From b8344ddd583620d0dc98584ec78b277eb0fed31c Mon Sep 17 00:00:00 2001 From: Matej Falat Date: Tue, 21 Jul 2026 18:30:17 +0200 Subject: [PATCH 1/3] Add Purinta vaults --- docs/curation/index.md | 39 ++++++++++++++++++--------- docs/curation/risk-management.md | 2 +- docs/curation/roles-and-operations.md | 6 ++--- 3 files changed, 30 insertions(+), 17 deletions(-) diff --git a/docs/curation/index.md b/docs/curation/index.md index 76e27e29..5ae5090c 100644 --- a/docs/curation/index.md +++ b/docs/curation/index.md @@ -13,7 +13,7 @@ Morpho is a permissionless protocol that allows anyone to create isolated lendin Morpho Vaults aggregate deposits and allocate them across these markets, abstracting the complexity of individual market selection for depositors. As a curator, Api3 selects lending markets, manages risk parameters, and allocates capital to generate yield for vault depositors. -Api3 operates a set of USDC vaults on Ethereum mainnet, each targeting different markets and strategies. +Api3 operates a set of vaults across multiple networks, each targeting different markets and strategies. ::: info 💡 Tip @@ -43,14 +43,16 @@ The OEV captured during volatile periods more than compensates, providing Api3 w ## Vaults -Api3 operates three USDC vaults on Ethereum mainnet. +Api3 operates five vaults across Ethereum mainnet and the Robinhood chain. All vaults share the same [role structure](/curation/roles-and-operations) and [risk framework](/curation/risk-management). -| Vault | Asset | Strategy | Collateral | -| ------------------------------ | ----- | ---------------------------------- | -------------------------------------------- | -| [Api3 Core](#api3-core) | USDC | Conservative, blue-chip collateral | wstETH, cbBTC | -| [Kabu](#kabu) | USDC | Mid-cap governance tokens | COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, BAL | -| [Api3 dCOMP](#api3-dcomp) | USDC | Dedicated dCOMP collateral market | dCOMP | +| Vault | Network | Asset | Strategy | Collateral | +| ------------------------------ | --------- | ----- | ---------------------------------- | -------------------------------------------- | +| [Api3 Core](#api3-core) | Ethereum | USDC | Conservative, blue-chip collateral | wstETH, cbBTC | +| [Kabu](#kabu) | Ethereum | USDC | Mid-cap governance tokens | COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, BAL | +| [Api3 dCOMP](#api3-dcomp) | Ethereum | USDC | Dedicated dCOMP collateral market | dCOMP | +| [Purinta](#purinta) | Ethereum | USDC | Meme token collateral markets | PEPE, SPX6900, SHIB | +| [Purinta](#purinta) | Robinhood | USDG | Meme token collateral markets | CASHCAT | ### Api3 Core @@ -73,15 +75,26 @@ While preserving the inherent voting power of the underlying COMP, this wrapper The Api3 dCOMP vault supplies the USDC borrow-side liquidity for this market, making the mechanism viable. +### Purinta + +Purinta is a pair of meme token lending vaults curated by Api3: a USDC vault on Ethereum mainnet and a USDG vault on the Robinhood chain. +Each supplies the borrow-side liquidity for a set of isolated meme token markets — PEPE, SPX6900 and SHIB on Ethereum, and CASHCAT on Robinhood. + +Meme tokens are more volatile and higher-risk than blue-chip collateral, so a market is only listed when its token has enough on-chain liquidity to support healthy swaps and liquidations. Supply caps and LLTVs are configured conservatively to limit that exposure. + +These markets are surfaced to borrowers through [Purinta app](https://purinta.xyz), a meme token lending interface. + ### Accessing the vaults -All three vaults are deployed on Ethereum mainnet and can be viewed and accessed through the Morpho app, where Api3 operates as a [verified curator.](https://forum.morpho.org/c/vaults/api3/57) Live figures - total deposits, APY, enabled markets, and current supply caps - are shown there. +All five vaults can be viewed and accessed through the Morpho app, where Api3 operates as a [verified curator.](https://forum.morpho.org/c/vaults/api3/57) Live figures - total deposits, APY, enabled markets, and current supply caps - are shown there. -| Vault | Address | Link | -| ---------- | -------------------------------------------- | ------------------------------------------------------------------------------------------------------------------ | -| Api3 