編者按：在 DeFi 從高收益驅動轉向制度與基礎設施競爭的過程中，Morpho 正透過 Vault 與 Curator 機制，嘗試重塑鏈上借貸的組織方式。本文從平台視角出發，介紹了 Curator 的角色定位及其非託管、程序化的運作邏輯。

以下為原文：

Curator 是什麼？

Curator（策展人/管理人）是一個獨立的團隊或實體，並非 Morpho 官方的一部分——負責設計、部署並管理鏈上 Vault（金庫）。

從宏觀層面看，Curator 的工作是：將多元化的投資組合打包成對使用者友好、易於整合的 Vault 產品。

具體到 Morpho Vaults，這些 Vault 本質上是由一組超額抵押的借貸頭寸構成的投資組合。這種結構讓使用者可以：在一個入口完成存入；一鍵獲取收益；將持續的風險管理與組合建構工作交由 Curator 執行

在傳統金融中，最接近 Vault Curator 的角色是資產管理人或基金經理。兩者都負責制定策略和管理風險，但在根本結構上存在重要差異：Vault Curator 是非託管的（non-custodial），執行完全通過智能合約自動完成、全程透明，而不是依賴人工中介。

在 Morpho Vaults 中，Curator 永遠無法接管或託管使用者資金。他們所做的，是透過程序化配置 Vault 來執行既定策略。

使用者可以隨時自由存入或提取資金，不需要任何人的批准，也不存在被人为阻止的可能性；資產的所有權與控制權始終掌握在使用者自己手中。

Curator 的商業模式

Curator 可以通過以下方式獲得報酬：管理費（management fee）；業績分成費（performance fee）

The specific fee structure is set by the Curator and can be configured for different Vaults, but must adhere to a predefined maximum fee rate.

Some Curators choose lower fees, while others rely on their own historical performance or differentiated strategies to charge higher fees. These decisions are entirely up to the Curator and are not related to Morpho.

Additionally, Curators can also collaborate with distributors (such as fintech companies or platforms) to distribute fees generated by certain specific deposits between the Curator and the distributor through revenue sharing.

While the Curator"s business model may superficially resemble that of a traditional asset manager, there is a key difference: the operational costs of a Vault are much lower than those of traditional funds or asset management platforms.

A Vault replaces the vast backend systems of traditional asset management with a few hundred lines of free, open-source code. The vast majority of processes are automated, everything runs on-chain in real-time, eliminating the need for quarterly reports.

Therefore, Curators can often charge fees lower than those of traditional financial peers while maintaining a considerable profit margin.

How to Evaluate a Curator (non-exhaustive list)

For enterprise institutions, evaluating a Curator should not be unfamiliar. It is similar to evaluating traditional asset managers but with a significant advantage: full transparency.

Built on a public blockchain, a Vault can leverage various dashboard tools to view detailed data of any Curator or Vault in real-time.

Here are some key evaluation dimensions:

Track Record

What are the professional experiences in the DeFi field (and relevant traditional finance areas)?

Have they collaborated with well-known enterprises, fintech companies, or institutions?

How has their strategy performed in different market cycles, especially during stress test phases?

What is the current total fund size managed across all Vaults?

While fund size itself does not guarantee quality, it is often a useful signal of market trust and product fit.

Transparency & Methodology

是否清楚地說明了資產配置方法與風控標準？

是否建立了內部風險評級系統？

是否公開了在市場收緊或極端事件下的應對流程？

各個 Vault 的角色與權限是如何劃分的？

是否遵循嚴格的運營安全（OpSec）實踐？

是否提供任何形式的保險或風險緩釋機制？

溝通方式（Communications）

在存入資金之前，應當關注 Curator 的公開渠道，例如 X（Twitter）和官方網站。

是否在高收益時期和市場動盪時期都保持主動溝通？

是否定期更新 Vault 的表現、資產配置變化以及風險事件？

利益衝突（Conflicts of Interest）

是否明確披露了現實或潛在的利益衝突？

是否與某些協議、投資人或交易對手存在可能影響配置決策的財務或治理關係？

與傳統金融一樣，負責任的機構應當清楚說明衝突來源及其管理方式。

通過上述維度的評估，機構可以選擇在策略風格、風險偏好與信息披露標準上與自身需求相匹配的 Curator，同時依托 Morpho 底層基礎設施所提供的強且不可篡改的系統性保障。

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原文連結

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在投資加密貨幣前，請務必深入研究，理解相關風險，並謹慎評估自己的風險承受能力。不要因為短期高回報的誘惑而忽視潛在的重大損失。