spectra_model_metavault
Model MetaVault double loop strategy compounding YT yield and leveraging vault shares on Morpho. Compute curator fees, blended allocations, and PT comparison.
Instructions
Model a MetaVault "double loop" strategy for curators.
MetaVaults are ERC-7540 curated vaults that automate LP rollover and compound YT yield back into LP positions. This tool models the economics of leveraging MetaVault shares as collateral on Morpho (or similar lending markets).
Two modes:
Live mode: Provide chain + metavault_address to auto-populate base_apy from the live MetaVault API. All other params can be overridden.
Manual mode: Provide base_apy directly for hypothetical modeling.
The "double loop": Layer 1 (inside vault): YT yield → LP tokens (compounding loop, managed by curator) Layer 2 (on top): MV shares → Morpho collateral → borrow → deposit back (leverage loop)
Because YT compounding raises the base yield, leverage multiplies a higher base — creating a "double loop premium" over raw PT looping.
Dual Morpho Market Strategy: Curators should create TWO Morpho markets for maximum flywheel effect: Market A (PT / underlying): For external users to loop PT. Drives pool volume & LP fees. Market B (MV shares / underlying): For the curator to loop vault shares. Amplifies own capital. These markets reinforce each other — PT demand deepens the pool, deeper pool attracts more loopers, and the curator earns fees on all external deposits flowing through the vault.
Curator economics: The curator EARNS the performance fee on external deposits — this is revenue for managing the vault (rolling positions, compounding YT, maintaining allocations).
Blended allocation: Supports modeling MetaVaults that allocate across both Spectra and Pendle LP positions via pendle_allocation_pct and pendle_lp_apy parameters. Computes blended base APY and warns about manual Pendle rollover requirements.
Input Schema
| Name | Required | Description | Default |
|---|---|---|---|
| chain | No | Chain where the MetaVault lives. Required with metavault_address for live data. | |
| metavault_address | No | MetaVault contract address. When provided with chain, auto-fetches live APY and TVL as base_apy. Use spectra_list_metavaults to discover addresses. | |
| base_apy | No | Base LP APY the MetaVault targets (%), e.g. 12 for 12%. Auto-populated from live data when metavault_address is provided, or required in manual mode. | |
| yt_compounding_apy | No | Additional yield from YT→LP compounding (%), e.g. 3 for 3%. Default 0. | |
| curator_fee_pct | No | Performance fee the curator EARNS as % of vault yield (default 10%). E.g. 10 means curator collects 10% of gross yield as revenue, depositors receive the remaining 90%. | |
| morpho_ltv | No | Morpho LTV for MetaVault share collateral (0-1, default 0.86 = 86%) | |
| borrow_rate | No | Morpho borrow rate in % APY (default 5%) | |
| max_loops | No | Maximum leverage loops to model (default 5) | |
| capital_usd | No | Curator's own capital in USD. Enables curator economics section. | |
| external_deposits_usd | No | External deposits the curator attracts (USD). The curator earns performance fees on these deposits. Default 0. | |
| days_to_maturity | No | Average pool cycle length in days (default 90). Used for rollover advantage. | |
| compare_pt_apy | No | If provided, show side-by-side comparison with raw PT looping at this APY (%) | |
| pendle_allocation_pct | No | Percentage of vault capital allocated to Pendle LP positions (0-100, default 0). When >0, computes blended APY across Spectra and Pendle. Requires pendle_lp_apy. | |
| pendle_lp_apy | No | Pendle LP APY (%) for the Pendle allocation. Required when pendle_allocation_pct > 0. |