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For the complete documentation index, see llms.txt. This page is also available as Markdown.

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.

Date
Scope
Change
Description/Rationale
Tx/Reference

2026-08-10

USDC Yield

Offboard sNUSD/USDC market; re-onboard siUSD/USDC market (Tier C, 60% cap)

Precautionary shutdown following a decline in sNUSD/USDC market liquidity; siUSD/USDC re-onboarded at its prior risk profile to backfill capacity.

  • sNUSD/USDC — shutdown

  • siUSD/USDC — set caps

2026-08-04

ETH Yield

Offboard Origin ARM markets (stETH & eETH); set allocation caps to 0

Origin is deprecating the ARM vaults, alongside declining borrow demand on both markets.

  • ARM-WETH-stETH — setCaps

  • ARM-WETH-eETH — setCaps

2026-07-31

wARS Yield

Enabled the Roles Modifier on the Curator Safe and granted the rebalancing, monitoring, and shutdown agent EOAs their scoped permissions (including deallocate on the rebalancer role).

Activates KPK's automated curation stack (rebalance, exit, monitoring) for the vault, following the standard Permissions Layer rollout.

2026-07-29

wARS Yield

Set function-specific timelocks: 3 days for add adapter, increase absolute cap, and increase relative cap; 7 days for increase timelock and remove adapter.

Aligns the vault with KPK's standard timelock schedule.

Safe batch

2026-07-28

wARS Yield

Set maxRate to 31709791983 (100% APR cap); set forceDeallocate penalty to 1e14 (0.01%); raised Curator Safe threshold from 1/5 to 2/5; initiated Owner transfer from the deployer EOA to the Security Council Safe.

Aligns the vault with KPK's standard configuration.

—

2026-07-28

wARS Yield

Enabled WBTC/wARS market (Tier C, 62.5% LLTV) and added it to the vault.

Completes the four planned collateral markets once the WBTC/wARS oracle composition was finalised.

WBTC/wARS market

2026-07-28

wARS Yield

Enabled WETH/wARS, USDC/wARS, and USDT/wARS markets (Tier C; 62.5% LLTV for WETH, 77% LLTV for USDC and USDT) and added them to the vault.

First markets live for the vault, deployed ahead of the WBTC/wARS oracle (more complex composition, finalised same day).

2026-07-28

wARS Yield

Deployed KPK wARS Yield vault on Morpho v2, seeded the dead deposit, and deployed the Curator Safe (initially 1/5) as curator.

Inaugural KPK-curated wFIAT lending vault, using wARS (Ripio's Wrapped Argentine Peso) as the loan asset against WBTC, WETH, USDC and USDT collateral. Rerun of the Monerium EURe vault playbook.

Vault contract

2026-07-17

All V2 vaults (USDC Prime, USDC Prime Core, USDC Yield, USDT Prime, ETH Prime, ETH Yield, USDC Yield Arb, EURC Yield)

Set forceDeallocate penalty to 0.01% (from 0%)

Raised the default penalty on every V2 vault in response to a forceDeallocate griefing pattern.

2026-07-16

USDC Yield

Remove stcUSD/USDC market; set caps to 0 and deallocate

Market liquidity dwindled; vault exposure had already been reduced to dust as a precaution.

setCaps + deallocate

2026-07-08

ETH Prime

Remove WBTC/WETH market; set allocation cap to 0

Borrow demand shrunk below what we consider a useable level.

setCaps

2026-07-08

ETH Yield

Remove ETH+/WETH market; set allocation cap to 0

Borrow demand shrunk below what we consider a useable level.

setCaps

2026-07-03

USDC Yield

Onboard ftUSD/USDC market

Add Flying Tulip ftUSD as a new collateral market.

setCaps

2026-07-02

USDC Yield

Remove DUSD/USDC market; set allocation cap to 0

Limited borrow demand in the market did not justify continued allocation.

setCaps

2026-06-23

USDC Prime, USDC Prime Core, USDC Yield, EURC Yield and ETH Yield

Reset forceDeallocatePenalty to 0% (0 bps)

Restored force deallocate fee to 0%.

2026-06-22

USDC Yield

Onboard weETH/USDC market

Add EtherFi weETH as an overflow collateral market to absorb large incoming deposits. Queued through 3-day timelock.

