Sentora

Summary

Ketju does not approve Sentora as a platform: Sentora is a curator of many different vaults, and one verdict cannot cover them all. Sentora’s own materials say a Morpho or Euler depositor takes on asset and curator risk, and that Sentora acts as an active strategy manager. Its strategies range from cbBTC-backed stablecoin lending to PRIME, whose cash flows come from home-equity loans, and multi-protocol leveraged vaults. Sentora describes a seven-part risk framework and continuous Risk Radar monitoring. Its public disclaimer says it is not a fiduciary or investment adviser to vault users. Ketju will review only a named vault with a fixed mandate, published authorities, a loss history and tested withdrawals.

Review triggers
• A named vault publishes its mandate, asset and protocol allowlist, caps, leverage ceiling, oracle set, fees, signers and emergency powers
• Position-level allocation, performance, losses, liquidations, withdrawal delays and parameter changes remain public for 12 consecutive months
• A third party reconciles deployed contracts and allocation history to the published mandate
• The vault publishes an enforceable loss waterfall and every off-chain issuer or borrower right
• A stressed withdrawal at the proposed size completes within the written time and slippage limit without discretionary support

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-11-15.

Research

How it works

Sentora designs or curates vaults that place depositor assets in lending markets or strategies on other protocols. On Morpho, a vault can spread one loan asset across isolated markets the curator selects. On other deployments, Sentora describes direct control of loan-to-value limits, liquidation thresholds, caps, protocol allowlists and leverage. Its PRIME vault on Ethereum lends through Morpho into a credit structure whose return comes from home-equity loan cash flows. Its Tempo pathUSD vault lends against cbBTC at a stated 77% LLTV.

Holdings

These vaults are different exposures. A holder owns vault shares and depends on each asset, borrower or collateral, oracle, market and protocol, and on Sentora’s mandate. Ketju therefore decides on a named vault and does not judge Sentora by its total assets.

Who controls it

Sentora says its process runs from due diligence through a risk policy, enforced controls, live monitoring and governance. In open systems such as Morpho and Euler, it sets its own allocation limits and can change parameters or move capital as risk changes. Multi-strategy vaults add whitelisted protocols and automated deleveraging, which give the manager and the contracts more power. These powers can reduce losses, but future curator decisions then shape the portfolio.

Legal duties

Sentora’s strategy articles do not publish every controlling address, signer, delay, cap, removal process or conflict rule for every vault Ketju tracks. Its legal disclaimer states that Sentora owes vault users no fiduciary or investment-adviser duty. A review must map both the contract powers and the legal duties for each vault.

Losses and incidents

We did not find a combined loss history for Sentora vaults or an independently audited performance series in Sentora’s published materials. Sentora itself cites the Stream Finance collapse, failures of opaque credit, and Morpho and Euler vaults at 100% utilization. It uses them to show that choosing a curator does not prevent losses. We agree, but that does not show every Sentora vault avoided those events.

Monitoring

Risk Radar monitors technical, concentration, liquidity, interest-rate, duration, leverage and correlation risks. Its outputs and history of interventions do not guarantee results. A clean protocol contract does not make a home-equity token, wrapped collateral, an oracle or an outside strategy safe. Each vault needs its own history of bad debt, liquidations, impairments, failed withdrawals and manager actions.

Withdrawals

Sentora’s disclaimer says the only way to reduce exposure is a withdrawal transaction, subject to contract logic, protocol limits or time locks. In a lending vault, a withdrawal depends on cash that borrowers have not taken. A fully lent market can delay a withdrawal even before any position fails. A multi-strategy vault may need to unwind leverage, redeem outside shares, bridge assets or trade collateral before it pays. Tokenized credit adds the issuer’s redemption terms and the timing of borrower payments.

Withdrawal testing

Sentora describes set unwind routes and stress-tested slippage as good practice. Its firm-level statements do not show that any one vault can pay out a position of the size proposed. Ketju would test a sale or redemption against the live allocation, and would not rely on a dashboard APY or total assets.

Comparison

For plain stablecoin lending, an Aave V3 market that Ketju reviews directly removes the extra curator layer. A named Steakhouse or Gauntlet Morpho vault is a closer comparison, but it also needs its own review of mandate and authority. PRIME belongs with private-credit and tokenized-asset products, and a leveraged Kraken strategy belongs with managed multi-protocol vaults. Sentora’s monitoring may be sophisticated, but it does not justify approving the whole platform. We made no finding against Sentora’s analytics.

Review triggers

Ketju will review one named vault after it publishes a fixed or delay-governed mandate, its asset and protocol allowlist, live caps, leverage ceiling, oracles, liquidation settings, fees, curator signers and emergency powers. It must report 12 months of position-level allocations and returns, with every loss, impairment, liquidation, withdrawal delay and parameter change. A third party must reconcile the deployed contracts and past allocation changes. The vault must state its loss order and any legal rights against issuers or borrowers. A stressed withdrawal at the proposed size must finish within the written time and slippage limit, without discretionary support off-chain. A new strategy, collateral type or leverage route needs its own memo.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Sentora: how it manages DeFi risk · primary · accessed 2026-08-14
  Supports: seven risk categories, strategy-manager role, parameter limits, continuous monitoring
• Sentora: who owns vault risk · primary · accessed 2026-08-14
  Supports: curator responsibility, Morpho and Euler model, unwind paths, LP due diligence
• Sentora: PRIME Morpho vault · primary · accessed 2026-08-14
  Supports: HELOC credit exposure, Morpho deployment, Sentora parameter control, Figure dependency
• Sentora: Tempo pathUSD Morpho vault · primary · accessed 2026-08-14
  Supports: pathUSD lending, cbBTC collateral, 77% LLTV, oracle design, isolated market
• Sentora Smart Vaults: user disclaimer · primary · accessed 2026-08-14
  Supports: no fiduciary duty, loss and liquidation risk, withdrawal constraints, third-party protocol dependency
• Sentora: vault-economy research framework · primary · accessed 2026-08-14
  Supports: vault taxonomy, curator risk, 2025 loss examples, utilization and exit risk

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.