Gauntlet USDT Prime

Risk reportEthereum0x8cb3…aa73

Risk

Depositing into Gauntlet USDT Prime means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$2.2mrealistic worst · −50% collateral crashup to $5.81mSmart-contract bug · extreme only

−10%−30%−50%extreme

Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.

Can I exit?

Via underlying marketsonly governance changes give a 7-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest 15 Dec, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $978,635

tap a preset or drag

Driven by wstETH $627,147 · cbBTC $301,218 · WBTC $50,261 · other $9.16 · −100% $5.26m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wstETHMarketChainlink$3.37m58% of vault · bad debtOracle exposure $351,389

$3.72m64% of vault$3.37m58% of vault$351,389separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDT / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDT / ETHMarketChainlink

Heartbeat 24h · Deviation 100bps

Markets this collateral backs · 2

→ USDT86% LLTV0xe087…9f9fChainlink
→ USDT86% LLTV0x95db…6992Chainlink

Room to grow: $3.72m of $699.4m cap (<1% used)Aggregate Collateral Trust (ACT):$818.57m163 vaultsToken:0x7f39…2ca0Allocation: $3.72m · 64% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $627,147Uses 2 market LLTV curves · capped at allocation $3.72m · inherits vault-wide stress

Oracle exposure: up to $351,389 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$1.62m28% of vault · bad debtOracle exposure $168,466

$1.79m31% of vault$1.62m28% of vault$168,466separate path

What it's made of

Market· Chainlink(aggregator, composite, managed)

cbBTC uses a composite oracle path; verified external provider(s): Chainlink.

BaseBTC / USDMarketChainlink

Markets this collateral backs · 2

→ USDT86% LLTV0x0e05…38acChainlink
→ USDT86% LLTV0x9f98…34d2Chainlink

Room to grow: $1.79m of $699.4m cap (<1% used)Aggregate Collateral Trust (ACT):$236.6m148 vaultsToken:0xcbb7…33bfAllocation: $1.79m · 31% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $301,218Uses 2 market LLTV curves · capped at allocation $1.79m · inherits vault-wide stress

Oracle exposure: up to $168,466 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$270,1545% of vault · bad debtOracle exposure $28,345

$298,4995% of vault$270,1545% of vault$28,345separate path

What it's made of

Market· Chainlink(managed, aggregator)

WBTC is priced via WBTC / BTC × BTC / USD, quoted in USDT / USD — 3-hop market-rate feeds (Chainlink).

BaseWBTC / BTCMarketBTC / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 2

→ USDT86% LLTV0xf156…0cf4Chainlink
→ USDT86% LLTV0x008b…e1efChainlink

Room to grow: $298,499 of $699.4m cap (<1% used)Aggregate Collateral Trust (ACT):$412.94m144 vaultsToken:0x2260…c599Allocation: $298,499 · 5% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $50,261Uses 2 market LLTV curves · capped at allocation $298,499 · inherits vault-wide stress

Oracle exposure: up to $28,345 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDSHybridChainlink$33.37<0.1% of vault · bad debtOracle exposure $3.38

$36.75<0.1% of vault$33.37<0.1% of vault$3.38separate path

What it's made of

Hybrid· Chainlink(aggregator)

sUSDS mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (DAI / USD, USDT / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to DAI / USD, USDT / USD.

BaseDAI / USDMarketChainlinkQuoteUSDT / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 25bps

Markets this collateral backs · 1

→ USDT97% LLTV0x0c42…4c79Chainlink

Room to grow: $36.75 of $199.83m cap (<1% used)Aggregate Collateral Trust (ACT):$6.71m21 vaultsToken:0xa393…7fbdAllocation: $36.75 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $9.16Uses 1 market LLTV curve · capped at allocation $36.75 · inherits vault-wide stress

Oracle exposure: up to $3.38 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to$548,203drainable if these feeds are mispriced · 9% of vault

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Chainlink·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, sDAI, sUSDS0x21f7…73ca$548,203 · 9% of vaultdrainable if it is compromised

Loss scenarios

Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.

11 scenarios · 9 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$5.81m	Full deposit	Instant
	17%	$978,635	up to $5.26m	Instant
Price-driven collateral stress(1)
	17%	$978,635	up to $5.26m	Instant
Oracle & liquidation failures(4)
	17%	$978,635	up to $5.26m	Instant
	15%	$844,498	up to $4.54m	Instant
	2%	$133,151	up to $715,673	Instant
	—	—	up to $548,203	Instant
Vault role & allocator(4)
	—	—	Full deposit	7 days
	—	—	Full deposit	Instant
	—	—	up to $2.9m	7 days
	—	—	$0	Instant

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 7 days to exit before owner/curator actions land

Curator change queued

The timelock is your window to exit before each one takes effect.

remove a market— applies now; no time to exit first

Owner4-of-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Guardian3-of-7 multisig0x7084…84cd

Allocators2 · 1 contract · 1 EOAReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

single key (EOA)0xc6e5…024a
contract0xfd32…c75d

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer3-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

9 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated 21 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql