Rewamp docs content

.gitignore

@@ -1,7 +1,7 @@
 /.DS_Store/
 .DS_Store
-.idea
-.vscode
+.idea/
+.vscode/
 node_modules/
 
 docs/.vitepress/cache/

.prettierignore

@@ -23,4 +23,4 @@ docs/public/llms-full.txt
 /docs/reference/dao-members/assets
 /docs/reference/chainapi/assets
 /docs/reference/qrng/assets
-/docs/oev-searchers/assets
+/docs/oev/assets

docs/.vitepress/config.js

@@ -84,7 +84,8 @@ export default {
     },
     sidebar: {
       '/dapps/': require('../dapps/sidebar.js'),
-      '/oev-searchers/': require('../oev-searchers/sidebar.js'),
+      '/oev/': require('../oev/sidebar.js'),
+      '/curation/': require('../curation/sidebar.js'),
     },
     nav: nav(),
   },
@@ -99,9 +100,14 @@ function nav() {
       activeMatch: '/dapps/.*',
     },
     {
-      text: 'OEV Searchers',
-      link: '/oev-searchers/',
-      activeMatch: '/oev-searchers/.*',
+      text: 'OEV',
+      link: '/oev/',
+      activeMatch: '/oev/.*',
+    },
+    {
+      text: 'Curation',
+      link: '/curation/',
+      activeMatch: '/curation/.*',
     },
   ];
 }

docs/curation/disclosure.md

@@ -0,0 +1,75 @@
+---
+title: Disclosure
+pageHeader: Curation
+outline: deep
+---
+
+<PageHeader/>
+
+# Disclosure
+
+This page describes the scope of Api3's role as a Morpho vault curator, the risks involved in interacting with Api3-curated vaults, and the limits of Api3's responsibility and ability.
+By depositing into, withdrawing from, or otherwise interacting with any vault curated by Api3, you acknowledge and accept the Api3 [terms and conditions,](https://api3.org/terms-and-conditions/) which apply to all services and software provided by the API3 Foundation ("Api3"), as well as the additional supplemental disclosures in these docs.
+
+## Scope of curation
+
+Api3's role as a curator is limited to setting on-chain vault parameters within the [Morpho Protocol](https://morpho.org/) — selecting enabled markets, configuring supply caps, assigning roles, and operating the automation described elsewhere in these docs.
+
+Api3 does not hold, control, or take custody of any user assets.
+All deposits, withdrawals, and market interactions occur directly through Morpho's open-source, non-custodial smart contracts.
+Users remain solely responsible for the custody and security of their private keys and digital assets.
+
+Interactions with Morpho's smart contracts, interfaces, and other services are governed by Morpho's own [terms](https://morpho.org/terms-of-use/) and documentation. Api3 has no responsibility for nor ability to affect the Morpho Protocol services, smart contracts, nor its operation or maintenance.
+
+## No offer, no advice
+
+Nothing in this documentation, nor any parameters, strategies, or materials related to Api3-curated vaults, constitutes:
+
+- An offer to sell or solicitation to buy any financial instrument, investment product, or security.
+- Financial, investment, legal, tax, accounting, or other professional advice.
+- A recommendation to take or refrain from taking any action.
+
+Api3 does not act as your broker, investment adviser, fiduciary, or asset manager. All information is provided for general informational purposes only, and users are expected to conduct their own due diligence before interacting with any vault, including the verification of any transaction settings and parameters whether or not shown or suggested by any Api3 service or site.
+
+## Risks
+
+Interacting with Api3-curated vaults involves significant risks. These include, but are not limited to:
+
+- **Market risk** — Collateral assets may experience extreme volatility or illiquidity, leading to bad debt in the underlying lending markets that cannot be fully liquidated.
+- **Smart contract risk** — Vulnerabilities or bugs in the Morpho Protocol, the collateral tokens, the oracle infrastructure, or any other contract in the stack may result in partial or total loss of funds.
+- **Oracle risk** — Although Api3 operates as the oracle provider for its own markets, oracle systems can fail, be manipulated, or behave unexpectedly during adverse market conditions.
+- **Parameter and governance risk** — Market configurations, supply caps, role assignments, and other parameters may be changed. Such changes may adversely affect vault performance or withdrawal availability.
+- **Liquidity risk** — Under stressed market conditions, withdrawals may be temporarily delayed pending the availability of idle liquidity or successful rebalancing across markets.
+- **Regulatory risk** — Legal and regulatory treatment of vaults, tokenized positions, and DeFi lending may change in ways that adversely affect users.
+
+Past performance does not guarantee future results. Vault strategies may be changed, expanded, or discontinued at any time, and parameter changes are at Api3's sole discretion.
+
+## No guarantees
+
+Api3's curation services are provided on an "as is" basis, without warranties of any kind, whether express or implied.
+Api3 makes no representation or guarantee as to:
+
+- The safety of assets deposited into any vault.
+- The accuracy or appropriateness of any parameter or risk classification.
+- The future yield or performance of any strategy.
+- The availability of withdrawal liquidity at any given time.
+
+The fact that Api3 deploys a portion of its own treasury into the vaults it curates (as described under [Skin in the game](/curation/#skin-in-the-game)) reflects alignment of incentives, but is not a guarantee, backstop, or commitment to compensate third-party depositors for any loss.
+
+## Restricted access
+
+To Api3's knowledge, Morpho's vaults (whether or not Api3-curated) are not registered with, or approved by, any financial regulatory authority in any jurisdiction.
+They are not available to, and must not be accessed by, persons or entities located, incorporated, or resident in jurisdictions where such access is restricted or prohibited — including, without limitation, jurisdictions subject to comprehensive sanctions administered by the UN, OFAC or other competent authorities.
+
+By interacting with an Api3-curated vault, you represent that you are not a prohibited person and that you are acting in full compliance with Api3's terms and all laws applicable to you.
+
+## Limitation of liability
+
+Api3's role is limited to setting vault parameters within the Morpho Protocol. Api3 has no contractual relationship with vault users and assumes no liability nor responsibility for any losses, damages, or claims arising out of or in connection with the use of any vault nor any of the Risks enumerated above, including but not limited to those caused by:
+
+- Smart contract failures, exploits, or forks of the underlying protocols.
+- Failures or inaccuracies of any third-party data source, valuation, or price feed.
+- User error, loss of private keys, or compromised wallets.
+- Regulatory actions, changes in law, or force majeure events (including cyberattacks and network failures).
+
+To the maximum extent permitted by law, Api3 shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising from your use of any Api3-curated vault or other service. In the event of any conflict between these disclosures and the Api3 [terms and conditions](https://api3.org/terms-and-conditions/), the Api3 terms and conditions shall control.

