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Gauntlet vaults come in two types. Which one you interact with depends on your integration pattern.

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Single-Depositor Vaults

A single-depositor vault is dedicated to one entity — typically an institution, DAO treasury, or protocol. The vault owner deposits capital directly and retains full control over deposits and withdrawals.
  • One depositor, one vault — custom risk parameters tailored to the depositor’s needs.
  • Direct interaction — no share tokens or provisioner contracts; the owner deposits and withdraws directly.
Single-depositor vaults suit entities that want dedicated, transparent vault management without sharing liquidity.

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Multi-Depositor Vaults

A multi-depositor vault pools capital from many depositors into shared liquidity. Depositors receive vault shares representing their proportional ownership.
  • Shared liquidity — multiple depositors contribute to and benefit from the same managed pool.
  • Provisioner contract — depositors interact through a Provisioner that handles deposits, redemptions, and share pricing.
  • Proportional returns — yield is distributed based on share ownership, net of fees.
Multi-depositor vaults are the standard model for Gauntlet’s public-facing vaults, including Morpho lending vaults.

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Risk Tiers

Gauntlet classifies vaults into three risk tiers that reflect strategy aggressiveness:
TierProfileTypical Allocation
PrimeConservative. Blue-chip markets, deep liquidity, proven oracles.Highest-LLTV Morpho markets, major collateral pairs
BalancedModerate risk-reward. Broader market exposure with managed concentration limits.Mix of established and mid-tier markets
FrontierHigher yield, higher risk. Newer protocols, less liquid markets.Newer Morpho markets, alternative collateral, emerging protocols
Risk tier classification is part of Gauntlet’s curation methodology.

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Protocol-Agnostic Architecture

Aera V3’s BaseVault is protocol-agnostic — vaults are not tied to any single DeFi platform. The guardian’s Merkle tree defines which protocols a vault can interact with, and the hook system enforces constraints regardless of the underlying protocol. This means a single vault can allocate across Morpho, Aave, Pendle, and other protocols simultaneously, and the vault owner can expand or change the protocol set without redeploying the vault. Gauntlet currently deploys vaults across:
  • Morpho — Isolated lending markets on Ethereum and Base.
  • Symbiotic — Restaking protocol.
  • Kamino — Lending protocol on Solana.
New protocol integrations require adding operations to the guardian’s Merkle tree and deploying any necessary hooks — not changes to the core vault contracts. For protocol-level contract details, see Aera V3 Overview.