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Documentation Index

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Morpho Vault V2 implements a flexible gate system that allows curators to control who can interact with the vault. Gates are external contracts that implement specific interfaces to permit or deny operations.

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Overview

Gates provide granular access control over four distinct operations:
  • Share transfers - Control who can send and receive vault shares
  • Asset operations - Control who can deposit and withdraw vault assets
If a gate is not set (address zero), the corresponding operations are unrestricted.
Gates are set by the curator and changes go through timelocks, ensuring users have time to exit before new restrictions take effect.

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Gate types

Vault V2 defines four independent gate types:

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Receive shares gate

interface IReceiveSharesGate {
    function canReceiveShares(address account) external view returns (bool);
}
  • Controls permission to receive vault shares
  • Applied on: deposit, mint, transfer, transferFrom
  • Can lock users out of getting back shares deposited on other contracts

​
Send shares gate

interface ISendSharesGate {
    function canSendShares(address account) external view returns (bool);
}
  • Controls permission to send vault shares
  • Applied on: withdraw, redeem, transfer, transferFrom, forceDeallocate
  • Can lock users out of exiting the vault
Send shares gate can prevent users from withdrawing. Design gate logic carefully to avoid locking users’ funds.

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Receive assets gate

interface IReceiveAssetsGate {
    function canReceiveAssets(address account) external view returns (bool);
}
  • Controls permission to receive assets when withdrawing from the vault
  • Applied on: withdraw, redeem
  • The vault itself (address(this)) is always allowed to receive assets, regardless of gate configuration
  • Can lock users out of exiting the vault

​
Send assets gate

interface ISendAssetsGate {
    function canSendAssets(address account) external view returns (bool);
}
  • Controls permission to deposit assets into the vault
  • Applied on: deposit, mint
  • Not critical (cannot block users’ funds already in the vault)
  • Can be used to gate new deposits

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Implementation example

Here’s a complete gate implementation that works with Bundler3: 
contract GateExample is IReceiveSharesGate, ISendSharesGate, 
                         IReceiveAssetsGate, ISendAssetsGate {
    address public owner;
    mapping(address => bool) public isBundlerAdapter;
    mapping(address => bool) public whitelisted;

    constructor(address _owner) {
        owner = _owner;
    }

    function setIsWhitelisted(address account, bool newIsWhitelisted) external {
        require(msg.sender == owner, Unauthorized());
        whitelisted[account] = newIsWhitelisted;
    }

    function setIsBundlerAdapter(address account, bool newIsBundlerAdapter) external {
        require(msg.sender == owner, Unauthorized());
        isBundlerAdapter[account] = newIsBundlerAdapter;
    }

    function canSendShares(address account) external view returns (bool) {
        return whitelistedOrHandlingOnBehalf(account);
    }

    function canReceiveShares(address account) external view returns (bool) {
        return whitelistedOrHandlingOnBehalf(account);
    }

    function canReceiveAssets(address account) external view returns (bool) {
        return whitelistedOrHandlingOnBehalf(account);
    }

    function canSendAssets(address account) external view returns (bool) {
        return whitelistedOrHandlingOnBehalf(account);
    }

    function whitelistedOrHandlingOnBehalf(address account) internal view returns (bool) {
        return whitelisted[account]
            || (isBundlerAdapter[account] && 
                whitelisted[IBundlerAdapter(account).BUNDLER3().initiator()]);
    }
}
This example uses a single whitelist for all permissions and supports Bundler3 for delegated operations on behalf of whitelisted users.

