According to CoinMeta, co-founder Morpho and CEO Paul Frambot proposed dividing on-chain vaults into “unmanaged” and “discretionary” types. In the former case, users can still withdraw their assets within a reasonable time frame if the manager is attacked, goes missing, or engages in malicious operations. The latter type grants managers greater authority over asset allocation and strategy adjustments. Frambot categorizes Morpho Vaults as part of the former group, based on mechanisms such as time locks, guardian, permission controls, physical redemption, and immutable contracts. However, founder Stani Kulechov subsequently argued that this classification standard is too lenient and self-serving, suggesting that only vaults that operate without a manager and rely primarily on preset rules are truly unmanaged. Lawyers Gabriel Shapiro and project members Veda, Glider also questioned whether time locks, role permissions, and on-chain transparency are primarily security mechanisms and do not eliminate managers’ substantial control over risk parameters and asset allocation.