

  • Concentrated: two vaults hold about 94% of deposits, and the $250M Sentora x Spark RLUSD vault is co-curated and was mostly idle (about $3M allocated) at check time.
  • Its quarterly financial reports cover the whole protocol, and only the Q3 2025 report broke out curation figures. Its legacy DAI vault supplied markets that carry small realized bad debt.
  • PrimitivesMorpho
  • Networks2

Scorecard — and what it was read from

Assets under curation
7.0
$587M under curation. From Morpho's curator page (no DefiLlama curator entry); includes the $250M RLUSD vault co-curated with Sentora.

14 of 20 pts · app.morpho.org

Tenure as curator
10.0
First vault 2024-03 — 2 years 6 months as of 2026-09-21.

10 of 10 pts · api.morpho.org

Depositor losses
0.0
Not published — not recorded. Its legacy DAI vault supplied markets with about $658 of realized bad debt; whether Spark depositors bore any of it is not on record.

0 of 25 pts · no source on record

Public reporting
10.0
Regular public reports.

15 of 15 pts · paragraph.com

Performance fee
7.0
10% performance fee.

7 of 10 pts · app.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · app.morpho.org

Primitives and networks
6.0
2 primitive–network pairs.

6 of 10 pts · app.morpho.org

Full Spark review →

Score6.2
10

K3 Capital

Depositors looking for Euler-based ETH and stablecoin yield on newer chains like Monad and Plasma.

k3.capital ↗

K3 Capital is a DeFi asset manager founded in 2021 that runs non-directional funds and curates lending markets. It builds and manages Euler v2 clusters and Euler Earn vaults across several chains, plus a smaller set of Morpho vaults. Its largest curated position today is on Monad, where its Euler Earn WETH and AUSD vaults hold roughly $94M.

In its favour

  • About $525.5M on DefiLlama's Risk Curators tracker, spread across Euler and Morpho on nine chains — though the figure includes positions that are not lending-vault curation.
  • Its biggest vault (Euler Earn WETH on Monad) has both a 1-day timelock and a guardian set, and charges 0% fee on-chain.

Against it

  • Listed Elixir deUSD/sdeUSD as collateral in its Euler Avalanche cluster, and lenders there were hurt in the November 2025 deUSD collapse. Recovery came from Elixir's ~80% claims portal, not from K3.
  • Safeguards vary by vault: the Plasma and BNB Chain Earn vaults have no guardian, and on its Morpho V2 vaults the sentinel is K3's own curator address. It publishes no recurring vault reports.
  • PrimitivesEuler, Morpho
  • Networks8

Scorecard — and what it was read from

Assets under curation
7.0
$526M under curation. DefiLlama also counts positions that are not lending-vault curation; Morpho credits about $4.1M.

14 of 20 pts · api.llama.fi

Tenure as curator
8.0
First vault 2025-04 — 1 year 5 months as of 2026-09-21.

8 of 10 pts · blog.k3.capital

Depositor losses
0.0
Bad debt on record, not covered. Elixir deUSD was collateral in its Euler Avalanche cluster; lenders' recovery came from Elixir's ~80% claims portal, not from K3.

0 of 25 pts · bankless.com

Public reporting
4.7
One-off reports only.

7 of 15 pts · blog.k3.capital

Performance fee
10.0
0% performance fee. Largest vault, Euler Earn WETH on Monad; its other vaults charge 5–10%.

10 of 10 pts · app.euler.finance

Safeguards
10.0
Timelock and guardian. On its Morpho V2 vaults the sentinel is K3's own curator address.

10 of 10 pts · app.euler.finance

Primitives and networks
10.0
8 primitive–network pairs.

10 of 10 pts · api.llama.fi

Full K3 Capital review →

Score5.9
11

Hyperithm

Stablecoin depositors who want tiered-risk Morpho vaults on Monad and Ethereum from a quant-trading firm.

hyperithm.com ↗

Hyperithm is a Tokyo- and Seoul-based digital asset manager founded in 2018, known for market-neutral and quant trading. It curates Morpho vaults under the 'Apex', 'Core' and 'Degen' tiers, a few Euler vaults, and the Midas mHYPER yield token. Its largest curated vault is Hyperithm USDC Apex on Monad.

