Murmurr’s hard rules are limits on product NAV (Lagoon totalAssets), measured by Lagoon Safe look-through across Morpho sleeves and chains. They are not “percent of this Morpho vault alone”. The allocator ranks markets inside a sleeve. These rules shape the book: how much capital sits in each sleeve, on Ethereum, and on each collateral across sleeves. In force: v0.3.4 since 27 Sep 2026. The same numbers are live-checked on Transparency and copied on the product factsheet. Earlier sets are below.

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Current (v0.3.4)

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Sleeve targets

Idle USDC at book level is a ~2.5% target (async ERC-7540 comfort), not a hard Transparency floor.

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Ethereum floor

Keep ≥ 50% of the book on Ethereum. Frontier (35%) + Blue-Chip (20%) are the two mainnet sleeves. Hitting both targets implies ~55% Ethereum. The floor stays ≥50% so the book is still covered if one sleeve is light and the other is heavy. Transparency: on target if Ethereum weight ≥ 49%.

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Per-collateral cap

PT and spot of the same underlying count as one symbol. PT-reUSD and reUSD are reUSD. PT-fxSAVE and fxSAVE are fxSAVE. Listing both does not double the cap. One collateral = one market per sleeve. On mono sleeves the sleeve target is the collat cap (WHYPE 5%, aHYPER 10%). Sleeve targets are checked on the sleeve list on Transparency, not as extra floors on the collateral pie. Hover Within cap to see 25% vs 15%.

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Add collateral

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Live checks (±1 percentage point)

Sleeves also show near target when the gap is ≤ 3pt but > 1pt. The band is display honesty. Ops still aim at the exact numbers.

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Earlier versions

Sleeve mix at each published set. Percents are of product NAV. From v0.3.0 through v0.3.3 the written rule left WETH, WBTC, cbBTC, and wstETH outside the 15% cap. The live Transparency badge, and the current section above, cap each of those names at ≤25% NAV.
Frontier 30% and Blue-Chip 20% (was 25% / 25%). cbAssets stayed 25%, WHYPE 15%, aHYPER 10%. Blue-chip pocket floor cut to ≥20%, in line with the Blue-Chip sleeve. Idle already ~2.5%.
Idle / cash buffer 5% → 2.5% of book Safe USDC. Sleeve targets unchanged at 25 / 25 / 25 / 15 / 10.
Ethereum floor ≥50% of NAV. Blue-chip pocket floor ≥25% (was 30%). Transparency treats ±1 percentage point as on-target for floors, caps, and sleeve targets. Collat cap restated at 15%, with blue-chip symbols exempt.
Sleeve targets 25 / 25 / 25 / 15 / 10 (Frontier, cbAssets, Blue-Chip, WHYPE, aHYPER). Universal collat cap 15% of NAV, blue-chip symbols exempt.
Same-day iterations before the v0.3 sleeve grid:
  • v0.2.7 - cbAssets per-symbol cap 15% → 20% NAV (aligned with the blue-chip class cap).
  • v0.2.6 - cbAssets look-through floor ≥20% NAV, on top of the blue-chip floor.
  • v0.2.5 - blue-chip floor 30% = sum of look-through WETH / WBTC / cbBTC, not the vault’s own weight. Class caps 20 / 15 / 10. Exotic (Frontier + mono) ≤10%. Add-collateral abdicated on mono and Blue-Chip. cbAssets stayed open.
  • v0.2.4 - Blue-Chip sleeve is Ethereum only. No Base twin.
  • v0.2.3 - blue-chip quality criteria. wstETH removed from the sleeve universe (later listed again as a blue-chip symbol).
  • v0.2.2-v0.2.1 - definition and abdicate wording.
  • v0.2 - first L0 reference: caps measured on the product book, Frontier permissive on new collateral.
Draft only. The cap was a function of how many markets a sleeve listed (cap = f(N)), centered on the sleeve rather than on product NAV. Replaced the same day by v0.2.

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Where it shows

  • App: Transparency - collateral mix, chains, and each sleeve vs target.
  • Factsheet: Allocation & risk rules (same current numbers).