Skip to content

Add Kabu vault on Base #315

New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Merged
matejfalat merged 4 commits into from
Aug 6, 2026
Merged

Add Kabu vault on Base #315

Changes from 1 commit
Commits
Show all changes
4 commits
Select commit Hold shift + click to select a range
0f2799d
Add Kabu vault on Base and document market LLTVs and supply caps
matejfalat Aug 5, 2026
595ca2b
Review fixes
matejfalat Aug 6, 2026
225f224
Add marketIds
matejfalat Aug 6, 2026
7e18982
Move liquidity adapter section up a level
matejfalat Aug 6, 2026
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
71 changes: 66 additions & 5 deletions docs/curation/index.md
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -43,30 +43,60 @@ 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) | Base | WETH | Mid-cap governance tokens | AERO, VIRTUAL, MORPHO, VVV |
| [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 market links 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).
These are high-liquidity, battle-tested assets with deep on-chain liquidity and well-established oracle infrastructure.
It supplies USDC to lending markets backed by blue-chip collateral — 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 | LLTV | Supply cap |
| -------------------------------------------------------------------------------------------------------------------------- | ---- | ---------- |
| [wstETH / USDC](https://app.morpho.org/ethereum/market/0x6d2fba32b8649d92432d036c16aa80779034b7469b63abc259b17678857f31c2) | 86% | 10M USDC |
| [cbBTC / USDC](https://app.morpho.org/ethereum/market/0xba3ba077d9c838696b76e29a394ae9f0d1517a372e30fd9a0fc19c516fb4c5a7) | 86% | 10M USDC |
| [kBTC / USDC](https://app.morpho.org/ethereum/market/0x7f1224a8598b97a8455d298bd58b0f720f1b4f19a815198b8cdecc9feedada93) | 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 | LLTV | Supply cap |
| -------------------------------------------------------------------------------------------------------------------------- | ----- | ---------- |
| [MORPHO / USDC](https://app.morpho.org/ethereum/market/0x6d95bf5fad1b0427205ee2b595f80b52e22394173de0832efa79fde88abb8525) | 62.5% | 2M USDC |
| [EIGEN / USDC](https://app.morpho.org/ethereum/market/0x6d1dae6238f6f296abb77d9e17a8429132458146bc89d1d2b20516b87a40dee7) | 62.5% | 1M USDC |
| [ONDO / USDC](https://app.morpho.org/ethereum/market/0x7dea3baf843210ce0a4a9e6374cea47dcd55384fb36d2d701e69b221867b39e5) | 62.5% | 1M USDC |
| [BAL / USDC](https://app.morpho.org/ethereum/market/0xf57808b9489bcbe7e7c67fd5227b0a4267a384ebb80301a097e4fa1f3fcb3234) | 62.5% | 250k USDC |
| [SYRUP / USDC](https://app.morpho.org/ethereum/market/0x38fa7d75c15a0f11cc46e2d1987a05c26a836d0da6b4430657ec5ece38a25a45) | 62.5% | 200k USDC |
| [COMP / USDC](https://app.morpho.org/ethereum/market/0x9b966d26e14749cdf3be6fcf44ef404f1428b3c2f8c9e9a5172437e440597715) | 62.5% | 100k USDC |
| [FLUID / USDC](https://app.morpho.org/ethereum/market/0xaf53761f4931911877474ab8c7ff856987207ee7ec15e8513ff9cf86939229a0) | 62.5% | 60k USDC |

**Base (WETH)**

| Market | LLTV | Supply cap |
| ----------------------------------------------------------------------------------------------------------------------- | ----- | ---------- |
| [AERO / WETH](https://app.morpho.org/base/market/0x17cbb67e84acfbaf2a3b73f9fe697d9503a8fd2fce30f851429726fa04bc5afe) | 77% | 350 WETH |
| [VVV / WETH](https://app.morpho.org/base/market/0xa84351c9d5be1d05f6b2d93df58ff8764ba54b70daa6c41529278ac4d1bc3c5b) | 62.5% | 110 WETH |
| [MORPHO / WETH](https://app.morpho.org/base/market/0x71511d934dddf124c73b7d7328e2ed4a7d13deeecf9ef061dad924a56b72a87f) | 77% | 80 WETH |
| [VIRTUAL / WETH](https://app.morpho.org/base/market/0x23c2ad09b57469016831bc5ff9b13a7ddfc559698b42876d3625298e6dd7ef9d) | 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 @@ -75,15 +105,45 @@ 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 | LLTV | Supply cap |
| ------------------------------------------------------------------------------------------------------------------------- | ----- | ---------- |
| [dCOMP / USDC](https://app.morpho.org/ethereum/market/0x24852d8d7464402ddcd717415e009d42bf7427d6a8893487f83c75ee0f4a0ea6) | 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 | LLTV | Supply cap |
| --------------------------------------------------------------------------------------------------------------------------- | ----- | ---------- |
| [PEPE / USDC](https://app.morpho.org/ethereum/market/0xde2bb82278de27e7851625e2d7c25280adc6d499c000cc6904eb0ab29124a481) | 62.5% | 1M USDC |
| [SPX6900 / USDC](https://app.morpho.org/ethereum/market/0x31a277fde40c1bd37dd00cb2167fe1d5831b450efecc63323679228a101e9979) | 62.5% | 500k USDC |
| [SHIB / USDC](https://app.morpho.org/ethereum/market/0x87753839ac836a59dd13f66ea6ea5481ba2374ae76dfdfbe8c4861e835833646) | 62.5% | 80k USDC |

**Robinhood (USDG)**

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

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

### Idle liquidity

Alongside its collateral markets, each vault designates one deep, blue-chip market as its **liquidity adapter**.
Deposits that the collateral markets cannot currently absorb are supplied there rather than sitting idle in the vault, so they keep earning yield (see [allocation and rebalancing](/curation/roles-and-operations#allocation-and-rebalancing)).
These markets are a yield destination for unallocated liquidity, not part of a vault's collateral strategy, so they are listed separately from the tables above.

| Vault | Network | Market | LLTV |
| ---------------------------------------------- | --------- | ------------------------------------------------------------------------------------------------------------------------------- | ----- |
| Api3 Core, Kabu, Api3 dCOMP, Purinta | Ethereum | [wstETH / USDC](https://app.morpho.org/ethereum/market/0xb323495f7e4148be5643a4ea4a8221eef163e4bccfdedc2a6f4696baacbc86cc) | 86% |
| Kabu | Base | [wstETH / WETH](https://app.morpho.org/base/market/0x3a4048c64ba1b375330d376b1ce40e4047d03b47ab4d48af484edec9fec801ba) | 94.5% |
| Purinta | Robinhood | [USDe / USDG](https://app.morpho.org/robinhood-chain/market/0xc845da65a020ddca5f132efa8fea79676d8edfdea504226a4c01e7a9e34cddd6) | 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.
Expand All @@ -92,6 +152,7 @@ Each of the vaults can be also accessed through the Morpho app, where Api3 opera
| --------------- | --------- | -------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------- |
| 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) |
| Kabu | Base | `0x4D72Fed1b6cE42F8Dea811F7b6685EbE4Ec04E01` | [View on Morpho](https://app.morpho.org/base/vault/0x4D72Fed1b6cE42F8Dea811F7b6685EbE4Ec04E01/kabu-weth) |
| 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) |
Expand Down