In its favour

  • Curating on Morpho since February 2025, deployed on four Morpho chains plus Euler on Ethereum.
  • Its Ethereum and Morpho mHYPER lending had no xUSD exposure in November 2025, and it disclosed the one vault that was exposed within days.

Against it

  • Depositors in its Plasma Euler USDT Earn vault were left with ~30% stuck in Re7's xUSD vault, uncovered by Hyperithm. They received the other ~70%.
  • Its largest vault (Monad USDC Apex, V2) has no sentinel/guardian, and fee changes there are not timelocked.
  • PrimitivesMorpho, Euler
  • Networks4

Scorecard — and what it was read from

Assets under curation
7.0
$274M under curation. DefiLlama also counts Midas tokens and non-lending vaults; Morpho credits $66.9M.

14 of 20 pts · api.llama.fi

Tenure as curator
8.0
First vault 2025-02 — 1 year 7 months as of 2026-09-21.

8 of 10 pts · app.morpho.org

Depositor losses
0.0
Bad debt on record, not covered. About 30% of its Plasma Euler USDT Earn vault remains locked in Re7's xUSD vault.

0 of 25 pts · x.com

Public reporting
4.7
One-off reports only.

7 of 15 pts · x.com

Performance fee
10.0
5% performance fee.

10 of 10 pts · app.morpho.org

Safeguards
5.0
Timelock or guardian, not both.

5 of 10 pts · app.morpho.org

Primitives and networks
10.0
5 primitive–network pairs.

10 of 10 pts · api.morpho.org

Full Hyperithm review →

Score5.4
12

MEV Capital

Mainly a case study in curator risk; what remains is a small set of Morpho vaults.

mevcapital.com ↗

MEV Capital is a DeFi investment and risk-management firm, active since 2020, that curated Morpho, Euler, Mellow/Symbiotic and other vaults on many EVM chains. After heavy losses in the Oct–Nov 2025 Elixir/Stream contagion, its curated TVL fell from about $1.5B to around $12M, and Belem Capital took over its institutional management team in early 2026.

In its favour

  • Early multi-primitive curator: a launch curator of the Mellow/Symbiotic restaking vaults in June 2024, with Morpho vaults from July 2024.
  • Its main remaining Morpho vault (MEV Capital wETH) has a 3-day timelock and a guardian.

Against it

  • Realized depositor losses in Nov 2025: about a 3.5% haircut on its Ethereum Morpho USDC vault and 12% on the Arbitrum vault from sdeUSD/xUSD, with only third-party (Elixir) claims for partial recovery.
  • Little remains after the collapse: AUM is about $12M, the website figures are out of date, and there is no recurring public reporting.
  • PrimitivesMorpho, Ember
  • Networks4

Scorecard — and what it was read from

Assets under curation
4.0
$12M under curation.

8 of 20 pts · api.llama.fi

Tenure as curator
10.0
First vault 2024-06 — 2 years 3 months as of 2026-09-21.

10 of 10 pts · coindesk.com

Depositor losses
0.0
Bad debt on record, not covered. November 2025: bad debt of nearly 3.6% of TVL in its Ethereum Morpho USDC vault.

0 of 25 pts · protos.com

Public reporting
4.7
One-off reports only.

7 of 15 pts · mevcapital.com

Performance fee
7.0
10% performance fee.

7 of 10 pts · api.morpho.org

Safeguards
10.0
Timelock and guardian.

10 of 10 pts · api.morpho.org

Primitives and networks
10.0
4 primitive–network pairs.

10 of 10 pts · api.morpho.org

Full MEV Capital review →

Score5.2
13

Re7 Labs

Experienced users who want long-tail chains and assets and accept higher curator risk.

re7labs.xyz ↗

Re7 Labs is a DeFi investment and risk-curation firm that runs lending vaults and clusters on Morpho, Euler, Vesu, Silo and Mellow across many EVM chains and Starknet. It also manages Midas tokenized strategies (mRe7YIELD, mRe7BTC).