2026-06-21

USDC Prime, USDC Prime Core, USDC Yield, EURC Yield and ETH Yield

Set forceDeallocatePenalty to 0.5% (50 bps)

Raised deallocate fee precautionarily following a griefing attack

2026-06-04

USDC Yield

Offboard PT-sNUSD-4JUN2026

PT-sNUSD-4JUN2026 reached maturity today; permanently offboarded post-expiry.

shutdown

2026-06-04

USDC Yield

Offboard siUSD/USDC market

Precautionary shutdown following a decline in siUSD/USDC market liquidity.

shutdown

2026-05-28

USDC Prime

Onboard weETH/USDC market

New market with healthy liquidity and borrow demand. Adds EtherFi weETH as a Tier B collateral yield source to USDC Prime. Queued through 3-day timelock.

submitCap

2026-05-28

ETH Prime, USDC Yield, USDC Yield (Arb)

Offboard underused markets: ETH+/WETH (ETH Prime); jrUSDe, PT-USDG-28MAY2026, PT-srNUSD-28MAY2026 (USDC Yield); sUSDS/USDC, syrupUSDC/USDC (USDC Yield Arb)

Continuing derisking of underused markets. ETH+/WETH: low borrow demand. jrUSDe: low liquidity. PT-USDG-28MAY2026 and PT-srNUSD-28MAY2026: matured today, offboarded post-expiry. sUSDS/USDC and syrupUSDC/USDC: low borrow demand on Arbitrum.

2026-05-22

USDC Yield

Offboard PT-savUSD-14MAY2026/USDC

PT-savUSD expired, permanently offboarded. With PT-savUSD gone, expanding spot savUSD cap to capture Avant's underlying USD yield (allocation cap 60% → 85%)

decreaseCaps

2026-05-14

ETH Prime, USDC Yield

Onboard new markets: rETH/WETH (ETH Prime) and DUSD/USDC (USDC Yield)

Cover borrow demand from existing counterparties. Queued through 3-day timelock.

  • ETH Prime — setCaps

  • USDC Yield — setCaps

2026-05-13

All V2 vaults

Onboard new operator 0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440 as Safe owner and allocator; grant MORPHO_SHUTDOWN_AGENT permission to call setForceDeallocatePenalty

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.

2026-05-12

All V2 vaults (USDC Prime, ETH Prime, USDC Yield, EURC Yield, ETH Yield, USDT Prime, USDC Yield Arb)

Rebrand vaults: prepend KPK to name and symbol

Align on-chain vault identities with KPK brand. name → KPK <Vault>, symbol → KPK_<Vault>. Executed by Security Council.

2026-05-11

USDC Prime

Onboard WETH/USDC market

Add WETH as collateral option — additional yield source with deep liquidity.

submitCap

2026-05-08

USDC Prime, USDC Yield, USDC Yield (Arb)

Offboard underused markets; set allocation caps to 0

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.

2026-05-06

USDC Yield V2, ETH Yield V2

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).

Raise V1 Adapter caps to allow V2 vaults to absorb V1 vault allocations during migration.

USDC Yield V2, ETH Yield V2

2026-05-04

USDC Prime, ETH Prime, USDC Yield, EURC Yield, ETH Yield, USDC Yield (Arb)

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

V2 vaults now allocate directly into V1 markets via the Markets V1 Adapter; legacy MetaMorpho vault layer removed from the curated path.

2026-04-28

USDC Prime Core (new vault)

Launch new USDC Prime Core vault on Morpho V2 and complete its operational setup.

New USDC vault with tighter risk profile than Prime. Setup: curator Safe, Roles module, allocator role, name/symbol.

14 setup transactions from the USDC Prime Core curator Safe between 2026-04-24 and 2026-04-28.

2026-04-28

All V2 vaults (7 curator Safes)

Grant MORPHO_REBALANCER_AGENT and MORPHO_SHUTDOWN_AGENT roles allocate and deallocate permissions. Additionally grant MORPHO_SHUTDOWN_AGENT the cap-lowering pair decreaseAbsoluteCap and decreaseRelativeCap.

