Grove x Steakhouse USDC (Ethereum) Risk

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 dropper asset · no liquidations · stress estimate

est. bad debt up to 17% of deposit

Driven by WBTC −30% 15% · cbBTC −30% 2% · wstETH −30% <1% · −100% 89% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink79%of vault · bad debt · $21.1mOracle exposure 9%

89%of vault · $23.61m79%of vault · $21.1m9%separate path

What it's made of

Market· Chainlink(aggregator, managed)

WBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0xdddd…6b83Chainlink
→ USDC86% LLTV0xf156…0cf4Chainlink

Aggregate Collateral Trust (ACT):$421.28m90 vaultsToken:0x2260…c599Allocation: 89% of the vault · $23.61m

If it breaks

−30% default

At −30%:est. bad debt up to 15% of depositUses 2 market LLTV curves · capped at allocation $23.61m · drag to set this asset's drop

Oracle exposure: up to 9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink9%of vault · bad debt · $2.3mOracle exposure 1.0%

10%of vault · $2.56m9%of vault · $2.3m1.0%separate path

What it's made of

Market· Chainlink(aggregator, managed)

cbBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseBTC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0xa6d6…182aChainlink
→ USDC86% LLTV0x9f98…34d2Chainlink

Aggregate Collateral Trust (ACT):$496.76m103 vaultsToken:0xcbb7…33bfAllocation: 10% of the vault · $2.56m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 2 market LLTV curves · capped at allocation $2.56m · drag to set this asset's drop

Oracle exposure: up to 1.0% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink2%of vault · bad debt · $417,308Oracle exposure 0.2%

2%of vault · $466,0962%of vault · $417,3080.2%separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0x48f7…40e2Chainlink
→ USDC86% LLTV0xe087…9f9fChainlink

Aggregate Collateral Trust (ACT):$932.02m106 vaultsToken:0x7f39…2ca0Allocation: 2% of the vault · $466,096

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 2 market LLTV curves · capped at allocation $466,096 · drag to set this asset's drop

Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+2 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to11%of vault drainable if these feeds are mispriced · $2.82m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, LBTC, wstETH0x21f7…73ca11% of vault · $2.82mdrainable if it is compromised

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

11 scenarios · 9 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	17%	up to 89%	Instant
Price-driven collateral stress(1)
	17%	up to 89%	Instant
Oracle & liquidation failures(5)
	17%	up to 89%	Instant
	17%	up to 89%	Instant
	—	up to 11%	Instant
	<1%	up to <1%	Instant
	<1%	up to <1%	Instant
Vault role & allocator(3)
	—	Full deposit	14 days
	—	Full deposit	Instant
	—	up to 50%	14 days

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 14 days to exit before owner/curator actions land

Owner2-of-2 multisig0xd700…5427

Curator2-of-7 multisig0x827e…ecdb

Sentinels1 · 1 contractSafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

contract0x1369…91ba

Allocators6 · 1 multisig · 2 contracts · 3 EOAsReaches 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.

1-of-7 multisig0x0000…9da8
contract0x00b8…1e27
single key (EOA)0xbbf1…bceb
contract0xaad8…35e7
single key (EOA)0xfc58…d827
single key (EOA)0xfeed…3c9a

Audits

361 critical, 13 high findings logged

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

+32 more audits

Governance & control

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

Governance owner6-of-1012 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 2.49m

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.