Best DeFi Vault Curators · Rank 07 of 14

Keyrock review

Name: Keyrock review
Item: Keyrock
Rating: 6.7
Author: Maria Fernandez

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

keyrock.com ↗

Scored by Maria FernandezLast verified September 21, 20267 scored facts

Score6.7

67 of 100 points

The short answer

Keyrock scores 6.7 out of 10 and ranks #7 of 14 in the best defi vault curators table, strongest on depositor losses (10.0) and weakest on assets under curation (2.0).

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.

Key facts on record

Primitives: Morpho
Networks: 2

What the record shows

7 facts, each converted to points by the tables published in the table’s methodology. Each score below is read from the fact printed under it, with its source and the date it was checked.

Keyrock on assets under curation

2.0/ 20% of the score

$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 · checked September 21, 2026

Keyrock on tenure as curator

5.0/ 10% of the score

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

5 of 10 pts · api.morpho.org · checked September 21, 2026

Keyrock on depositor losses

10.0/ 25% of the score

No depositor loss on record.

25 of 25 pts · forum.morpho.org · checked September 21, 2026

Keyrock on public reporting

4.7/ 15% of the score

One-off reports only.

7 of 15 pts · forum.morpho.org · checked September 21, 2026

Keyrock on performance fee

10.0/ 10% of the score

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

10 of 10 pts · app.morpho.org · checked September 21, 2026

Keyrock on safeguards

10.0/ 10% of the score

Timelock and guardian.

10 of 10 pts · api.morpho.org · checked September 21, 2026

Keyrock on primitives and networks

6.0/ 10% of the score

2 primitive–network pairs.

6 of 10 pts · app.morpho.org · checked September 21, 2026

Quick answers

What is Keyrock best for?: Institutions that want a market maker's credit view on USDC lending, including on the Arc chain.. 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.
Where does Keyrock rank among best defi vault curators?: #7 of 14, scoring 6.7 out of 10 — 67 of 100 points.
What is the weakest part of Keyrock?: Assets under curation at 2.0. $8M under curation. Morpho credits $83.7M, mostly in one vault on Circle's Arc chain, which DefiLlama does not track.

Strengths and weaknesses

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.

How Keyrock compares

14 services in best defi vault curators

How to read these tables

No paid placement. Nobody buys a position, a score or a mention. We take no affiliate commission on any link in this section, and operators do not see their score before it publishes.

Scores are read from the record. Each one is derived from the fact printed beside it — a published attestation, a contract, a register entry, an incident report — against bands that describe evidentiary states. Facts age: each table carries the date it was last verified, and this is not an audit.

Nothing here is financial advice. Crypto services fail, change terms and withdraw from markets without notice. Verify anything that matters directly with the provider, and tell us when we get something wrong.

Found something out of date? Write to the desk — corrections are printed with the table.