docs/curation/index.md

@@ -0,0 +1,86 @@
+---
+title: Overview
+pageHeader: Curation
+outline: deep
+---
+
+<PageHeader/>
+
+# Curation
+
+Api3 operates as a vault curator on [Morpho,](https://morpho.org/) the largest decentralized lending protocol on Ethereum.
+Morpho is a permissionless protocol that allows anyone to create isolated lending markets with custom parameters.
+Morpho Vaults aggregate deposits and allocate them across these markets, abstracting the complexity of individual market selection for depositors.
+
+As a curator, Api3 selects lending markets, manages risk parameters, and allocates capital to generate yield for vault depositors.
+Api3 operates a set of USDC vaults on Ethereum mainnet, each targeting different markets and strategies.
+
+::: info 💡 Tip
+
+For quick reference, you can copy-paste [`llms-full.txt`](https://docs.api3.org/llms-full.txt) to your choice of AI assistant.
+
+:::
+
+## Skin in the game
+
+Unlike most curators who manage third-party capital exclusively, Api3 deploys a majority of its own treasury as the primary supplier in its vaults.
+This means Api3 has direct financial exposure to every market it enables and every risk decision it makes.
+
+External depositors are welcome to supply alongside the Api3 treasury, benefiting from the same risk management and yield strategies, with the assurance that Api3's own capital is subject to identical conditions.
+
+## OEV advantage
+
+Api3 is uniquely positioned as a curator because it is also the oracle provider for its own markets.
+This creates a competitive advantage that no other lending protocol or curator has.
+
+During market turmoil, liquidations on lending markets generate [Oracle Extractable Value (OEV)](/oev/) — value that the oracle has priority in capturing by batching additional operations with price updates.
+On Api3-curated markets, the entirety of this OEV belongs to Api3 as protocol revenue.
+Other protocols, at best, capture only a fraction of the OEV generated on their markets.
+
+This allows Api3 to set lower curation fees to attract borrowers, which in turn decreases the cost of borrowing.
+While this means supply-side APY may be lower during calm markets, it makes Api3 markets more attractive to borrowers, driving higher utilization and a healthier lending ecosystem.
+The OEV captured during volatile periods more than compensates, providing Api3 with a sustainable revenue stream that is independent of the fee structure.
+
+## Vaults
+
+Api3 operates three USDC vaults on Ethereum mainnet.
+All vaults share the same [role structure](/curation/roles-and-operations) and [risk framework](/curation/risk-management).
+
+| Vault                          | Asset | Strategy                           | Collateral                                   |
+| ------------------------------ | ----- | ---------------------------------- | -------------------------------------------- |
+| [Api3&nbsp;Core](#api3-core)   | USDC  | Conservative, blue-chip collateral | wstETH, cbBTC                                |
+| [Kabu](#kabu)                  | USDC  | Mid-cap governance tokens          | COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, BAL |
+| [Api3&nbsp;dCOMP](#api3-dcomp) | USDC  | Single dCOMP collateral market     | dCOMP                                        |
+
+### Api3 Core
+
+Api3 Core is Api3's flagship conservative vault.
+It supplies USDC to lending markets backed by blue-chip collateral assets — wstETH (Lido wrapped staked ETH) and cbBTC (Coinbase wrapped BTC).
+These are high-liquidity, battle-tested assets with deep on-chain liquidity and well-established oracle infrastructure.
+The vault targets stable, lower-risk yield from borrowing demand against these widely held collateral types.
+
+### Kabu
+
+Kabu supplies USDC to lending markets backed by mid-cap governance and protocol tokens — COMP, MORPHO, EIGEN, SYRUP, FLUID, ONDO, and BAL.
+These markets serve borrowers who wish to access liquidity against their governance token holdings without selling.
+Given the higher volatility and lower liquidity of these assets compared to blue-chip collateral, supply caps and risk parameters are set more conservatively on a per-market basis.
+
+### Api3 dCOMP
+
+Api3 dCOMP is a single-market vault collateralized by [dCOMP](https://github.com/api3dao/dcomp) — a lightweight, ownable wrapper for the COMP governance token configured with a specific delegate.
+
+While preserving the inherent voting power of the underlying COMP, this wrapper allows the owner to reassign the delegated address. Users can wrap their COMP to receive dCOMP tokens, which can then be deposited as collateral. By wrapping COMP into dCOMP, users can effectively amplify the voting power of the designated delegate.
+
+The Api3 dCOMP vault supplies the USDC borrow-side liquidity for this market, making the mechanism viable.
+
+## Fees
+
+All Api3 vaults use a V1 vault as an intermediary layer that handles the actual market allocations (see [vault architecture](/curation/roles-and-operations#vault-architecture)).
+A **5% performance fee** on earned interest is charged at the V1 vault layer. This is the only fee — the V2 (user-facing) vault charges nothing additional.
+
+| Layer    | Fee type        | Amount |
+| -------- | --------------- | ------ |
+| V2 Vault | Performance fee | 0%     |
+| V1 Vault | Performance fee | 5%     |
+
+The fee is charged only on interest earned from borrowers, not on deposited principal.

