| Adapter | A Symbiotic V2 component connecting a vault to a single external venue or mechanism. Each adapter carries an absolute limit in deposit-token units and a relative limit as a share of vault assets, whichever is lower binding. KPK’s Symbiotic vault runs Morpho Vault V2, Aave V3 and Liquid Lane adapters. |
| Atomic liquidity | The share of a vault that can be withdrawn immediately: the vault’s own balance plus whatever can be pulled back from underlying venues on demand. Distinct from the nominal allocation cap, and the measure KPK uses to decide how much of a Symbiotic vault may sit in higher-yielding venues. |
| Allocator role | A protocol-level role (Morpho, Euler) authorised to move funds between enabled markets. KPK does not use the public Allocator role on either protocol; allocation is scoped through KPK's Permissions Layer and the protocol's own role system to reduce the attack surface. |
| Change Log | A record of all major changes implemented in KPK-curated products. Each protocol section in this handbook has a dedicated Change Log for full transparency. |
| Collateral | Assets accepted within curated products to back borrowing or leveraged positions. Collateral parameters (e.g. liquidation thresholds, quotas, oracles) are typically set and/or monitored by KPK. |
| Credit Account | A Gearbox primitive: a per-borrower smart account that holds collateral and borrowed liquidity from a KPK Earn Pool and executes leveraged strategies under whitelisted adapters and parameters. |
| Curator Safe | The KPK multisig (typically 2/5) that holds Curator and Allocator roles on a vault. Day-to-day operations are scoped through KPK's Permissions Layer for agents; sensitive changes execute via the Safe under timelock. |
| Delegator | The Symbiotic V2 component holding a vault’s ordered list of adapters and the limits on each. It is owned by the vault itself. Allocation runs through it via auto-allocate, which fills adapters in list order up to their caps. |
| Earn Pools | KPK-curated passive pools on Gearbox Permissionless (v3.1). |
| Emergency Admin | A predefined role with the ability to take immediate protective actions (e.g. pausing markets) in response to critical alerts, bypassing timelocks. |
| EVC (Ethereum Vault Connector) | The Euler component that coordinates collateral, liability and liquidation flows across EVK vaults, allowing a single account to hold positions in multiple Euler vaults. |
| EVK (Euler Vault Kit) | The Euler primitive used to instantiate ERC-4626 credit vaults with borrowing functionality. Each EVK vault has its own caps, oracle routing and risk parameters. |
| Fact Sheet | The one-pager summary of each KPK-curated product, provided on the relevant product page in this handbook, as well as the KPK website. |
forceDeallocate | A permissionless function on Morpho v2 vaults that pulls liquidity from a specific underlying market back to the vault's idle balance. Each call burns a small per-adapter penalty from the caller's vault shares to discourage misuse. KPK keeps the penalty above zero to preserve allocation policy. |
| KPK | For the purpose of all KPK-curated products, KPK Digital Assets Inc. |
| KPK-curated Products | Pools and vaults hosted by leading DeFi protocols that bring together a diverse range of yield sources and risk profiles, where KPK manages the selection of the underlying assets (collateral) and allocation of funds to “curate” the product. |
| Liquidation Threshold or LT | The collateral ratio below which a position becomes liquidatable (e.g. on Gearbox). LT is set per collateral asset and determines borrowing capacity and liquidation risk. |
| Liquid Lane | Symbiotic’s request-for-quote mechanism for providing instant withdrawal liquidity on tokenised RWAs. A curator states in advance the discount at which it will acquire a given asset; the vault buys a holder’s position at that discount and redeems it with the issuer at par on the normal settlement schedule. See Symbiotic. |
| Liquidity adapter | A per-vault setting on Morpho v2 vaults designating a single underlying market as the default withdrawal source. Withdrawals beyond idle pull from that one market until either the request is filled or that market's available liquidity is exhausted. |
| Market Configurator | The smart contract through which KPK configures parameters (e.g. collaterals, oracles, debt limits) for curated products on Gearbox, typically controlled through timelocked governance. |
| Markets V1 Adapter | A Morpho v2 adapter that allocates a v2 vault's deposits directly into individual Morpho v1 markets. KPK v2 vaults use this adapter to access v1 market liquidity without an intermediate v1 MetaMorpho vault. See Morpho docs. |
| MetaMorpho Vault | A Morpho v1 vault standard: an ERC-4626 vault that allocates across approved Morpho v1 markets. KPK still operates legacy v1 MetaMorpho vaults for direct V1 depositors; new curation is delivered on v2 vaults. |
| Minimum discount | The smallest discount to fair value at which a Liquid Lane vault will acquire a given RWA. Set per asset by the curator, it is the compensation required for holding the asset until issuer settlement, and together with the per-asset acquisition limit it bounds the vault’s RWA exposure. |
| Oracle | A data feed that provides price information to smart contracts. Oracles are monitored for liveness, accuracy, and manipulation risk. |
| Roles Modifier | A Zodiac module enabled on each Curator Safe that checks every call against a role’s allow-list before the Safe executes it, scoped by target contract, function, and parameter value. Non-permitted calls revert onchain. It is the enforcement mechanism behind KPK’s Permissions Layer. See Signer architecture. |
| Permissions Layer | KPK’s permission framework, built on the Roles Modifier. It strictly scopes the actions curator multisigs and agents can execute, by target contract, function, and parameter value, adding a layer of control on top of protocol-level role restrictions. See more. |
| Quota | A Gearbox-specific parameter that limits the total amount of a given collateral that can be borrowed against in a curated market. Quotas are set by KPK to control exposure. |
| Risk Framework | KPK's proprietary system for evaluating, classifying and monitoring risks that may apply to KPK-curated products. |
| Risk Tier | A KPK-assigned classification reflecting the risk profile of an asset or strategy considered for inclusion in any KPK-curated product. |
| Timelock | A governance mechanism that enforces a minimum delay between the proposal and execution of critical changes, improving transparency and security. |
| Utilisation Rate | The share of total pool liquidity that is borrowed. High utilisation rates can affect withdrawal availability and borrowing costs. |
| Vault | A smart contract that aggregates deposits and manages funds according to a predefined strategy. KPK Morpho and Euler vaults are ERC-4626 vaults that allocate across underlying isolated lending markets; KPK Gearbox pools are ERC-4626 passive lending pools that lend to the Gearbox Credit Account system; KPK Symbiotic vaults are ERC-4626 compatible and allocate across adapters rather than markets. |
| Vault V1 Adapter | A legacy Morpho v2 adapter that routed v2 vault deposits into a single underlying v1 MetaMorpho vault. KPK v2 vaults migrated off this adapter in May 2026 to allocate directly into individual v1 markets via the Markets V1 Adapter. |