Pangolins review
Pangolins curates a single Morpho vault of roughly $12M. The size is respectable for a smaller curator, but every dollar sits in one market — the most concentrated book in the ranked field — and assets fell over the quarter, which caps the score.
The numbers
| Metric | Value | Score | Source |
|---|---|---|---|
| Assets under curatorship29% | $11.8M | 7.5/10 | Morpho 2026-09-22 |
| 90-day growth18% | -47.9% | 3.5/10 | Morpho 2026-09-22 |
| Concentration24% | 100% | 3.0/10 | Morpho 2026-09-22 |
| Utilisation12% | 90.1% | 8.0/10 | Morpho 2026-09-22 |
| Fee17% | 10% | 7.0/10 | Morpho 2026-09-22 |
Concentration and utilisation are AUM-weighted across the firm’s listed vaults. Each metric is scored 0–10 on fixed open-data thresholds (see the methodology). Active depositor counts have no reliable open feed, so that metric is left out of the rubric rather than estimated.
- Utilisation: 90.1% (8.0/10)
- Concentration: 100% (3.0/10)
- 90-day growth: -47.9% (3.5/10)
Who it’s for
Depositors comfortable with a smaller, more focused book in exchange for a specific market thesis.
Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
Pangolins on Morpho Plain reference — not an affiliate link.