# Change log

This page records **all major configuration and parameter changes** to KPK-curated Morpho vaults.

Entries are listed in reverse chronological order. For current parameters, see the individual pool pages.

<table><thead><tr><th width="120.96875">Date</th><th width="222.890625">Scope</th><th width="260.2578125">Change</th><th width="327.7781982421875">Description/Rationale</th><th width="338.625">Tx/Reference</th></tr></thead><tbody><tr><td>2026-05-14</td><td>ETH Prime, USDC Yield</td><td>Onboard new markets: <a href="https://app.morpho.org/ethereum/market/0x251b7cbc2c33ba4eabe3b7163ad0fdd3cfb97de80d8377f0f48b8d31aee7606f/reth-weth">rETH/WETH</a> (ETH Prime) and <a href="https://app.morpho.org/ethereum/market/0xfa87949abc5866c303f172dccd59fbd57591dee9233b4cd90035906a689eff48/dusd-usdc">DUSD/USDC</a> (USDC Yield)</td><td>Cover borrow demand from existing counterparties. Queued through 3-day timelock.</td><td><ul><li>ETH Prime — <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x89d0774402522d5425801411fc8976c9e94b9e35b537ac7a514e22d63e203a2b">setCaps</a></li><li>USDC Yield — <a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x702423e0c10ff8a7c6d6adbd1743abdb525a86572538380a8f12a63bc1cf0995">setCaps</a></li></ul></td></tr><tr><td>2026-05-13</td><td>All V2 vaults</td><td>Onboard new operator <code>0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440</code> as Safe owner and allocator; grant <code>MORPHO_SHUTDOWN_AGENT</code> permission to call <code>setForceDeallocatePenalty</code></td><td>Add new operator across all curator Safes (thresholds unchanged) with allocator role on each V2 vault; expand the shutdown agent scope to raise the deallocation penalty in response to griefing.</td><td><ul><li><a href="https://app.safe.global/transactions/tx?safe=eth:0x7a2CE012Fe37dB488C24e31f5e38816cAd82b45E&#x26;id=multisig_0x7a2CE012Fe37dB488C24e31f5e38816cAd82b45E_0x5ebc84ebb788b1dc27ab9bc71cfde2fead8dc0c8a77e314f3dd7a9ec2a9cf4f3">USDC Prime Core</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x2c884177fcfc0cfb1198b75910b5d050cf2164a9af0268847be2b57d2ac3e497">USDC Prime</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xa49747bb306a5666db73237086450ced0177321eeb99c6b48548a332eb8c42ce">USDC Yield</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xa3232c4982883ce6adb0278fb766380766002f45ce82e009308d67753d8125c0">ETH Prime</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0x59f91b4ac2750f49ec7b5352645a84f60fce0dae3fc612a06cd6e3f89ddc74e7">ETH Yield</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0xd15f11B334e1e233127302E5F759C17DA1260df5&#x26;id=multisig_0xd15f11B334e1e233127302E5F759C17DA1260df5_0xa7630d5bd37a56b21ba38cf13525c1c402b9bb2c9634ac778a13f8bbdacac802">EURC Yield</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0x834e1c1ea40173B82106F9177646b66d96AE7De8&#x26;id=multisig_0x834e1c1ea40173B82106F9177646b66d96AE7De8_0x7d6dbae564fb5da328ede583c58b918b70368614d824004306ba1451deb4e80f">USDT Prime</a></li><li><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x023a82887e8d05f2a6171f8d1aaa58e21532982444d9d8b01956a61950d5b4c1">USDC Yield Arb</a></li></ul></td></tr><tr><td>2026-05-12</td><td>All V2 vaults (USDC Prime, ETH Prime, USDC Yield, EURC Yield, ETH Yield, USDT Prime, USDC Yield Arb)</td><td>Rebrand vaults: prepend <code>KPK</code> to <code>name</code> and <code>symbol</code></td><td>Align on-chain vault identities with KPK brand. <code>name</code> → <code>KPK &#x3C;Vault></code>, <code>symbol</code> → <code>KPK_&#x3C;Vault></code>. Executed by Security Council.</td><td><ul><li>Ethereum (5 vaults bundled) — <a href="https://app.safe.global/transactions/tx?safe=eth:0x354C92aF243d53A24feb3dFF20372Af7b7c47478&#x26;id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0x2773d8acecfa0c9c894463050368cd9662155d7774b7d07ac94d8dc2c8814f0a">setName/setSymbol</a></li><li>Arbitrum (USDC Yield Arb) — <a href="https://app.safe.global/transactions/tx?safe=arb1:0x354C92aF243d53A24feb3dFF20372Af7b7c47478&#x26;id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0xc5cd68f1d23a4588f4b12ae0e310ae0889ac16ff865b1edfea3bc8035816fbe1">setName/setSymbol</a></li></ul></td></tr><tr><td>2026-05-11</td><td>USDC Prime</td><td>Onboard <a href="https://app.morpho.org/ethereum/market/0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd/weth-usdc">WETH/USDC</a> market</td><td>Add WETH as collateral option — additional yield source with deep liquidity.