Murmurr separates user accounting from yield deployment. The Lagoon vault never supplies Morpho Blue markets directly - only Morpho USDC vault shares.

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Layer 1 - Lagoon vault (user facing)

LPs interact with the Lagoon vault - not with Morpho markets directly. See Deposit & redeem and On-chain data.

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Layer 2 - Morpho USDC sleeves (yield engine)

Capital is deployed into Morpho USDC vaults per sleeve, still denominated in USDC. Even mono-collateral products are Morpho vaults (not a raw Blue market) so Lagoon can enter/exit the whole sleeve and keep fee / role boundaries clean.

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Naming

On-chain display names follow: Murmurr USDC <COLLATERAL_OR_THEME> Cross-chain movement of idle USDC uses Circle CCTP, not opaque wrappers. Details: Multichain & CCTP.

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Policy engine (off-chain, constrained on-chain)

Public mechanics: Allocator · Sentinel · Hard rules.

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Custody boundaries

Non-custodial for LPs - assets stay in on-chain vault infrastructure (Lagoon + Morpho + Safe). Murmurr does not hold your wallet keys.

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Three flows (do not conflate)

  1. LP capital - USDC ↔ shares via Lagoon (Deposit & redeem).
  2. Book rotation - USDC across Morpho vaults (Lagoon allocator) and, on diversified sleeves, across markets (Allocator).
  3. Cross-chain - native USDC hops via CCTP when the target book moves chains (Multichain & CCTP).