What it means
A smart contract that takes deposits and spreads them across lending markets by a set strategy.
On Morpho, each vault is run by a curator, such as Steakhouse or Gauntlet, who picks where it lends and sets the risk limits.
How it works
Some Markets in Defied are vaults. The curator and the risks show before you deposit.
Related terms
| Term | What it means |
|---|---|
| Lending market | An onchain pool where people supply money that others borrow, with the interest paid by borrowers going to those who supplied it. |
| Smart contract | A program that lives on a blockchain and runs exactly as written, holding and moving tokens by its own rules. |
| TVL | Total value locked: how much money is deposited in a protocol or pool right now. |
This glossary explains terms in general. It isn't investment, tax or legal advice.