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x4ea58e301e78da4c59de296b17fa2a6ae2fe9e11478406c0ded68dc5a90b7cd6">submitCap</a></td></tr><tr><td>2026-05-08</td><td>USDC Prime, USDC Yield, USDC Yield (Arb)</td><td>Offboard underused markets; set allocation caps to 0</td><td>Remove markets below 1% of vault interest over 90 days. USDC Prime: weETH, tBTC, LBTC. USDC Yield: PT-cUSD-23JUL2026, MORPHO, YFI, srRoyUSDC. USDC Yield (Arb): PT-thBILL-18JUN2026.</td><td><ul><li>USDC Prime — <a href="https://etherscan.io/tx/0xb21cb13817376fc7845c8190842b4aa8f27944815a22158915dbcb74fe1015e3">weETH</a>, <a href="https://etherscan.io/tx/0x2537b6bc8ac09d814eaac4e25b6a3356d16631e6b5b61631fe1c2a2d58da7310">tBTC</a>, <a href="https://etherscan.io/tx/0x036e6e55a57c5900bcc1add25d538edbcc5e3055b69b5dde85c031319ba379f2">LBTC</a></li><li>USDC Yield — <a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xaf8ce95d9f572e8d7edf288bb6d44cc44744b8c280f08aba524bb71f3965f389">PT-cUSD, MORPHO, YFI, srNUSD</a></li><li>USDC Yield (Arb) — <a href="https://arbiscan.io/tx/0x5084905ab70e08a6d91b1a96ff5274b7c7b72bb7a2ff04ef3466313e3c5df4aa">PT-thBILL</a></li></ul></td></tr><tr><td>2026-05-06</td><td>USDC Yield V2, ETH Yield V2</td><td>Raise absolute and relative caps on the Markets V1 Adapter route for selected V1 markets. USDC Yield V2: savUSD/USDC and PT-savUSD-14MAY2026/USDC (both 91.5% LLTV). ETH Yield V2: savETH/WETH (91.5% LLTV).</td><td>Raise V1 Adapter caps to allow V2 vaults to absorb V1 vault allocations during migration.</td><td><a href="https://etherscan.io/tx/0x381dc1e6df6294e3b8f51f774acf1e2ddb41a3ff9626a3edfa81b2ecec727b5e">USDC Yield V2</a>, <a href="https://etherscan.io/tx/0xbc8013570baddbd3d3c161610af54b543c8fa09dd36f0b0989743d1a50bbd7d2">ETH Yield V2</a></td></tr><tr><td>2026-05-04</td><td>USDC Prime, ETH Prime, USDC Yield, EURC Yield, ETH Yield, USDC Yield (Arb)</td><td>Switch curated allocation path on V2 vaults from the Vault V1 Adapter to the Markets V1 Adapter; remove the legacy Vault V1 Adapter from each V2 vault</td><td>V2 vaults now allocate directly into V1 markets via the Markets V1 Adapter; legacy MetaMorpho vault layer removed from the curated path.</td><td><ul><li><a href="https://etherscan.io/tx/0x71693b4f2ba820f7741dc236771d217087742e2d22a0da379cd5b7d24682e766">USDC Prime</a></li><li><a href="https://etherscan.io/tx/0xcc7cbb515c5d1245157885e82713178a760c76fc5fe42b04458b499ce0c9a8e8">ETH Prime</a></li><li><a href="https://etherscan.io/tx/0xf02c4cc18a841fe166a29137b4d48ab4be2394f7215c5738697201c3b9caa4fe">USDC Yield</a></li><li><a href="https://etherscan.io/tx/0x0b5626f6b602d8d72bd5922acbfc1108f45ba56c3b9f16bc7ffd1d5986c66e46">EURC Yield</a></li><li><a href="https://etherscan.io/tx/0x9ea6ebc8576f367f625c7922b345942c0353873bb5b7e590ec3ff4b7b5051d95">ETH Yield</a></li><li><a href="https://arbiscan.io/tx/0x8430109769402c24d0db0f0d7a5dcccf9f37e14ae731eedadc56f95918528ff9">USDC Yield (Arb)</a></li></ul></td></tr><tr><td>2026-04-28</td><td>USDC Prime Core (new vault)</td><td>Launch new <a href="https://app.morpho.org/ethereum/vault/0x1a1985F50352b58090eb36425AfdFacbaC7806F4">USDC Prime Core</a> vault on Morpho V2 and complete its operational setup.</td><td>New USDC vault with tighter risk profile than Prime. Setup: curator Safe, Roles module, allocator role, name/symbol.</td><td>14 setup transactions from the <a href="https://app.safe.global/transactions/history?safe=eth:0x7a2CE012Fe37dB488C24e31f5e38816cAd82b45E">USDC Prime Core curator Safe</a> between 2026-04-24 and 2026-04-28.</td></tr><tr><td>2026-04-28</td><td>All V2 vaults (7 curator Safes)</td><td>Grant <code>MORPHO_REBALANCER_AGENT</code> and <code>MORPHO_SHUTDOWN_AGENT</code> roles <code>allocate</code> and <code>deallocate</code> permissions. Additionally grant <code>MORPHO_SHUTDOWN_AGENT</code> the cap-lowering pair <code>decreaseAbsoluteCap</code> and <code>decreaseRelativeCap</code>.</td><td>Activate V2 allocation bots. Rebalancer gets routing only; shutdown agent additionally gets unilateral cap-lowering to drain at-risk markets.</td><td>One <code>allowFunction × 6</code> multiSend per curator Safe (USDC Prime, USDC Yield, USDT Prime, ETH Prime, ETH Yield, EURC Yield, USDC Yield Arb).</td></tr><tr><td>2026-04-22</td><td>USDC Prime, USDC Yield, USDC Yield (Arb), USDT Prime</td><td>Re-enabled markets un-affected from rsETH / Aave contagion. Same day, offboarded the smaller <a href="https://app.morpho.org/ethereum/market/0x6d2fba32b8649d92432d036c16aa80779034b7469b63abc259b17678857f31c2/wsteth-usdc">wstETH/USDC market</a> on USDC Prime V1 and the smaller cbBTC and wstETH markets on USDC Prime V2 (caps to 0). The primary wstETH/USDC market in USDC Prime stays onboarded.