Wintermute Builds Armitage, Its Vault Curation Business, on Morpho
$145M+Â
$10B+Â
"Curating onchain vaults is as much a security problem as a yield one. Armitage was built to handle both, on a foundation few curators can match."Igor Igamberdiev, Armitage Lead
The Opportunity
Wintermute is one of the most established liquidity providersin digital assets. With average daily trading volume north of $10B, it has deep expertise in managingrisk through shifting market conditions, across centralized and decentralized venues and a range of risk profiles.
A vault curation business is a natural evolution to put that expertise to work. The opportunity lies in applying that expertise in onchain credit, and creating vault products that cater to a wide range of capital allocators with a diverse set of risk tolerances.
The Solution
Morpho was the obvious place to start because its isolated markets architecture allows let a curator to take on exactly the risk it chooses.
Armitage launched in May 2026 with two USDC vaults, Prime and Select, each curated to a distinct risk profile: Prime holds blue-chip collateral, while Select adds vetted higher-yield markets.
The vaults are noncustodial. Depositors deposit and withdraw directly onchain at any time, and Armitage does not take custody of assets.
The USDC vaults are built on Morpho, where Armitage allocates deposits across isolated Morpho Markets and rebalances them using live market data.
Curating collateral beyond the blue-chip names usually relies on third-party liquidators to unwind positions when markets move. Because Wintermute can execute those liquidations itself, Armitage can curate a wider range of collateral.
The Results
Armitage has grown into an established curator on Morpho in its first months, giving depositors and allocators with different risk preferences choices for allocations.
Since launch, it has scaled quickly:
- $145M+ in total deposits across Armitage vaults
- A top-ranked curator on Morpho by assets under curation
- 5 stablecoin vaults live across USDC and USDT, and a confidential wBTC vault, with more planned