docs/curation/risk-management.md

@@ -0,0 +1,48 @@
+---
+title: Risk management
+pageHeader: Curation
+outline: deep
+---
+
+<PageHeader/>
+
+# Risk management
+
+Api3's curation risk framework builds on the same rigorous evaluation processes used for its data feed listing policies — processes that have maintained Api3's track record of never misreporting a data feed.
+
+## Market selection
+
+The primary prerequisite for listing a collateral asset is that it passes the Api3 data feed listing policy.
+This policy avoids many common industry pitfalls — for example, it prevents listing "stablecoin" assets with weakly protected minting functions.
+An asset that passes the listing policy is eligible for market creation.
+
+Beyond the listing policy, Api3 evaluates:
+
+- **Token liquidity** — Is there sufficient on-chain liquidity to support healthy liquidations under adverse market conditions?
+- **Token volatility** — Volatile tokens can be listed as long as there is enough liquidity. In these cases, market parameters (such as LLTV) are set conservatively.
+- **Smart contract risk** — Has the collateral token been audited and battle-tested in production?
+
+Api3 also lists assets that are unique on the market to fill gaps in the lending ecosystem, even when borrowing demand is not yet established.
+
+## Supply caps
+
+Each enabled market is assigned a supply cap that limits the maximum amount of USDC the vault can allocate to that market.
+Supply caps are set according to Api3's internal risk guidelines and are calibrated based on:
+
+- The collateral asset's on-chain liquidity depth
+- Historical and expected borrowing demand
+- The liquidation loan-to-value (LLTV) ratio configured for the market
+- The overall portfolio concentration across all enabled markets
+
+Caps are reviewed and adjusted as market conditions evolve.
+
+## Treasury-backed risk alignment
+
+A distinguishing feature of Api3's curation is that Api3 deploys a majority of its own treasury as vault supply.
+This creates a direct alignment of incentives:
+
+- Api3 bears the primary and largest loss in the event of bad debt.
+- Every risk parameter decision — market selection, supply caps, LLTV configuration — directly affects Api3's own capital.
+- External depositors benefit from the same risk management applied to protect the Api3 treasury.
+
+This "skin in the game" model stands in contrast to curators who manage exclusively third-party capital with limited personal exposure to their risk decisions.