</td><td>Lift precautionary shutdowns for markets unaffected by Aave/rsETH contagion. Offboard smaller duplicate wstETH and cbBTC markets in favour of deeper equivalents.</td><td><ul><li><p>USDC Prime</p><ul><li>tBTC <a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x696635890710d812671541d15caf34f2bce253c4d6717a9a541609eb7f57ddf6">submitCap</a></li><li>LBTC <a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xc41c7449605612335e4c048acfc32929228865861e31648384aee17d5e6e157f">submitCap</a></li><li>smaller wstETH (V1) <a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x8d141597fd7bd781e87e1f5bec71293db9be719ec655bec0bb021c5383fc2bdc">submitCap=0</a></li><li>smaller cbBTC + wstETH (V2) <a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xdbf749dbb2743a186b9c91835d4ab660e29e4f095441e13dbf824a135a012a55">cap=0</a></li></ul></li><li><p>USDC Yield (Arb)</p><ul><li>WBTC <a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x78e9f5c5766e38b2946d334d6eb5f2664aea1fe8313324256807d7832cd55177">submitCap</a></li><li>weETH <a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0xb31ce9d186664520ab4f5c38898c7250a7c18633f8ca7619a34a5504547d40f8">submitCap</a></li></ul></li><li><p>USDC Yield</p><ul><li>PT-savUSD <a href="https://etherscan.io/tx/0xf058d3cb1f9318639aae3e8a2282c066f2a91b0b9b77e97853fdf3f4f9055061">acceptCap</a></li><li>savUSD acceptCap (pending)</li><li>siUSD <a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x864c641c9eb512ea440e0b0ef3fa320c8ef68f2c2a552a336e7cea07086ea8e0">submitCap</a></li></ul></li><li><p>USDT Prime</p><ul><li>syrupUSDT <a href="https://app.safe.global/transactions/tx?safe=eth:0x834e1c1ea40173B82106F9177646b66d96AE7De8&#x26;id=multisig_0x834e1c1ea40173B82106F9177646b66d96AE7De8_0x7f2fd543b688c06b324efb56b646ced22f187d9e1cda72600ac5f5cb52134a62">submitCap</a></li></ul></li></ul></td></tr><tr><td>2026-04-20</td><td>ETH Prime</td><td>Exit rsETH and savETH exposure, re-enable deposits</td><td>Fully offboard rsETH following Kelp DAO exploit, remove savETH to eliminate indirect Aave exposure, and re-enable deposits on the vault.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xc266b1181a80e84edc2c6596718e88e8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xe38dd0f82cb28906dd42364f5c276ba473940aebfeb298000c270b57ac54c1f9">setSupplyQueue</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xc266b1181a80e84edc2c6596718e88e8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x2bc12786ce923cda7541f8395e1700ed6e2c409c7b4cb5b6ae1cc97a3fb804e6">updateWithdrawalQueue</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xc266b1181a80e84edc2c6596718e88e8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xe022662260b4ae18f915429d8bb44aac41acfa95c43d80066a5c008a81b5d969">rsETH dust removal</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xc266b1181a80e84edc2c6596718e88e8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x5ca0845a748a83e77968c8cf42d1b85dc15ce3bd9917fb05e52638121031da1a">savETH dust removal</a>,</td></tr><tr><td>2026-04-18</td><td>USDC Prime</td><td>Precautionary response to Kelp DAO exploit.</td><td>Paused USDC Prime deposits as a precaution (re-enabled same day). ETH Vaults paused.<br>Triggered tETH exit and re-queued rsETH exit.</td><td><a href="https://etherscan.io/tx/0x7f7039ec6782de33963aeb339a34a46fa4bfdba3276fdc8c5af7e6c62ddb0b5f">syrupUSDC=0</a>, <a href="https://etherscan.io/tx/0x9356da6cf8ada8180c8875e03578e3e214239d7e0e5a6d817c13b78e1a0177de">USDC Prime pause</a>, <a href="https://etherscan.io/tx/0x96010cca3fb20812bb87fe9a921a1b5fd8f799ea469e6684ad35d20c07b7343d">ETH Yield pause</a>, <a href="https://etherscan.io/tx/0x23de2c251005507441951938d8cbf6f2ee8b1d6e1d1d82f34d69cccf9f2cca97">ETH Prime pause</a>, <a href="https://etherscan.io/tx/0xb8cfde37db8830b4837bf84326e2a91c14ddc7e638edd6ab348b98bb4acc549e">USDC Prime resume</a></td></tr><tr><td>2026-04-13</td><td>ETH HY</td><td>Removed lsETH market</td><td>Market liquidity didn't improve and growth opportunity uncertain.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=module_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_i38ef9238a6415168c8d9d601480910c14f3b80ec9069e0a4b7e7bcb549419d5f0,1,0">submitCap</a></td></tr><tr><td>2026-04-13</td><td>All V2 vaults</td><td>Deploy a Market V1 adapter to all V2 vaults</td><td>Prepare V2 migration: adapters enable direct V1 market supply through V2 vaults.