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Gate configuration

Gates are set by the curator using timelocked functions: 
// VaultV2.sol:387-409
function setReceiveSharesGate(address newReceiveSharesGate) external {
    timelocked();
    receiveSharesGate = newReceiveSharesGate;
    emit EventsLib.SetReceiveSharesGate(newReceiveSharesGate);
}

function setSendSharesGate(address newSendSharesGate) external {
    timelocked();
    sendSharesGate = newSendSharesGate;
    emit EventsLib.SetSendSharesGate(newSendSharesGate);
}

function setReceiveAssetsGate(address newReceiveAssetsGate) external {
    timelocked();
    receiveAssetsGate = newReceiveAssetsGate;
    emit EventsLib.SetReceiveAssetsGate(newReceiveAssetsGate);
}

function setSendAssetsGate(address newSendAssetsGate) external {
    timelocked();
    sendAssetsGate = newSendAsstsGate;
    emit EventsLib.SetSendAssetsGate(newSendAssetsGate);
}
To disable a gate, set it to address(0).

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Gate enforcement

The vault checks gates using internal view functions: 
// VaultV2.sol:922-937
function canReceiveShares(address account) public view returns (bool) {
    return receiveSharesGate == address(0) 
        || IReceiveSharesGate(receiveSharesGate).canReceiveShares(account);
}

function canSendShares(address account) public view returns (bool) {
    return sendSharesGate == address(0) 
        || ISendSharesGate(sendSharesGate).canSendShares(account);
}

function canReceiveAssets(address account) public view returns (bool) {
    return account == address(this) 
        || receiveAssetsGate == address(0)
        || IReceiveAssetsGate(receiveAssetsGate).canReceiveAssets(account);
}

function canSendAssets(address account) public view returns (bool) {
    return sendAssetsGate == address(0) 
        || ISendAssetsGate(sendAssetsGate).canSendAssets(account);
}

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Design requirements

Gates must adhere to strict requirements to avoid breaking vault functionality:
  1. Never revert - Gates must return true or false, never revert
  2. Low gas consumption - Gates should not consume excessive gas
  3. Predictable behavior - Gate logic should be transparent and deterministic

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Use cases

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Whitelisting

Restrict vault access to approved addresses: 
mapping(address => bool) public whitelisted;

function canReceiveShares(address account) external view returns (bool) {
    return whitelisted[account];
}

​
KYC/AML compliance

Integrate with identity verification services: 
function canSendAssets(address account) external view returns (bool) {
    return kycRegistry.isVerified(account);
}

​
Jurisdictional restrictions

Block addresses from restricted jurisdictions: 
function canReceiveShares(address account) external view returns (bool) {
    return !jurisdictionBlocklist[account];
}

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Delegated access with Bundler3

Allow whitelisted users to interact via Bundler3: 
function canSendShares(address account) external view returns (bool) {
    if (whitelisted[account]) return true;
    if (isBundlerAdapter[account]) {
        address initiator = IBundlerAdapter(account).BUNDLER3().initiator();
        return whitelisted[initiator];
    }
    return false;
}

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Security considerations

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Gate vulnerabilities

  1. Locked funds - Improperly designed send gates can permanently lock user funds
  2. Centralization risk - Gate owners control access; consider time delays for changes
  3. Gas griefing - Gas-heavy gates can DOS vault operations
  4. Upgradeable gates - If gates are upgradeable, users face additional trust assumptions

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Best practices

For vault curators:
  • Audit gate contracts thoroughly before deployment
  • Set appropriate timelocks for gate changes
  • Test gate behavior under all edge cases
  • Consider gradual rollout for new gate implementations
  • Document gate logic clearly for users
For vault users:
  • Understand gate restrictions before depositing
  • Monitor pending gate changes via timelock events
  • Verify gate contracts are not upgradeable or have appropriate governance
  • Exit before problematic gate changes take effect

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Emergency considerations

Even with restrictive gates:
  • forceDeallocate still allows in-kind redemptions (subject to send shares gate)
  • Sentinels cannot modify gates (only curator can)
  • Gate changes go through timelocks, allowing exit window

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Initial configuration

At vault creation, all gates are set to address(0) (disabled), meaning anybody can interact with the vault. To restrict access from the start, batch gate configuration with vault creation using multicall.

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