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matejfalat merged 4 commits into from
Aug 6, 2026
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Add Kabu vault on Base #315

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0f2799d
Add Kabu vault on Base and document market LLTVs and supply caps
matejfalat Aug 5, 2026
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Review fixes
matejfalat Aug 6, 2026
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Add marketIds
matejfalat Aug 6, 2026
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Move liquidity adapter section up a level
matejfalat Aug 6, 2026
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79 changes: 73 additions & 6 deletions docs/curation/index.md
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Expand Up @@ -43,30 +43,62 @@ The OEV captured during volatile periods more than compensates, providing Api3 w

## Vaults

Api3 operates multiple vaults across Ethereum mainnet and the Robinhood chain.
Api3 operates multiple vaults across Ethereum mainnet, Base, 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 |
| ------------------------------ | --------- | ----- | ---------------------------------- | -------------------------------------------- |
| [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 |
| [Kabu](#kabu) | Ethereum | USDC | Mid-cap governance tokens | MORPHO, EIGEN, ONDO, BAL, SYRUP, COMP, FLUID |
| [Kabu](#kabu) | Base | WETH | Mid-cap governance tokens | AERO, VVV, MORPHO, VIRTUAL |
| [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 |

Each vault section below lists the markets it supplies, with the liquidation loan-to-value (LLTV) ratio and supply cap configured for each.
An LLTV is fixed for the lifetime of a Morpho market, while [supply caps](/curation/risk-management#supply-caps) are reviewed and adjusted as conditions evolve — follow the vault links below for current values.

### 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), cbBTC (Coinbase wrapped BTC), and kBTC (Kraken wrapped BTC).
It supplies USDC to lending markets backed by blue-chip collateral — Lido wrapped staked ETH (wstETH), and wrapped BTC issued by Coinbase (cbBTC) and Kraken (kBTC).

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.

| Market | Market ID | LLTV | Supply cap |
| -------------------------------------------------------------------------------------------------------------------------- | ----------------- | ---- | ---------- |
| [wstETH / USDC](https://app.morpho.org/ethereum/market/0x6d2fba32b8649d92432d036c16aa80779034b7469b63abc259b17678857f31c2) | `0x6d2fba32…31c2` | 86% | 10M USDC |
| [cbBTC / USDC](https://app.morpho.org/ethereum/market/0xba3ba077d9c838696b76e29a394ae9f0d1517a372e30fd9a0fc19c516fb4c5a7) | `0xba3ba077…c5a7` | 86% | 10M USDC |
| [kBTC / USDC](https://app.morpho.org/ethereum/market/0x7f1224a8598b97a8455d298bd58b0f720f1b4f19a815198b8cdecc9feedada93) | `0x7f1224a8…da93` | 86% | 1M USDC |

### Kabu

Kabu supplies USDC to lending markets backed by mid-cap governance and protocol tokens — COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, and BAL.
Kabu is a pair of vaults supplying lending markets backed by mid-cap governance and protocol tokens: a USDC vault on Ethereum mainnet and a WETH vault on Base.
These markets serve borrowers who wish to access liquidity against their governance token holdings without selling.
Given the higher volatility and lower liquidity of these assets compared to blue-chip collateral, supply caps and risk parameters are set more conservatively on a per-market basis.

**Ethereum (USDC)**

| Market | Market ID | LLTV | Supply cap |
| -------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----- | ---------- |
| [MORPHO / USDC](https://app.morpho.org/ethereum/market/0x6d95bf5fad1b0427205ee2b595f80b52e22394173de0832efa79fde88abb8525) | `0x6d95bf5f…8525` | 62.5% | 2M USDC |
| [EIGEN / USDC](https://app.morpho.org/ethereum/market/0x6d1dae6238f6f296abb77d9e17a8429132458146bc89d1d2b20516b87a40dee7) | `0x6d1dae62…dee7` | 62.5% | 1M USDC |
| [ONDO / USDC](https://app.morpho.org/ethereum/market/0x7dea3baf843210ce0a4a9e6374cea47dcd55384fb36d2d701e69b221867b39e5) | `0x7dea3baf…39e5` | 62.5% | 1M USDC |
| [BAL / USDC](https://app.morpho.org/ethereum/market/0xf57808b9489bcbe7e7c67fd5227b0a4267a384ebb80301a097e4fa1f3fcb3234) | `0xf57808b9…3234` | 62.5% | 250k USDC |
| [SYRUP / USDC](https://app.morpho.org/ethereum/market/0x38fa7d75c15a0f11cc46e2d1987a05c26a836d0da6b4430657ec5ece38a25a45) | `0x38fa7d75…5a45` | 62.5% | 200k USDC |
| [COMP / USDC](https://app.morpho.org/ethereum/market/0x9b966d26e14749cdf3be6fcf44ef404f1428b3c2f8c9e9a5172437e440597715) | `0x9b966d26…7715` | 62.5% | 100k USDC |
| [FLUID / USDC](https://app.morpho.org/ethereum/market/0xaf53761f4931911877474ab8c7ff856987207ee7ec15e8513ff9cf86939229a0) | `0xaf53761f…29a0` | 62.5% | 60k USDC |