</td><td><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xd9d10621eaa60cb60444f8bd4525c4a4d77e3fb6ae9c943c7ef696c757198847">USDC Prime</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xf180185d06a270814747bd50b6614774cef223b0c142c843a79ae7852f2e2873">USDC HY</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xc672648826f64973e70e9c68fb660341b523d8cfc89ecc41f918884a14e93795">ETH Prime</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0xf01536f85288050b4d0ea2a28917540bfb532f852852b7a87156a086034a7200">ETH HY</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xd15f11B334e1e233127302E5F759C17DA1260df5&#x26;id=multisig_0xd15f11B334e1e233127302E5F759C17DA1260df5_0x2b8c20310bc48db56b1771e7fc8cf2ee59432a16baad4030e3ab19cf8e408328">EURC HY</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0x834e1c1ea40173B82106F9177646b66d96AE7De8&#x26;id=multisig_0x834e1c1ea40173B82106F9177646b66d96AE7De8_0x5502c6db3734ca2e8a66a6fa9f289ae72a324fda98928bf68ef675f9f7aefc29">USDT Prime</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x7c9f9338b357d2a800d15fa1c5132eb9ebb094fb8ec4d3c2160a534cb41bf23f">USDC HY (Arb)</a></p></td></tr><tr><td>2026-04-13</td><td>All V2 vaults</td><td>Set forceDeallocate timelock to 0 days</td><td>Preparation for 0% deallocation penalty and V1 Markets Adapter migration. Replicates V1 withdrawal queue behavior.</td><td><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xd489a33096e8c72df4eafd1e2d8420c2b595fb9111dc16d546d8c8755f8107d3">USDC Prime</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x543585da2e45b9416aa999024a89466cf8084f89690852a0e22269a34344c81c">USDC HY</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x26c5a45ce5ec9f56db9fcac38a94db8812eb97eee612e0dff03f6ea55846dc24">ETH Prime</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0x659f3f6a975f2cb1503aa9dd1f606031333d1f02a1822c8e7a9322a0c69aeb06">ETH HY</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0xd15f11B334e1e233127302E5F759C17DA1260df5&#x26;id=multisig_0xd15f11B334e1e233127302E5F759C17DA1260df5_0xf1a1137cc3d28ca5f9460a6df9819c8b89d75662ab58a87e7d7fbf7a9779c5ca">EURC HY</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=eth:0x834e1c1ea40173B82106F9177646b66d96AE7De8&#x26;id=multisig_0x834e1c1ea40173B82106F9177646b66d96AE7De8_0x89fd582f727e8dffece50268bb62ff31b057565792effa53f96e22f1e5b27c53">USDT Prime</a>,</p><p><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0xa867ccbd829f3b9a750a70801d43007593fb96280e87b2a557c733c4e6ce9060">USDC HY (Arb)</a></p></td></tr><tr><td>2026-04-10</td><td>ETH Yield</td><td>Added tETH market</td><td>KPK-deployed tETH market — additional yield source.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0xef0498f3f1ce8489f5658cdb43dd8a62d2a7ba7d25d1b778d105635a8b627bb6">submitCap</a></td></tr><tr><td>2026-04-07</td><td>USDC Prime</td><td>Removal of <a href="https://app.morpho.org/ethereum/market/0x704e020b95cbf452e7a30545d5f72a241c4238eebf9d1c67657fdd4a488581e0/wbtc-usdc">WBTC</a> market</td><td>liquidity migrated, market unused</td><td><a href="https://etherscan.io/tx/0xa03b4e7da8262f440a3261a5f44ed88041f7ccc5d0a7647177df715f58416a7d">shutdown</a></td></tr><tr><td>2026-03-30</td><td>USDC Prime</td><td>Added newly deployed rETH market (86% LTV)</td><td>KPK deployed <a href="https://app.morpho.org/ethereum/market/0x0a15460ad263c2186fe0b5df20a8cf71d55f3cfa06de15edcf6138f6b8edd8bf/reth-usdc#overview">rETH/USDC</a> market</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x00ee6604a81e0eb12b1e58fdc27cbc67a09e6fa7ccf342e39f179c872bc04bb0">submitCap</a></td></tr><tr><td>2026-03-30</td><td>USDC Yield</td><td>Roll over Pendle PTs: add PT-USDG-28MAY2026, remove expired PT-srUSDe and PT-jrUSDe</td><td>Remove expired PTs (PT-srUSDe, PT-jrUSDe); add PT-USDG-28MAY2026.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x6b7574932b612e0b59582b657f7d57ce4446365edb5a030c894c666152b9d4dc">submitCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=module_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_i8aaa5ee4d65949bd6b0fcb98ff5d1b1e496cd70e854e7a9a5686c8585382d4f70,1,0">submitCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=module_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_ia7b0821d66cbe3a017188e424c5a0d2e8a149c899de32bc5f6b98d9d595d59a50,1,0">submitCap</a></td></tr><tr><td>2026-03-26</td><td>USDC Yield</td><td>Removed deprecated Pendle PT</td><td>PT-siUSD-26MAR2026 removal</td><td><a href="https://etherscan.io/tx/0x6825bc008e1257f078ea541f4c9f1571bfdd9bcdbc4006e252fd381fdc46597f#eventlog">setCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xbbfa9584221f6dec3fdf0b258176400d627bbcd408c0e9f71dc83dc8a2b7fdeb">updateWithdrawQueue</a></td></tr><tr><td>2026-03-23</td><td>USDC Yield</td><td>Reallocate RLP dust, update withdraw queue and re-enable supply.