In its favour

  • Early and broad: its Morpho vaults date from January 2024, and it has 10 verified primitive–network deployments across 3 primitives (Morpho, Euler, Vesu).
  • Main Morpho vaults keep a 3-day timelock, and the performance fee on flagship vaults is a moderate 10%.

Against it

  • Depositors took uncompensated losses in the Nov 2025 Stream/Elixir/Stable Labs contagion: about $27M exposure, frozen and locked funds, and no compensation announced as of the latest updates found.
  • Main vaults have no guardian or sentinel, reporting is limited to one-off incident updates, and AUM has fallen to about $91M.
  • PrimitivesMorpho, Euler, Vesu
  • Networks10

Scorecard — and what it was read from

Assets under curation
4.0
$91M under curation.

8 of 20 pts · api.llama.fi

Tenure as curator
10.0
First vault 2024-01 — 2 years 8 months as of 2026-09-21.

10 of 10 pts · api.morpho.org

Depositor losses
0.0
Bad debt on record, not covered. Exposure to the November 2025 Stream/Elixir collapse; no depositor compensation announced.

0 of 25 pts · protos.com

Public reporting
4.7
One-off reports only.

7 of 15 pts · chaincatcher.com

Performance fee
7.0
10% performance fee.

7 of 10 pts · api.morpho.org

Safeguards
5.0
Timelock or guardian, not both.

5 of 10 pts · api.morpho.org

Primitives and networks
10.0
10 primitive–network pairs.

10 of 10 pts · api.llama.fi

Full Re7 Labs review →

Score4.7
14

UltraYield

Users who want Edge Capital's market-neutral strategy vaults more than a large Morpho/Euler lending book.

ultrayield.app ↗

UltraYield is the DeFi vault and curation arm of the hedge fund Edge Capital. It runs market-neutral yield vaults (UltraYield ETH/USD/BTC) and Midas tokens (mEDGE, mBASIS), and curates Morpho, Euler and Gearbox lending vaults across many chains. Most of its tracked TVL sits in its own strategy vaults rather than lending-primitive curation.

In its favour

  • Present on many chains (Ethereum, Base, Monad, Plasma, HyperEVM and others) across Morpho, Euler and Gearbox.
  • 0% performance fee on its current Morpho vaults.

Against it

  • Lending-primitive curation is small (<$1M on Morpho). DefiLlama TVL fell from ~$392M (Oct 2025) to ~$65M.
  • Its main Base Morpho vault has a timelock but no guardian, and it publishes no recurring reports.
  • PrimitivesMorpho, Gearbox
  • Networks4

Scorecard — and what it was read from

Assets under curation
4.0
$65M under curation. DefiLlama also counts strategy vaults and Midas tokens; Morpho credits about $0.6M.

8 of 20 pts · api.llama.fi

Tenure as curator
8.0
First vault 2025-04 — 1 year 5 months as of 2026-09-21.

8 of 10 pts · app.morpho.org

Depositor losses
0.0
Not published — not recorded. UltraYield says its vaults were unaffected by the xUSD/deUSD depeg, but no specific statement could be sourced.

0 of 25 pts · no source on record

Public reporting
0.0
Not published — not recorded.

0 of 15 pts · no source on record

Performance fee
10.0
0% performance fee.

10 of 10 pts · app.morpho.org

Safeguards
5.0
Timelock or guardian, not both.

5 of 10 pts · app.morpho.org

Primitives and networks
10.0
4 primitive–network pairs.

10 of 10 pts · api.llama.fi

Full UltraYield review →

Score4.1

↑ Back to the table at a glance

How we scored this table

This table ranks companies, not vaults. A firm is included when at least one live vault or market it curates on Morpho, Euler, Kamino or a comparable lending primitive is shown under its name in that protocol's own interface. The primitives themselves, aggregators with no curating role and anonymous deployers with no named organisation are left out, and so are any services owned by or affiliated with this publication.

Each firm gets a card of seven facts. Every fact is read from a public source, recorded with the URL and the date it was checked, and converted to points by the fixed table printed below. There is no judgement step: the same card always produces the same score, and the score is computed by code rather than typed in.

