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matejfalat merged 3 commits into from
Jul 22, 2026
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Add Purinta vaults #312

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Add Purinta vaults
matejfalat Jul 21, 2026
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Add kBTC
matejfalat Jul 21, 2026
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41 changes: 27 additions & 14 deletions docs/curation/index.md
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Expand Up @@ -13,7 +13,7 @@ Morpho is a permissionless protocol that allows anyone to create isolated lendin
Morpho Vaults aggregate deposits and allocate them across these markets, abstracting the complexity of individual market selection for depositors.

As a curator, Api3 selects lending markets, manages risk parameters, and allocates capital to generate yield for vault depositors.
Api3 operates a set of USDC vaults on Ethereum mainnet, each targeting different markets and strategies.
Api3 operates a set of vaults across multiple networks, each targeting different markets and strategies.

::: info 💡 Tip

Expand Down Expand Up @@ -43,19 +43,21 @@ The OEV captured during volatile periods more than compensates, providing Api3 w

## Vaults

Api3 operates three USDC vaults on Ethereum mainnet.
Api3 operates multiple vaults across Ethereum mainnet and the Robinhood chain.
All vaults share the same [role structure](/curation/roles-and-operations) and [risk framework](/curation/risk-management).

| Vault | Asset | Strategy | Collateral |
| ------------------------------ | ----- | ---------------------------------- | -------------------------------------------- |
| [Api3 Core](#api3-core) | USDC | Conservative, blue-chip collateral | wstETH, cbBTC |
| [Kabu](#kabu) | USDC | Mid-cap governance tokens | COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, BAL |
| [Api3 dCOMP](#api3-dcomp) | USDC | Dedicated dCOMP collateral market | dCOMP |
| Vault | Network | Asset | Strategy | Collateral |
| ------------------------------ | --------- | ----- | ---------------------------------- | -------------------------------------------- |
| [Api3 Core](#api3-core) | Ethereum | USDC | Conservative, blue-chip collateral | wstETH, cbBTC, kBTC |
| [Kabu](#kabu) | Ethereum | USDC | Mid-cap governance tokens | COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, BAL |
| [Api3 dCOMP](#api3-dcomp) | Ethereum | USDC | Dedicated dCOMP collateral market | dCOMP |
| [Purinta](#purinta) | Ethereum | USDC | Meme token collateral markets | PEPE, SPX6900, SHIB |
| [Purinta](#purinta) | Robinhood | USDG | Meme token collateral markets | CASHCAT |

### Api3 Core

Api3 Core is Api3's flagship conservative vault.
It supplies USDC to lending markets backed by blue-chip collateral assets — wstETH (Lido wrapped staked ETH) and cbBTC (Coinbase wrapped BTC).
It supplies USDC to lending markets backed by blue-chip collateral assets — wstETH (Lido wrapped staked ETH), cbBTC (Coinbase wrapped BTC), and kBTC (Kraken wrapped BTC).
These are high-liquidity, battle-tested assets with deep on-chain liquidity and well-established oracle infrastructure.
The vault targets stable, lower-risk yield from borrowing demand against these widely held collateral types.

Expand All @@ -73,15 +75,26 @@ While preserving the inherent voting power of the underlying COMP, this wrapper

The Api3 dCOMP vault supplies the USDC borrow-side liquidity for this market, making the mechanism viable.

### Purinta

Purinta is a pair of meme token lending vaults curated by Api3: a USDC vault on Ethereum mainnet and a USDG vault on the Robinhood chain.
Each supplies the borrow-side liquidity for a set of isolated meme token markets — PEPE, SPX6900 and SHIB on Ethereum, and CASHCAT on Robinhood.

Meme tokens are more volatile and higher-risk than blue-chip collateral, so a market is only listed when its token has enough on-chain liquidity to support healthy swaps and liquidations. Supply caps and LLTVs are configured conservatively to limit that exposure.

These markets are surfaced to borrowers through [Purinta app](https://purinta.xyz), a meme token lending interface.

