Short answer: No, they are not. When a curator changes, the old risk parameters and the new curator's permissions are two separate systems. The old parameters stay in the contract, but the new curator can immediately modify some of them while others are protected by a timelock and cannot be changed right away. To understand what changes and what stays the same, you first need to know how the vault's permission structure is designed.
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Step 1: Understand the handover process between old and new curators
After taking over, a new curator can directly use some permissions, while other actions are restricted by rules. Using Morpho Vault V2 as an example, the curator's core operations fall into two types: risk-reducing actions can be executed instantly (like lowering a supply cap), while risk-increasing actions (such as raising caps, enabling new markets, or changing fees) must go through a timelock delay.
Case A: The new curator decides to reduce risk exposure—for example, lowering the supply cap or allocation ratio of a lending market. These changes take effect immediately, and the original parameters will not be kept.
Case B: The new curator wants to expand the risk scope—for instance, adding a new lending market, increasing a market's cap, or adjusting fees. These actions must pass through a timelock (usually a few days), during which the Sentinel (guardian) can veto them, and depositors can withdraw their funds before the change goes live.
Risk warning: In July 2026, SEC Commissioner Hester Peirce explicitly warned that vault structures where curators have actual decision-making power over asset allocation could fall under the Howey Test of securities law. The Morpho token dropped about 5% after the statement. A curator change brings not just parameter adjustments but possibly a chain reaction in regulatory compliance—if a new curator tweaks risk parameters or market scope, the vault's legal status may shift as well.
Step 2: Check for an "abdication" mechanism
To see if the previous curator permanently locked certain parameters, check the vault's contract records for an "abdicate" operation. Some V2 vaults allow a curator to permanently give up the right to call specific functions—once abdicated, even a new curator cannot re-enable those functions. Verify whether the vault has this kind of irreversible commitment. If it does, those parameters are permanently retained and immune to new curators.
Step 3: Use the timelock window to verify material changes
Any risk-increasing change proposed by a new curator comes with a timelock window for users to react. During the timelock (typically a few days), you can monitor the vault's governance proposal page or on-chain events. If the proposed changes do not match your risk appetite, you can fully withdraw your funds within this window. Also, confirm the length of the buffer period after each curator transition.
Common misconceptions
Many people think "a new curator means starting from scratch" and rush to withdraw as soon as they see an announcement. But the new curator might only take risk-reducing actions (instant effect) and leave the timelock parts unchanged, meaning you'd miss out on future yields after withdrawing. An even more common mistake is the opposite: assuming the old parameters will stay forever, only to see the new curator lower a market's allocation ratio through an instant action right after taking office, directly cutting your expected returns.
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Suggested next steps
Pay attention to two types of announcements—the curator change notice and the subsequent list of timelock proposals. In Morpho Vaults V2, actions like raising caps and enabling new markets are all subject to timelock controls. After a proposal is submitted, you have at least a 2-3 day window to decide whether to keep your deposit. It's wise to review the vault's Risk ID configuration within 7 days after any curator change (especially whether absolute and relative caps have been adjusted) and confirm your risk exposure is still within an acceptable range.