</td><td>Supply queue management ahead of RLP market withdrawal.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x93628d1e19d52d7e7efdd13ee82e88ae7b453980e1c8860ae258994a571e2ed5">reallocate dust,</a><br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x6d405da3c662393506592edce6ae07979ea8d7cd5a1a026fa02ac4ff4c60cbd1">updateWithdrawaQueue</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x3826e0914e16325200a719d0f537c0e777cfe0c0ae10dabebed1eadaf95ecefd">setSupplyQueue</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xd0913ea3874e9c3a6aec0b96271eabdab146a1c062c8f6b6b41ad722a5ca0b7c">submitCap</a></td></tr><tr><td>2026-03-22</td><td>USDC Yield (Arbitrum)</td><td>Remove <a href="https://arbiscan.io/tx/0xd4edfff189bad4b54ccec2af7eacdc5b725b91dabe3e071bbba44535a6320de1">syrupUSDC market</a></td><td>Avoid potential second-order exposure to Resolv</td><td><a href="https://arbiscan.io/tx/0xd4edfff189bad4b54ccec2af7eacdc5b725b91dabe3e071bbba44535a6320de1">shutdown</a></td></tr><tr><td>2026-03-22</td><td>USDC Yield (Ethereum &#x26; Arbitrum)</td><td>set allocation cap to zero on RLP markets following USR exploit</td><td>RLP/USDC capped at zero</td><td><a href="https://etherscan.io/tx/0x6422ac5ea6bc3aefdfaa59f6fbe3379024d6fc8f411190576a48e27c2323e9d0#eventlog">setCap</a> (eth),<br><a href="https://arbiscan.io/tx/0xc1c766907a4db71e2eec20934ee160b315e24b3c984e26f3d377d279f0d03158#eventlog">setCap</a> (arb)</td></tr><tr><td>2026-03-19</td><td>USDC Yield &#x26; Prime</td><td>Onboard new PT, migrate syrupUSDC from USDC Yield to Prime</td><td>Add PT-sNUSD-4JUN2026 to USDC Yield; migrate syrupUSDC from USDC Yield to USDC Prime.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xcf1032d683018419d17d261fc32486dbfe41e1986cd79e1b56c0c73d8177440b">submitCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0xeb9721dcd4e13d5b39d85e405784b40ec58f8ffc72fa2f80606856195e1d4deb">submitCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xdba09041f5a95deb2aebe733f964aebed1d3719fcf77120b5776ba87f4da5020">submitCap</a></td></tr><tr><td>2026-03-18</td><td>ETH Yield</td><td>Onboard Origin ARM markets (<a href="https://app.morpho.org/ethereum/market/0x2049bea9dfae8189895616ff4bf229c9c664e266b29c9ffe692b100be4879714/arm-weth-steth-weth">stETH</a> &#x26; <a href="https://app.morpho.org/ethereum/market/0x883b22b724b422729ec0688e6ed71da1c5105ac6610810624f25263d7c2e7bf3/arm-weth-eeth-weth">eETH</a>)</td><td>ARM-WETH-stETH and ARM-WETH-eETH.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0xf1b13b140da916e67adfcd022236b8fee8b2c11f5bb61c28a76f51fb9480f7d8">submitCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0x4ab3bf1d50f92e88840c63eec6d381e81222a21a94a8a5f8e6dd20afa0e2426d">submitCap</a>, acceptCap completed 2026-03-25: <a href="https://etherscan.io/tx/0x63255633d073f1441efa6edf0aae0610cdd916530ed1d7b764be283b8ed5b509">stETH</a>, <a href="https://etherscan.io/tx/0xfa3f8cbbbd5374e00b3774fd735d4732d3be42eeade8ff1eef8d74c40fd6ecad">eETH</a></td></tr><tr><td>2026-03-18</td><td>USDT Prime</td><td>Onboarded new markets</td><td>syrupUSDT &#x26; weETH</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x834e1c1ea40173B82106F9177646b66d96AE7De8&#x26;id=multisig_0x834e1c1ea40173B82106F9177646b66d96AE7De8_0x2f4c465d4aff251d9232f2840ad0968d8da353fabdd1f36049600733df6339e9">submitCap</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0x834e1c1ea40173B82106F9177646b66d96AE7De8&#x26;id=multisig_0x834e1c1ea40173B82106F9177646b66d96AE7De8_0x573ef57d6913d73056594bb75cfe1c56b0704ebc1754f73670302c26d3333ce6">submitCap</a></td></tr><tr><td>2026-03-18</td><td>USDC Yield (Arbitrum)</td><td>Rolled over PT-thBILL to new maturity</td><td>PT-thBILL-18JUN2026</td><td><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x297aead9c9a3c0c028cc973750d7339558e3d7285b26b6b8ce57636a5e520262">setSupplyQueue</a>,<br><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0xef50e3771170ef39e48b964fe6056c6fe0c93c25415902127d368e9479e89f07">submitCap</a></td></tr><tr><td>2026-03-09</td><td>USDC Yield</td><td>Onboard 7 new markets</td><td>Add new markets to improve yield.