Assets under curation is DefiLlama's Risk Curators figure wherever the firm is listed there, and the protocol's own curator page only where it is not; when the two disagree, the other figure is printed beside the fact. The primitive–network count is read from the protocols' interfaces and DefiLlama's chain breakdown. Tenure runs from the first curated vault on-chain to the date the fact was checked, so a score does not drift between checks. Losses are read from governance forums, post-mortems and the curators' own statements; a loss counts as covered only where a source says depositors were made whole. Fees and safeguards are read from the parameters of the firm's main vault.

  • A fact without a source scores 0 points and is marked “not recorded” — an unpublished number is not given the benefit of the doubt.
  • “No loss on record” is a statement about the public record on the date checked, not a guarantee.
  • Equal scores are ordered by tenure. A sponsored inclusion, if there ever is one, is labelled and scored by the same tables; it cannot change a score or a position.

What each fact records, and how it converts to points

Assets under curation20%
Total value deposited in the vaults the firm curates.
  • Under $10M4 pts
  • $10M–$100M8 pts
  • $100M–$1B14 pts
  • Over $1B20 pts
Source: DefiLlama (Risk Curators category), the curator's page on the protocol
Tenure as curator10%
Time since the firm's first curated vault went live on-chain.
  • Under 6 months2 pts
  • 6–12 months5 pts
  • 1–2 years8 pts
  • Over 2 years10 pts
Source: Creation date of the first vault on-chain
Depositor losses25%
Whether depositors in the firm's vaults have taken a loss, and whether it was made good.
  • No loss on record25 pts
  • Bad debt, covered12 pts
  • Bad debt, not covered0 pts
Source: Governance forums, post-mortems, curator statements
Public reporting15%
Whether the firm publishes reports on its vaults, and how often.
  • Regular reports15 pts
  • One-off reports7 pts
  • None0 pts
Source: The curator's site, Substack, Notion or forum
Performance fee10%
The performance fee set on the firm's main vault.
  • 5% or less10 pts
  • Over 5%, up to 10%7 pts
  • Over 10%, up to 15%4 pts
  • Over 15%0 pts
Source: Vault parameters
Safeguards10%
A timelock on parameter changes and a guardian able to veto them.
  • Timelock and guardian10 pts
  • One of the two5 pts
  • Neither0 pts
Source: The vault contract
Primitives and networks10%
Distinct primitive–network pairs with a live curated vault (Morpho on Base and Morpho on Ethereum count as two).
  • 1 pair3 pts
  • 2–3 pairs6 pts
  • 4 or more10 pts
Source: DefiLlama

score = Σ(points) / 10, on a 0–10 scale. A fact without a source scores 0 points and is marked “not recorded”. Equal scores are ordered by tenure: the curator whose first vault is older ranks higher.

Frequently asked questions

What does a DeFi vault curator do?+

A vault curator decides how a lending vault on a primitive such as Morpho, Euler or Kamino puts deposits to work: which collateral markets the vault supplies, the caps on each, and when to add or remove a market. The vault contract holds the funds; the curator's choices decide what risk depositors carry.

How is the score calculated?+

Each firm gets seven recorded facts — assets under curation, tenure, depositor losses, public reporting, performance fee, safeguards, and primitive–network coverage. Each fact converts to points through a fixed table, the points add up to a maximum of 100, and the score is that total divided by 10. Equal scores are ordered by tenure.

Why does a missing fact score zero?+

Because an unpublished figure cannot be checked. If a curator does not publish a fee, a report or a loss record that we can source, that fact is marked “not recorded” and scores 0 points. Publishing it, and letting us source it, is the only way to move that line.

Why do depositor losses carry the most weight?+

A curator's core job is choosing collateral, and a realized loss is the clearest record of that choice going wrong. The Stream Finance collapse in November 2025 showed how one bad collateral asset can leave bad debt in several curated vaults at once, so losses carry 25 of the 100 points.

Can a curator pay to be listed or ranked higher?+

No position or score can be bought. If a paid inclusion is ever accepted it is labelled “Sponsored inclusion — score computed by the same rubric” in the table and on the review, its link is marked as sponsored, and it is scored by exactly the same tables as everyone else.

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