The benefits of V2 vaults and why we've upgraded to V2 Last week, we went live with Morpho V2 vaults on Felix, upgrading from the Morpho V1 vaults. The V1 vaults remain live and active during the migration process, but what are the benefits of V2? The full benefits will be linked in the tweet below, but here is a overview of two of the key upgrades: 1. New yield sources Via the new adapter model for V2 vaults, Felix vaults can now lend to other sources of yield for finding the highest risk-adjusted yield for Felix lenders. In the future, this could include other protocols on HyperEVM or HyperCore Earn, letting users find the best yield across Hyperliquid in a passive, risk-managed way 2. More granular risk controls V2 vaults include more granular risk parameterization and separation including upgrades like allowing for absolute caps and relative caps (e.g. USDC lending to HYPE cap of $10m vs only lending X% of USDC vault supply against any particular asset). V2 vaults also include more role separation across the vault control stack (owner, curator, allocator, and sentinel) Felix vaults are all non-custodial and deployed with the @Morpho stack. If you’re a lender interested in earning yield on Felix or a current Felix lender with more questions on the upgrade from V1 to V2 vaults, feel free to reach out to us. In order to migrate to V2, just connect your wallet you have a V1 vault position with on the Felix app, and click “Migrate.”