Activate V2 allocation bots. Rebalancer gets routing only; shutdown agent additionally gets unilateral cap-lowering to drain at-risk markets.

One allowFunction × 6 multiSend per curator Safe (USDC Prime, USDC Yield, USDT Prime, ETH Prime, ETH Yield, EURC Yield, USDC Yield Arb).

2026-04-22

USDC Prime, USDC Yield, USDC Yield (Arb), USDT Prime

Re-enabled markets un-affected from rsETH / Aave contagion. Same day, offboarded the smaller wstETH/USDC market 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.

Lift precautionary shutdowns for markets unaffected by Aave/rsETH contagion. Offboard smaller duplicate wstETH and cbBTC markets in favour of deeper equivalents.

  • USDC Prime

  • USDC Yield (Arb)

  • USDC Yield

    • PT-savUSD acceptCap

    • savUSD acceptCap (pending)

    • siUSD submitCap

  • USDT Prime

2026-04-20

ETH Prime

Exit rsETH and savETH exposure, re-enable deposits

Fully offboard rsETH following Kelp DAO exploit, remove savETH to eliminate indirect Aave exposure, and re-enable deposits on the vault.

setSupplyQueue, updateWithdrawalQueue, rsETH dust removal, savETH dust removal,

2026-04-18

USDC Prime

Precautionary response to Kelp DAO exploit.

Paused USDC Prime deposits as a precaution (re-enabled same day). ETH Vaults paused. Triggered tETH exit and re-queued rsETH exit.

syrupUSDC=0, USDC Prime pause, ETH Yield pause, ETH Prime pause, USDC Prime resume

2026-04-13

ETH HY

Removed lsETH market

Market liquidity didn't improve and growth opportunity uncertain.

submitCap

2026-04-13

All V2 vaults

Deploy a Market V1 adapter to all V2 vaults

Prepare V2 migration: adapters enable direct V1 market supply through V2 vaults.

USDC Prime,

USDC HY,

ETH Prime,

ETH HY,

EURC HY,

USDT Prime,

USDC HY (Arb)

2026-04-13

All V2 vaults

Set forceDeallocate timelock to 0 days

Preparation for 0% deallocation penalty and V1 Markets Adapter migration. Replicates V1 withdrawal queue behavior.

USDC Prime,

USDC HY,

ETH Prime,

ETH HY,

EURC HY,

USDT Prime,

USDC HY (Arb)

2026-04-10

ETH Yield

Added tETH market

KPK-deployed tETH market — additional yield source.

submitCap

2026-04-07

USDC Prime

Removal of WBTC market

liquidity migrated, market unused

shutdown

2026-03-30

USDC Prime

Added newly deployed rETH market (86% LTV)

KPK deployed rETH/USDC market

submitCap

2026-03-30

USDC Yield

Roll over Pendle PTs: add PT-USDG-28MAY2026, remove expired PT-srUSDe and PT-jrUSDe

Remove expired PTs (PT-srUSDe, PT-jrUSDe); add PT-USDG-28MAY2026.

submitCap, submitCap, submitCap

2026-03-26

USDC Yield

Removed deprecated Pendle PT

PT-siUSD-26MAR2026 removal

setCap, updateWithdrawQueue

2026-03-23

USDC Yield

Reallocate RLP dust, update withdraw queue and re-enable supply.

Supply queue management ahead of RLP market withdrawal.

reallocate dust, updateWithdrawaQueue, setSupplyQueue, submitCap

2026-03-22

USDC Yield (Arbitrum)

Remove syrupUSDC market

Avoid potential second-order exposure to Resolv

shutdown

2026-03-22

USDC Yield (Ethereum & Arbitrum)

set allocation cap to zero on RLP markets following USR exploit

RLP/USDC capped at zero

setCap (eth), setCap (arb)

2026-03-19

USDC Yield & Prime

Onboard new PT, migrate syrupUSDC from USDC Yield to Prime

Add PT-sNUSD-4JUN2026 to USDC Yield; migrate syrupUSDC from USDC Yield to USDC Prime.

submitCap, submitCap, submitCap

2026-03-18

ETH Yield

Onboard Origin ARM markets (stETH & eETH)

ARM-WETH-stETH and ARM-WETH-eETH.

