Curator's operations
Morpho has pioneered the concept of curated lending markets in DeFi, but its approach differs significantly from Gearbox's model. Below is a clear comparison of how curators function in each protocol:
Morpho: Active Capital Allocation
In Morpho, curators are active capital allocators. They:
Distribute depositors' funds across various yield-generating markets.
Operate within markets defined by immutable parameters, such as Loan-to-Value (LTV) ratios and oracles.
Gearbox: Risk Parameter Management
In Gearbox, curators have a more limited role, focusing solely on risk management. They:
Set risk parameters for markets, such as LTV ratios or liquidation thresholds.
Have no authority to move or allocate depositors' funds, which remain under user or protocol control.
Add exposure to new collateral
Set collateral limit, LTV and oracle for a new token in Market
Borrowers can now use pool's liquidity
Add nonzero supply cap for existing market (LTV and oracle are pre-configured)
Deposit vault's funds to the new market
Borrowers can now use vault's liquidity
Modify collateral LTV or Price Feed
Set new price feed
Start ramp of LTV to target value
Feed & LTV for old and new borrowers are changed
Deploy a market with needed LTV and oracle and set nonzero supply cap for it
Feed & LTV are changed only for new borrowers
Start withdrawing liquidity from old market & push borrowers out by raising rate
Increase/decrease collateral-specific borrow rate
Set a new collateral-specific rate in addition to IRM utilization rate
Move vault's allocation in/out of the Market to move dynamic IRM
Enable 1-click leverage for a collateral
Allow the list of needed adapters in the Market
Contact contango or another strategy provider to integrate your collateral
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