Morpho Vaults

Every vault listed on Glare is a Morpho Vault V2: an ERC-4626 tokenised vault on Robinhood Chain. You deposit USDG, receive vault shares, and the vault's curator decides which markets that capital is deployed into.

How capital is allocated

A curator sets a cap for each market it may use. Allocation can only grow toward that cap, so the curator chooses where deposits go without being able to move principal straight back out. Cap types differ by adapter: a relative cap is a percentage of total vault assets, an absolute cap is a fixed amount.

Deposit USDG
  └─> Vault balance sits idle
        └─> Curator allocates toward its caps
              └─> Market earns, vault accrues fees

Withdraw
  └─> Vault redeems idle, or force-deallocates from a market first

The four numbers you will see

Figure	Meaning
Total assets	Everything deposited in the vault. This is what your shares are worth, together.
Idle assets	The part of the balance not currently deployed to a market. It is immediately withdrawable.
Liquidity	How much the underlying markets can absorb or release right now. It is not the same as idle assets.
Utilisation	Deployed divided by total assets. The share of the vault that is actually working.

Liquidity and idle are easy to confuse. Idle is the vault's own unspent balance. Liquidity is the capacity of the markets the vault has deployed into, which moves with those markets and with the wider market, not with the curator alone.

Fees and APY

APY shown on a vault is its net APY, after the vault's own management and performance fees. Fees are set by the vault, not by Glare, and some vaults charge none at all.

Most figures Glare displays are read from Morpho at request time. Trend lines are illustrative and are drawn from current values rather than from a full transaction history, so treat them as shape, not as a record.

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