submitCap, submitCap, acceptCap completed 2026-03-25: stETH, eETH

2026-03-18

USDT Prime

Onboarded new markets

syrupUSDT & weETH

submitCap, submitCap

2026-03-18

USDC Yield (Arbitrum)

Rolled over PT-thBILL to new maturity

PT-thBILL-18JUN2026

setSupplyQueue, submitCap

2026-03-09

USDC Yield

Onboard 7 new markets

Add new markets to improve yield.

submitCap, acceptCap

2026-03-04

USDC Yield

Offboard 4 underperforming markets

PT-stcUSD-23JUL2026, PT-RLP-9APR2026, liUSD-1w, wbravUSDC

submitCap, submitCap, submitCap, submitCap,

2026-03-02

USDC Yield

Onboard srRoyUSDC market

Add new market to improve yield.

submitCap, acceptCap

2026-03

All vaults

Upgrade Roles module to new unwrapping contract

Improve operational security.

1, 2, 3, 4, 5, 6

2026-02-20

USDC Yield & USDC Yield (Arbitrum)

Removed matured Pendle markets.

PT-iUSD-19FEB2026 (Ethereum) and PT-thBILL-27FEB2026 (Arbitrum) matured — offboard to reduce risk.

submitCap, submitCap

2026-02-19

ETH Yield

Remove savETH market

Deprecate old savETH market, after migrating liquidity to newer market with better oracle design.

submitCap, reallocate

2026-02-15

USDC Yield (Arb)

Re-enable weETH market

Re-enabled market now that liquidity has improved.

submitCap, acceptCap

2026-02-15

USDC Yield

Onboard YFI market

Add new market to improve yield.

submitCap, acceptCap

2026-02-10

ETH Prime

Remove savETH market

Deprecate old savETH market, after migrating liquidity to newer market with better oracle design.

submitCap, reallocate, updateWithdrawQueue

2026-02-02

ETH Prime

Remove wstETH market

Removal of un-used market due to low liquidity.

permitSingle, reallocate, updateWithdrawQueue

2026-01-30

USDC Yield (Arb)

Removed matured PT-syrupUSDC-29JAN2026 market

Offboard matured Pendle PT.

submitCap

2026-01-26

ETH Prime

Enable savETH market.

Additional yield source: market deployed by KPK that has a fundamental exchange rate oracle.

submitcap, acceptcap

2026-01-20

ETH Prime

Re-enabling rsETH market.

Re-add market to improve yield, now risk has been assessed.

submitCap acceptCap

2026-01-20

USDC Prime

Onboard OETH market.

Add new market to improve yield.

submitCap acceptCap

2026-01-20

ETH Prime

Offboard wstETH and temporarily offboard rsETH market.

Avoid low liquidity, and precautionary measure due to risk alert, respectively.

reallocate, submitCap, reallocate

2026-01-13

ETH Prime

Add WBTC market & remove ezETH market

Adjust market exposure as liquidity conditions changed.

acceptCap (WBTC) submitCap (ezETH)

2026-01-02

USDC Yield Arbitrum

Add RLP, thBILL, PT-thBILL markets.

Onboard new yield sources.

RLP, thBILL, PT-thBILL acceptCap

2025-12-12

ETH Prime

Add savETH/ETH, remove WBTC/ETH and cbBTC/ETH markets.

Onboard an additional yield source, while offboarding two markets with suboptimal yield and liquidity.

acceptCap, submitCap, submitCap

2025-12-12

USDC Yield Arbitrum

Removed weETH/USDC and sUSDe/USDC markets.

Suboptimal liquidity in both Tier C markets. Remove to minimise risk.

submitCap, submitCap

2025-12-04

USDC Prime

Remove ETH+/USDC market.

Liquidity of this market has deteriorated. Remove to minimise risk.

Tx details

2025-12-03

USDC Yield Arbitrum

Add sUSDS/USDC market.

Liquidity of this market has improved substantially, providing a solid additional yield source.

submitCap, acceptCap

2025-11-21

ETH Prime

Add ezETH & rsETH markets, accept Guardian.

Adds new markets to improve yield and sets Guardian role to the Risk Council Safe.

New markets, Guardian

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