</td><td><a href="https://etherscan.io/tx/0x7cc4d0881f662f2f4e02c9fdf130f1da2cfe4d2e1504268a93233317ccce7d3c">submitCap</a>, <a href="https://etherscan.io/tx/0x660119353e3e379e34b9d4571d8487a91d90a567436249164d9a3477a92251cf">acceptCap</a></td></tr><tr><td>2026-03-04</td><td>USDC Yield</td><td>Offboard 4 underperforming markets</td><td>PT-stcUSD-23JUL2026,<br>PT-RLP-9APR2026,<br>liUSD-1w,<br>wbravUSDC</td><td><a href="https://etherscan.io/tx/0xae5a2d9818e72a838955274e0b3f6f464643de7857df4b7c0180b46ff9cb4796">submitCap</a>,<br><a href="https://etherscan.io/tx/0x1c27d2b1c14ab68abc7e75127a9cbe20bcc06f6d153a0797548166a7fb44ea87">submitCap</a>,<br><a href="https://etherscan.io/tx/0xd3400fad0618569ee35c602f41a691cf3c90f2ffa8984fcbd7e7747f13b3984e#eventlog">submitCap</a>,<br><a href="https://etherscan.io/tx/0xf10fa38e40793576e1bb82dbb6c81822652b11e6737ccd6df30e4e5be877d26b#eventlog">submitCap</a>,</td></tr><tr><td>2026-03-02</td><td>USDC Yield</td><td>Onboard <a href="https://app.morpho.org/ethereum/market/0xacc49fbf58feb1ac971acce68f8adc177c43682d6a7087bbd4991a05cb7a2c67/srroyusdc-usdc">srRoyUSDC</a> market</td><td>Add new market to improve yield.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x5d47e2185d2c870952eacc7f38e438f0842672ef750826f2b8e2b4f66b14f806">submitCap</a>, <a href="https://etherscan.io/tx/0xfb79a769e80a5cb4f1c3f8d86bb0497d007e51a4038f0efdcde3e0e39ff6b6bf">acceptCap</a></td></tr><tr><td>2026-03</td><td>All vaults</td><td>Upgrade Roles module to new unwrapping contract</td><td>Improve operational security.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x733a3ae6a183b256326704e7ba7a48e7796299ec936dfda562f18b5c0d757c5a">1</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075&#x26;id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0x67b24c67ecbbe2a968495d90618fbd5fc31bf61e1383a0f4f0d002fe783515e1">2</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x5226cf2bb6d6c1843bce1a34e9e5218b8ce6381b5f6fbcc06e5a9c4619765cd7">3</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x0e6a2c7fde1ff03e87c3b5e61a6f674c15acb5f6792365ec08b2b69d8c7fc87f">4</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xd15f11B334e1e233127302E5F759C17DA1260df5&#x26;id=multisig_0xd15f11B334e1e233127302E5F759C17DA1260df5_0x3d974560038f5f180fde945532d3dfec3719727088310065d6975954a3c6187f">5</a>, <a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0xb5136e5bb0b03098057bc43e94717f234b9d4e5b99a4a092df096888ef815f8a">6</a></td></tr><tr><td>2026-02-20</td><td>USDC Yield &#x26; USDC Yield (Arbitrum)</td><td>Removed matured Pendle markets.</td><td>PT-iUSD-19FEB2026 (Ethereum) and PT-thBILL-27FEB2026 (Arbitrum) matured — offboard to reduce risk.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x4853ff84aa9ba77b6a8817abde4242e9239ba6dfe77ec2b85b21ea4327db7053">submitCap</a>, <a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=module_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_ifda53b10dbde78287afb87992daa56367bb5ba8a898ac629ac0256e5ebef2fca29">submitCap</a></td></tr><tr><td>2026-02-19</td><td>ETH Yield</td><td>Remove <a href="https://app.morpho.org/ethereum/market/0x66c19b7c49ce674e964eb917d117d987b693f508f2c1e3f71ac914454ed42e13/saveth-weth?subTab=advanced">savETH</a> market</td><td>Deprecate old savETH market, after migrating liquidity to newer market with better oracle design.</td><td><a href="https://etherscan.io/tx/0x643c6c11ed4a5fdca34c3dba96b89972c01a68fe814158f4128066166ae9134f">submitCap, reallocate</a></td></tr><tr><td>2026-02-15</td><td>USDC Yield (Arb)</td><td>Re-enable <a href="https://app.morpho.org/arbitrum/market/0xd09404e9512e1341321c8ae3bd663fab7087582142ac61486635a6c072c2af12/weeth-usdc">weETH</a> market</td><td>Re-enabled market now that liquidity has improved.</td><td><a href="https://arbiscan.io/tx/0xe3e082270a996c3917a86bbe41c0905ce1d0aa71f65bacc6a4b2113a31c07eec">submitCap</a>, <a href="https://arbiscan.io/tx/0x86cc591efd81166c6d713bfc7cb01702cc3c8d9a62f2148a2a980c2864087898">acceptCap</a></td></tr><tr><td>2026-02-15</td><td>USDC Yield</td><td>Onboard <a href="https://app.morpho.org/ethereum/market/0x973e9dd45799efe8775417bcc420a3ab84a583587b2108985746e2fe201d0c83/yfi-usdc">YFI</a> market</td><td>Add new market to improve yield.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171&#x26;id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x232694b1c823c0b54b5801df0077493ea956dd4740360bd46d311c7e6fc5cea9">submitCap</a>, <a href="https://etherscan.io/tx/0x894cfcac40bf075182f799af3ce75d3503ce90a6f2269a1981b5312edd34f646">acceptCap</a></td></tr><tr><td>2026-02-10</td><td>ETH Prime</td><td>Remove <a href="https://app.morpho.org/ethereum/market/0x66c19b7c49ce674e964eb917d117d987b693f508f2c1e3f71ac914454ed42e13/saveth-weth?subTab=advanced">savETH</a> market</td><td>Deprecate old savETH market, after migrating liquidity to newer market with better oracle design.