> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/funds/infrastructure/onchain-accounting/meta-balance-adapters/morpho-vault.md).

# Morpho Vaults

One immutable meta-adapter that reports an account's underlying-asset balance in *any* Morpho ERC-4626 vault (MetaMorpho V1 and V2). Which vaults it queries is a governed instance set on the NAV Calculator; the adapter holds no per-vault state.

* **Type:** Meta-adapter
* **protocolSubId:** `keccak256("morpho-vaults")`
* **Instance key:** the vault address, widened to `bytes32`
* **Source:** [`MorphoVaultsMetaBalanceAdapter.sol`](https://github.com/karpatkey/onchain-accounting/blob/main/src/balances/MetaBalanceAdapters/MorphoVaultsMetaBalanceAdapter.sol)

***

## Positions returned

One position per vault the account holds shares in.

| Leg          | PositionKind | isDebt  | Description                              |
| ------------ | ------------ | ------- | ---------------------------------------- |
| Vault supply | `Supplied`   | `false` | Vault shares converted to the underlying |

A vault returns an empty result (rather than reverting) when its asset is unregistered, excluded by `assetFilter`, or the converted balance is zero — so one bad vault never zeroes out the rest of the set. Rewards (Merkl / Universal Rewards Distributor) are not included.

***

## Balance calculation

<figure><img src="/files/GRJAVmRSbxw8PYjp2lGY" alt="Flowchart of the Morpho Vaults balance adapter: read calls derive position legs into PositionBalance entries."><figcaption><p>Morpho Vaults adapter — how the underlying balances reported to the NAV Calculator are derived.</p></figcaption></figure>

```
amount = vault.previewRedeem(vault.balanceOf(account))   // 0 if unreadable; no convertToAssets fallback
```

The shares are valued with `previewRedeem`, which nets out any ERC-4626 vault **exit fee** (per EIP-4626 §4.3) that `convertToAssets` ignores. It reflects the vault's current `totalAssets / totalSupply` (interest accrued across its underlying Morpho markets), denominated in `vault.asset()`. The two agree for fee-less vaults (none currently charge an exit fee).

If `previewRedeem` cannot be read the leg reports **`0`**; there is **no `convertToAssets` fallback**. Because §4.3 requires `convertToAssets` to ignore the redemption fee that `previewRedeem` must include, `convertToAssets ≥ previewRedeem` by construction — so falling back could only ever report *more* than a redemption would pay. Reporting nothing under-reports, which is the permitted direction. If instead `previewRedeem` runs out of the gas its frame was given, the read **fails closed** with `RedeemValueGasExhausted(vault, stipend, consumed)` rather than reporting `0`, since a starved read is not evidence of an empty position — see [a starved read is not an empty read](/funds/infrastructure/onchain-accounting/balance-adapters.md#how-an-adapter-is-built).

***

## Identity

* **positionId:** `abi.encode(address vault)` — the vault address
* **positionKind:** `Supplied`

There is no `labels` field on the position. The adapter implements `positionLabels(positionId)`, which returns `["Vault", "<ERC4626 name()>"]` from the vault's on-chain name — surfaced only by the verbose reads (`getAccountPositionsVerbose` / `getAccountNavVerbose`); the full breadcrumb is `[protocolName, ...labels]`.

***

## Constructor

```solidity
constructor(address navCalculator_)
```

| Parameter        | Description                                             |
| ---------------- | ------------------------------------------------------- |
| `navCalculator_` | NAV Calculator contract (asset registry + instance set) |

***

## Registration

Meta-adapter. Register once and seed its vaults with `addMetaBalanceAdapter(adapter, instances)`, then adjust with `addMetaInstances(adapter, instances)` / `removeMetaInstances(adapter, instances)` (MANAGER-gated). Each instance coordinate is a **vault address widened to `bytes32`** (decoded via `_toAddress`, which reverts on a non-address coordinate). Adding a new vault is a config call — no new deploy.


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