Core | `0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b` | [View on Morpho](https://app.morpho.org/ethereum/vault/0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b/api3-core-usdc) | -| Kabu | `0x54210d3f1A066413891AF9E17210E787d5C6e3f4` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x54210d3f1A066413891AF9E17210E787d5C6e3f4/kabu-usdc) | -| Api3 dCOMP | `0x36cfe1568461E499391ef0A555300F1ae2da2439` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x36cfe1568461E499391ef0A555300F1ae2da2439/api3-dcomp-usdc) | +| Vault | Network | Address | Link | +| --------------- | --------- | -------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- | +| Api3 Core | Ethereum | `0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b` | [View on Morpho](https://app.morpho.org/ethereum/vault/0xe2221Aa07ec3266DA87763E2b1e28d07A8a4e53b/api3-core-usdc) | +| Kabu | Ethereum | `0x54210d3f1A066413891AF9E17210E787d5C6e3f4` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x54210d3f1A066413891AF9E17210E787d5C6e3f4/kabu-usdc) | +| Api3 dCOMP | Ethereum | `0x36cfe1568461E499391ef0A555300F1ae2da2439` | [View on Morpho](https://app.morpho.org/ethereum/vault/0x36cfe1568461E499391ef0A555300F1ae2da2439/api3-dcomp-usdc) | +| Purinta | Ethereum | `0xc92A37Fd0250F4eecF092960a2F70A1334217528` | [View on Morpho](https://app.morpho.org/ethereum/vault/0xc92A37Fd0250F4eecF092960a2F70A1334217528/purinta-usdc) | +| Purinta | Robinhood | `0x37788ff0c1d4e45A7FE06BC7e71e0cc00121d0A8` | [View on Morpho](https://app.morpho.org/robinhood-chain/vault/0x37788ff0c1d4e45A7FE06BC7e71e0cc00121d0A8/purinta-usdg) | ## Fees diff --git a/docs/curation/risk-management.md b/docs/curation/risk-management.md index 5a53404d..63d37bac 100644 --- a/docs/curation/risk-management.md +++ b/docs/curation/risk-management.md @@ -26,7 +26,7 @@ Api3 also lists assets that are unique on the market to fill gaps in the lending ## Supply caps -Each enabled market is assigned a supply cap that limits the maximum amount of USDC the vault can allocate to that market. +Each enabled market is assigned a supply cap that limits the maximum amount the vault can allocate to that market. Supply caps are set according to Api3's internal risk guidelines and are calibrated based on: - The collateral asset's on-chain liquidity depth diff --git a/docs/curation/roles-and-operations.md b/docs/curation/roles-and-operations.md index 92f886c2..9870da8f 100644 --- a/docs/curation/roles-and-operations.md +++ b/docs/curation/roles-and-operations.md @@ -26,13 +26,13 @@ The monitoring team also maintains an emergency fund for manual liquidations in ## Vault architecture -Each Api3 vault is a [Morpho Vault V2](https://docs.morpho.org/learn/concepts/vault-v2/) that supplies USDC directly to a curated set of isolated Morpho markets: +Each Api3 vault is a [Morpho Vault V2](https://docs.morpho.org/learn/concepts/vault-v2/) that supplies the assets directly to a curated set of isolated Morpho markets: ``` Depositor → Vault → Adapter → Morpho Markets ``` -Depositors supply USDC to the vault and receive vault shares. The vault routes capital into the underlying Morpho markets through a market adapter, and the Api3 role structure and governance controls described above apply at the vault level. The 5% performance fee is charged here (see [Fees](/curation/#fees)). +Depositors supply the vault's asset (such as USDC) and receive vault shares. The vault routes capital into the underlying Morpho markets through a market adapter, and the Api3 role structure and governance controls described above apply at the vault level. The 5% performance fee is charged here (see [Fees](/curation/#fees)). Changes that could increase risk to depositors - adding a market adapter or raising a supply cap - are subject to a 7-day timelock, giving depositors advance notice before they take effect. The sentinel can act immediately to reduce risk. @@ -40,7 +40,7 @@ Changes that could increase risk to depositors - adding a market adapter or rais Capital allocation across markets is automated. The Api3 allocation bot monitors market conditions and rebalances the vault's positions to maintain