</td><td><a href="https://etherscan.io/tx/0x79981b9fc9a003414f27ab36d8adf22f95449adc5c8a692fb9ad2933598d9789">submitCap, reallocate</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xdb573666cb614da8216f16f6602664361edfae09b991933289af6ee17cc065e7">updateWithdrawQueue</a></td></tr><tr><td>2026-02-02</td><td>ETH Prime</td><td>Remove wstETH market</td><td>Removal of un-used market due to low liquidity.</td><td><a href="https://app.safe.global/transactions/msg?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;messageHash=0x6aafa122a5bdcb84ff424a2b27b0ef1843236fea427da6c03aff7af58afc704c">permitSingle</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x8444621ffcec0c2502be196f58471e00040137318713c154db48aa396f2dce29">reallocate</a>,<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xd65c7d34a6ad04f4ca43212f88a7846485eb6911fad7519c72ec714ea84c0caa">updateWithdrawQueue</a></td></tr><tr><td>2026-01-30</td><td>USDC Yield (Arb)</td><td>Removed matured <a href="https://app.morpho.org/arbitrum/market/0x84367e5bc5df26437618f749d5beb793746e620560721fec15518d684191ebc6/pt-syrupusdc-29jan2026-usdc">PT-syrupUSDC-29JAN2026</a> market</td><td>Offboard matured Pendle PT.</td><td><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x1c852ec7f671ae184373a571e18eaa022d6138ab66cb0416889a185d2b49e629">submitCap</a></td></tr><tr><td>2026-01-26</td><td>ETH Prime</td><td>Enable <a href="https://app.morpho.org/ethereum/market/0xd98cd88ae5b336086b39fb1d62ba6171282e946105b010143f0e89f8fe7cff36/saveth-weth">savETH</a> market.</td><td>Additional yield source: market deployed by KPK that has a fundamental exchange rate oracle.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x3bade5143cdd74f9e66acbb416476c96074e745ab9b7c1dba441ad5313f749ab">submitcap</a>, <a href="https://etherscan.io/tx/0x93664340bbdda131a113f791da911028dbb7ad2ecedf309a3aef2272c4bc8beb">acceptcap</a></td></tr><tr><td>2026-01-20</td><td>ETH Prime</td><td>Re-enabling <a href="https://app.morpho.org/ethereum/market/0xba761af4134efb0855adfba638945f454f0a704af11fc93439e20c7c5ebab942/rseth-weth">rsETH</a> market.</td><td>Re-add market to improve yield, now risk has been assessed.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xc8c06429249021df99fe3a97082fa4c15ed778725743b12aa73ebc0d30e29dd3">submitCap</a><br><a href="https://etherscan.io/tx/0x93664340bbdda131a113f791da911028dbb7ad2ecedf309a3aef2272c4bc8beb">acceptCap</a></td></tr><tr><td>2026-01-20</td><td>USDC Prime</td><td>Onboard <a href="https://app.morpho.org/ethereum/market/0xb8fef900b383db2dbbf4458c7f46acf5b140f26d603a6d1829963f241b82510e/oeth-usdc">OETH</a> market.</td><td>Add new market to improve yield.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x14456096987b04c36c18d1fd163fd6ad92a5d19955530768799b5ffe08072dd9">submitCap</a><br><a href="https://etherscan.io/tx/0xebfd62ad83032e999ffad466915c7ca9589f4f8e2375954f2e414c0d5d100ede">acceptCap</a></td></tr><tr><td>2026-01-20</td><td>ETH Prime</td><td>Offboard <a href="https://app.morpho.org/ethereum/market/0xc54d7acf14de29e0e5527cabd7a576506870346a78a11a6762e2cca66322ec41/wsteth-weth">wstETH</a> and temporarily offboard <a href="https://app.morpho.org/ethereum/market/0xba761af4134efb0855adfba638945f454f0a704af11fc93439e20c7c5ebab942/rseth-weth">rsETH</a> market.</td><td>Avoid low liquidity, and precautionary measure due to risk alert, respectively.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x84df9f32b989c028b2916a87126127cd0252573427c2b37b380a8f510e1fb0db">reallocate</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xea0b3f0f2fc246dc9562412e3685735a414036a2e410e2428af7e82a4265c8ed">submitCap</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x49a08bfdcb311a0a81a004b663acd964d0f5ab8ece142bc49ea27a5834708910">reallocate</a></td></tr><tr><td>2026-01-13</td><td>ETH Prime</td><td>Add <a href="https://app.morpho.org/ethereum/market/0x138eec0e4a1937eb92ebc70043ed539661dd7ed5a89fb92a720b341650288a40/wbtc-weth">WBTC</a> market &#x26; remove <a href="https://app.morpho.org/ethereum/market/0xa0534c78620867b7c8706e3b6df9e69a2bc67c783281b7a77e034ed75cee012e/ezeth-weth?tab=market">ezETH</a> market</td><td>Adjust market exposure as liquidity conditions changed.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x5838360f36ebe5d3d69a6274beecb58d14771f6dfd8a344f962e264c5ed469cc">acceptCap</a> (WBTC)<br><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x039c1605381233f9dfcd56810fd17937079a74ccfcd1738901777d24d9de6c14">submitCap</a> (ezETH)</td></tr><tr><td>2026-01-02</td><td>USDC Yield Arbitrum</td><td>Add <a href="https://app.morpho.org/arbitrum/market/0xc7670063349ac19dfa324ead7bd7da2985ae931e1b09fb0e31b62c6486b730bd/rlp-usdc">RLP</a>, <a href="https://app.morpho.org/arbitrum/market/0x551dbcdcceaf9322986e0cddde993d49840522a9532dc441359acd98af8badff/thbill-usdc">thBILL</a>, <a href="https://app.morpho.org/arbitrum/market/0x6c831dcc45a7c0af00b751da651bd874b96653c587615d11aafade7b357c4b43/pt-thbill-19feb2026-usdc">PT-thBILL</a> markets.