**Base (WETH)**

| Market | Market ID | LLTV | Supply cap |
| ----------------------------------------------------------------------------------------------------------------------- | ----------------- | ----- | ---------- |
| [AERO / WETH](https://app.morpho.org/base/market/0x17cbb67e84acfbaf2a3b73f9fe697d9503a8fd2fce30f851429726fa04bc5afe) | `0x17cbb67e…5afe` | 77% | 350 WETH |
| [VVV / WETH](https://app.morpho.org/base/market/0xa84351c9d5be1d05f6b2d93df58ff8764ba54b70daa6c41529278ac4d1bc3c5b) | `0xa84351c9…3c5b` | 62.5% | 110 WETH |
| [MORPHO / WETH](https://app.morpho.org/base/market/0x71511d934dddf124c73b7d7328e2ed4a7d13deeecf9ef061dad924a56b72a87f) | `0x71511d93…a87f` | 77% | 80 WETH |
| [VIRTUAL / WETH](https://app.morpho.org/base/market/0x23c2ad09b57469016831bc5ff9b13a7ddfc559698b42876d3625298e6dd7ef9d) | `0x23c2ad09…ef9d` | 77% | 55 WETH |

### Api3 dCOMP

Api3 dCOMP is a vault built around a dedicated lending market collateralized by [dCOMP](https://github.com/api3dao/dcomp) — a lightweight, ownable wrapper for the COMP governance token configured with a specific delegate.
Expand All @@ -75,23 +107,58 @@ 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.

| Market | Market ID | LLTV | Supply cap |
| ------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----- | ---------- |
| [dCOMP / USDC](https://app.morpho.org/ethereum/market/0x24852d8d7464402ddcd717415e009d42bf7427d6a8893487f83c75ee0f4a0ea6) | `0x24852d8d…0ea6` | 62.5% | 10M USDC |

### 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.
Each supplies the borrow-side liquidity for a set of isolated meme token markets.

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.

**Ethereum (USDC)**

| Market | Market ID | LLTV | Supply cap |
| --------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----- | ---------- |
| [PEPE / USDC](https://app.morpho.org/ethereum/market/0xde2bb82278de27e7851625e2d7c25280adc6d499c000cc6904eb0ab29124a481) | `0xde2bb822…a481` | 62.5% | 1M USDC |
| [SPX6900 / USDC](https://app.morpho.org/ethereum/market/0x31a277fde40c1bd37dd00cb2167fe1d5831b450efecc63323679228a101e9979) | `0x31a277fd…9979` | 62.5% | 500k USDC |
| [SHIB / USDC](https://app.morpho.org/ethereum/market/0x87753839ac836a59dd13f66ea6ea5481ba2374ae76dfdfbe8c4861e835833646) | `0x87753839…3646` | 62.5% | 80k USDC |

**Robinhood (USDG)**

| Market | Market ID | LLTV | Supply cap |
| ---------------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----- | ---------- |
| [CASHCAT / USDG](https://app.morpho.org/robinhood-chain/market/0x039503b6308d6d818d181e626d3fbc667d6e68393c3d74332a6124cd2dd6e755) | `0x039503b6…e755` | 38.5% | 500k USDG |

These markets are surfaced to borrowers through [Purinta app](https://purinta.xyz), a meme token lending interface.

### Accessing the vaults
## Liquidity adapter

Alongside its collateral markets, each vault designates one deep, blue-chip market as its **liquidity adapter**, which serves two purposes.

It is the route deposits and withdrawals take: every deposit is allocated into that market as it arrives, and withdrawals are deallocated back out of it.

It also holds whatever the collateral markets cannot currently absorb, so that liquidity keeps earning yield rather than sitting idle in the vault (see [allocation and rebalancing](/curation/roles-and-operations#allocation-and-rebalancing)).

Because this market is a yield destination for unallocated liquidity, not part of a vault's collateral strategy, it is listed separately from the tables above.

| Vault | Network | Market | Market ID | LLTV |
| ------------------------------------------------- | --------- | ------------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----- |
| Api3&nbsp;Core, Kabu,<br>Api3&nbsp;dCOMP, Purinta | Ethereum | [wstETH / USDC](https://app.morpho.org/ethereum/market/0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc) | `0xb323495f…86cc` | 86% |
| Kabu | Base | [wstETH / WETH](https://app.morpho.org/base/market/0x3a4048c64ba1b375330d376b1ce40e4047d03b47ab4d48af484edec9fec801ba) | `0x3a4048c6…01ba` | 94.5% |
| Purinta | Robinhood | [USDe / USDG](https://app.morpho.org/robinhood-chain/market/0xc845da65a020ddca5f132efa8fea79676d8edfdea504226a4c01e7a9e34cddd6) | `0xc845da65…ddd6` | 91.5% |

## Accessing the vaults

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 |
| --------------- | --------- | -------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- |
| Api3&nbsp;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) |
| Kabu | Base | `0x4D72Fed1b6cE42F8Dea811F7b6685EbE4Ec04E01` | [View on Morpho](https://app.morpho.org/base/vault/0x4D72Fed1b6cE42F8Dea811F7b6685EbE4Ec04E01/kabu-weth) |
| Api3&nbsp;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) |
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