target utilization and competitive APY. -When an enabled market lacks borrowing demand, the bot can supply the vault's otherwise-idle USDC to a deep, blue-chip market (such as wstETH/USDC) so that it continues to earn yield. +When an enabled market lacks borrowing demand, the bot can supply the vault's otherwise-idle assets to a deep, blue-chip market (such as wstETH/USDC) so that they continue to earn yield. A portion of vault liquidity is kept readily withdrawable to assist with depositor withdrawals and mitigate delays. In addition, the Vault V2 design lets anyone permissionlessly pull supplied liquidity back from a market into the vault - a forced deallocation, subject to a small penalty - when liquidity is needed. Neither mechanism guarantees delay-free withdrawal. From 5b3ad715fe45b88a70bf35334143cb64c81b0ca7 Mon Sep 17 00:00:00 2001 From: Matej Falat Date: Tue, 21 Jul 2026 18:33:26 +0200 Subject: [PATCH 2/3] Add kBTC --- docs/curation/index.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/curation/index.md b/docs/curation/index.md index 5ae5090c..4d583287 100644 --- a/docs/curation/index.md +++ b/docs/curation/index.md @@ -48,7 +48,7 @@ All vaults share the same [role structure](/curation/roles-and-operations) and [ | Vault | Network | Asset | Strategy | Collateral | | ------------------------------ | --------- | ----- | ---------------------------------- | -------------------------------------------- | -| [Api3 Core](#api3-core) | Ethereum | USDC | Conservative, blue-chip collateral | wstETH, cbBTC | +| [Api3 Core](#api3-core) | Ethereum | USDC | Conservative, blue-chip collateral | wstETH, cbBTC, kBTC | | [Kabu](#kabu) | Ethereum | USDC | Mid-cap governance tokens | COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, BAL | | [Api3 dCOMP](#api3-dcomp) | Ethereum | USDC | Dedicated dCOMP collateral market | dCOMP | | [Purinta](#purinta) | Ethereum | USDC | Meme token collateral markets | PEPE, SPX6900, SHIB | @@ -57,7 +57,7 @@ All vaults share the same [role structure](/curation/roles-and-operations) and [ ### Api3 Core Api3 Core is Api3's flagship conservative vault. -It supplies USDC to lending markets backed by blue-chip collateral assets — wstETH (Lido wrapped staked ETH) and cbBTC (Coinbase wrapped BTC). +It supplies USDC to lending markets backed by blue-chip collateral assets — wstETH (Lido wrapped staked ETH), cbBTC (Coinbase wrapped BTC), and kBTC (Kraken wrapped BTC). These are high-liquidity, battle-tested assets with deep on-chain liquidity and well-established oracle infrastructure. The vault targets stable, lower-risk yield from borrowing demand against these widely held collateral types. From 5830b5ca31e62165d8532165415b6387bfdc511c Mon Sep 17 00:00:00 2001 From: Matej Falat Date: Wed, 22 Jul 2026 10:54:40 +0200 Subject: [PATCH 3/3] Review updates --- docs/curation/index.md | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/docs/curation/index.md b/docs/curation/index.md index 4d583287..9a419a96 100644 --- a/docs/curation/index.md +++ b/docs/curation/index.md @@ -43,7 +43,7 @@ The OEV captured during volatile periods more than compensates, providing Api3 w ## Vaults -Api3 operates five vaults across Ethereum mainnet and the Robinhood chain. +Api3 operates multiple vaults across Ethereum mainnet and the Robinhood chain. All vaults share the same [role structure](/curation/roles-and-operations) and [risk framework](/curation/risk-management). | Vault | Network | Asset | Strategy | Collateral | @@ -86,7 +86,7 @@ These markets are surfaced to borrowers through [Purinta app](https://purinta.xy ### Accessing the vaults -All five vaults can be viewed and accessed through the Morpho app, where Api3 operates as a [verified curator.](https://forum.morpho.org/c/vaults/api3/57) Live figures - total deposits, APY, enabled markets, and current supply caps - are shown there. +Each of the vaults can be also accessed through the Morpho app, where Api3 operates as a [verified curator.](https://forum.morpho.org/c/vaults/api3/57) Live figures - total deposits, APY, enabled markets, and current supply caps - are shown there. | Vault | Network | Address | Link | | --------------- | --------- | -------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- |