### Accessing the vaults

All three vaults are deployed on Ethereum mainnet and can be viewed and accessed through the Morpho app, where Api3 operates as a [verified curator.](https://forum.morpho.org/c/vaults/api3/57) Live figures - total deposits, APY, enabled markets, and current supply caps - are shown there.
Each of the vaults can be also accessed through the Morpho app, where Api3 operates as a [verified curator.](https://forum.morpho.org/c/vaults/api3/57) Live figures - total deposits, APY, enabled markets, and current supply caps - are shown there.

| Vault | Address | Link |
| ---------- | -------------------------------------------- | ------------------------------------------------------------------------------------------------------------------ |
| Api3 Core | `0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b` | [View on Morpho](https://app.morpho.org/ethereum/vault/0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b/api3-core-usdc) |
| Kabu | `0x54210d3f1A066413891AF9E17210E787d5C6e3f4` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x54210d3f1A066413891AF9E17210E787d5C6e3f4/kabu-usdc) |
| Api3 dCOMP | `0x36cfe1568461E499391ef0A555300F1ae2da2439` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x36cfe1568461E499391ef0A555300F1ae2da2439/api3-dcomp-usdc) |
| Vault | Network | Address | Link |
| --------------- | --------- | -------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- |
| Api3 Core | Ethereum | `0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b` | [View on Morpho](https://app.morpho.org/ethereum/vault/0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b/api3-core-usdc) |
| Kabu | Ethereum | `0x54210d3f1A066413891AF9E17210E787d5C6e3f4` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x54210d3f1A066413891AF9E17210E787d5C6e3f4/kabu-usdc) |
| Api3 dCOMP | Ethereum | `0x36cfe1568461E499391ef0A555300F1ae2da2439` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x36cfe1568461E499391ef0A555300F1ae2da2439/api3-dcomp-usdc) |
| Purinta | Ethereum | `0xc92A37Fd0250F4eecF092960a2F70A1334217528` | [View on Morpho](https://app.morpho.org/ethereum/vault/0xc92A37Fd0250F4eecF092960a2F70A1334217528/purinta-usdc) |
| Purinta | Robinhood | `0x37788ff0c1d4e45A7FE06BC7e71e0cc00121d0A8` | [View on Morpho](https://app.morpho.org/robinhood-chain/vault/0x37788ff0c1d4e45A7FE06BC7e71e0cc00121d0A8/purinta-usdg) |

## Fees

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2 changes: 1 addition & 1 deletion docs/curation/risk-management.md
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Expand Up @@ -26,7 +26,7 @@ Api3 also lists assets that are unique on the market to fill gaps in the lending

## Supply caps

Each enabled market is assigned a supply cap that limits the maximum amount of USDC the vault can allocate to that market.
Each enabled market is assigned a supply cap that limits the maximum amount the vault can allocate to that market.
Supply caps are set according to Api3's internal risk guidelines and are calibrated based on:

- The collateral asset's on-chain liquidity depth
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6 changes: 3 additions & 3 deletions docs/curation/roles-and-operations.md
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Expand Up @@ -26,21 +26,21 @@ The monitoring team also maintains an emergency fund for manual liquidations in

## Vault architecture

Each Api3 vault is a [Morpho Vault V2](https://docs.morpho.org/learn/concepts/vault-v2/) that supplies USDC directly to a curated set of isolated Morpho markets:
Each Api3 vault is a [Morpho Vault V2](https://docs.morpho.org/learn/concepts/vault-v2/) that supplies the assets directly to a curated set of isolated Morpho markets:

```
Depositor → Vault → Adapter → Morpho Markets
```

Depositors supply USDC to the vault and receive vault shares. The vault routes capital into the underlying Morpho markets through a market adapter, and the Api3 role structure and governance controls described above apply at the vault level. The 5% performance fee is charged here (see [Fees](/curation/#fees)).
Depositors supply the vault's asset (such as USDC) and receive vault shares. The vault routes capital into the underlying Morpho markets through a market adapter, and the Api3 role structure and governance controls described above apply at the vault level. The 5% performance fee is charged here (see [Fees](/curation/#fees)).

Changes that could increase risk to depositors - adding a market adapter or raising a supply cap - are subject to a 7-day timelock, giving depositors advance notice before they take effect. The sentinel can act immediately to reduce risk.

## Allocation and rebalancing

Capital allocation across markets is automated.
The Api3 allocation bot monitors market conditions and rebalances the vault's positions to maintain target utilization and competitive APY.
When an enabled market lacks borrowing demand, the bot can supply the vault's otherwise-idle USDC to a deep, blue-chip market (such as wstETH/USDC) so that it continues to earn yield.
When an enabled market lacks borrowing demand, the bot can supply the vault's otherwise-idle assets to a deep, blue-chip market (such as wstETH/USDC) so that they continue to earn yield.

A portion of vault liquidity is kept readily withdrawable to assist with depositor withdrawals and mitigate delays. In addition, the Vault V2 design lets anyone permissionlessly pull supplied liquidity back from a market into the vault - a forced deallocation, subject to a small penalty - when liquidity is needed. Neither mechanism guarantees delay-free withdrawal.

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