</td><td>Onboard new yield sources.</td><td><a href="https://arbiscan.io/tx/0xdd78b561f8f0761738454748baad1c259bbdfe1c1ac1d1121b55073a661e19de#eventlog">RLP</a>, <a href="https://arbiscan.io/tx/0x7fcb687044bd72ea09dbf17e23cb59eacb79687c4a4418eb352e6fc0320b7e41#eventlog">thBILL</a>, <a href="https://arbiscan.io/tx/0x5f45bc3e41165403a2bd0bc9d021b4b24a4bab7afef81c8b0be1c24e5adaf1b5">PT-thBILL</a> acceptCap</td></tr><tr><td>2025-12-12</td><td>ETH Prime</td><td>Add <a href="https://app.morpho.org/ethereum/market/0x66c19b7c49ce674e964eb917d117d987b693f508f2c1e3f71ac914454ed42e13/saveth-weth?subTab=advanced">savETH/ETH</a>, remove <a href="https://app.morpho.org/ethereum/market/0x138eec0e4a1937eb92ebc70043ed539661dd7ed5a89fb92a720b341650288a40/wbtc-wethwbtc">WBTC/ETH</a> and <a href="https://app.morpho.org/ethereum/market/0x2cbfb38723a8d9a2ad1607015591a78cfe3a5949561b39bde42c242b22874ec0/cbbtc-weth">cbBTC/ETH</a> markets.</td><td>Onboard an additional yield source, while offboarding two markets with suboptimal yield and liquidity.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xe037c31cc75f013453f0301afc9f14db6bb06ac3136418bbe77ff80541f604bb">acceptCap</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xed1e8fbf8a652f06a146d074b09c627ee763d3fbc83a1fb46ebf7220ec3fb338">submitCap</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x6b6691f5a5161be0ca3c98d61ed5bb32ce72eee4aeb96cd016a1424c97cde330">submitCap</a></td></tr><tr><td>2025-12-12</td><td>USDC Yield Arbitrum</td><td>Removed <a href="https://app.morpho.org/arbitrum/market/0xd09404e9512e1341321c8ae3bd663fab7087582142ac61486635a6c072c2af12/weeth-usdc">weETH/USDC</a> and <a href="https://app.morpho.org/arbitrum/market/0x7e7c08f2d8bb6821408ac6b4e2f322d73ba1fb8ce20b3b65087f440ef3b2f8f1/susde-usdc">sUSDe/USDC</a> markets.</td><td>Suboptimal liquidity in both Tier C markets. Remove to minimise risk.</td><td><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x1b87d0e63a4ee879fabe81c191860e96e9358eb3a610e2beae9add7ff0e39e06">submitCap</a>, <a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x1b4a713518d4d8b779f70f2de9d0b3bf4b9b0b1ed3851a24442d623ba251fd9d">submitCap</a></td></tr><tr><td>2025-12-04</td><td>USDC Prime</td><td>Remove <a href="https://app.morpho.org/ethereum/market/0xdb8938f97571aeab0deb0c34cf7e6278cff969538f49eebe6f4fc75a9a111293/eth-usdc?subTab=advanced">ETH+/USDC</a> market.</td><td>Liquidity of this market has deteriorated. Remove to minimise risk.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE&#x26;id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xb6e9d0b2338fc5bd74b362280d3aaf8c1e87b77af551fa7cdde9b067fcfabe2e">Tx details</a></td></tr><tr><td>2025-12-03</td><td>USDC Yield Arbitrum</td><td>Add <a href="https://app.morpho.org/arbitrum/market/0x77fe2f7c2dd6f4da6bc5f445b06052ff8df55cb70cfce9afc16ec3c69a5fd3a3/susds-usdc?subTab=advanced">sUSDS/USDC market</a>.</td><td>Liquidity of this market has improved substantially, providing a solid additional yield source.</td><td><a href="https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d&#x26;id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0xa703bc0a3caa4ce40cb4dec87bac6f35c4ba3834891399d255f2748b86df2336">submitCap</a>, <a href="https://arbiscan.io/tx/0x862229c952f8b59fc5e84bd7848ffb05477682ccdee73573073e909754be6fce">acceptCap</a></td></tr><tr><td>2025-11-21</td><td>ETH Prime</td><td>Add <a href="https://app.morpho.org/ethereum/market/0xa0534c78620867b7c8706e3b6df9e69a2bc67c783281b7a77e034ed75cee012e/ezeth-weth">ezETH</a> &#x26; <a href="https://app.morpho.org/ethereum/market/0xba761af4134efb0855adfba638945f454f0a704af11fc93439e20c7c5ebab942/rseth-weth">rsETH</a> markets, accept Guardian.</td><td>Adds new markets to improve yield and sets Guardian role to the Risk Council Safe.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xdb6b2a744c37e7a42d935ea1f739274fbedb342adc33e35280a00f30db06e7f1">New markets</a>, <a href="https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa&#x26;id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x7e978dc4d56e7d46c6411729731b38254d06f071b8c8e61c2f6b56e66b81fed8">Guardian</a></td></tr></tbody></table>


---

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