Morpho v2 went live today - deploying a new vault can create up to 12 contracts (instead of just the vault, as v1 did) 🤯
Here's what you NEED to know about what's new:
- Users can now force withdraw out of a vault even if there is no idle liquidity, using forceDellocate. This withdraws any underlying held positions, even if the vault doesn't have any USDC to withdraw. There is a penalty fee that can be set by curators per position (currently set to 0 by everyone).
- Adapters allow Vaults v2 to work with any other contract out there, and require deploying a new adapter contract for every contract. The new Steakhouse high yield instant was deployed with a single adapter around their v1 vault. This means that v2 vaults are no longer limited to just Morpho markets.
- Vaults can optionally be deployed with "guardians", turning all operations into an onchain DAO. There are two DAO's created, a guardian DAO where depositers can lock their shares to vote (i.e. revoking a proposed asset cap allocation change), and a 2-2 owner dao between the vault owner and the guardian dao. This is optional but the steakhouse vaults were deployed with this live (using createV1WrapperWithAdditionalGuardian).
- Timelocks are now set per function signature, so different vault functions can have different timelocks applied!!
short vid of how I used Herd to sleuth all this below:
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