KPK USDC Prime

Risk reportEthereum0x4ef5…9ee6

Risk

Depositing into KPK USDC 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)

$6.29mrealistic worst · −50% collateral crashup to $16.73mSmart-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 3-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

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 $2.8m

tap a preset or drag

Driven by cbBTC $1.06m · WBTC $639,101 · rETH $426,490 · other $666,043 · −100% $15.03m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink$5.72m34% of vault · bad debtOracle exposure $587,157

$6.31m38% of vault$5.72m34% of vault$587,157separate path

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xa6d6…182aChainlink

Aggregate Collateral Trust (ACT):$286.67m147 vaultsToken:0xcbb7…33bfAllocation: $6.31m · 38% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $1.06mUses 1 market LLTV curve · capped at allocation $6.31m · inherits vault-wide stressOracle exposure: up to $587,157 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$3.44m21% of vault · bad debtOracle exposure $348,790

$3.78m23% of vault$3.44m21% of vault$348,790separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdddd…6b83Chainlink

Aggregate Collateral Trust (ACT):$415.28m144 vaultsToken:0x2260…c599Allocation: $3.78m · 23% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $639,101Uses 1 market LLTV curve · capped at allocation $3.78m · inherits vault-wide stressOracle exposure: up to $348,790 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

rETHHybridChainlink$2.29m14% of vault · bad debtOracle exposure $358,568

$2.65m16% of vault$2.29m14% of vault$358,568separate path

What it's made of

Hybrid· Chainlink(composite)

rETH mixes exchange-rate/NAV (rETH/ETH exchange rate adapter) with market-rate (ETH / USD, USDC / USD) — insulated from rETH/ETH exchange rate adapter market deviation, but exposed to ETH / USD, USDC / USD.

BaserETH/ETH exchange rate adapterExchange rateETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 23h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0x36cb…f815Chainlink

Aggregate Collateral Trust (ACT):$59.55m57 vaultsToken:0xae78…6393Allocation: $2.65m · 16% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $426,490Uses 1 market LLTV curve · capped at allocation $2.65m · inherits vault-wide stressOracle exposure: up to $358,568 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

OETHMarketChainlink$2.16m13% of vault · bad debtOracle exposure $240,138

$2.4m14% of vault$2.16m13% of vault$240,138separate path

What it's made of

Market· Chainlink(aggregator)

OETH is priced via ETH / USD, quoted in USDC / USD — 2-hop market-rate feeds (Chainlink).

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 23h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xe8ad…edb0Chainlink

Aggregate Collateral Trust (ACT):$800,3387 vaultsToken:0x856c…8dc3Allocation: $2.4m · 14% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $402,097Uses 1 market LLTV curve · capped at allocation $2.4m · inherits vault-wide stressOracle exposure: up to $240,138 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$1.36m8% of vault · bad debtOracle exposure $158,927

$1.51m9% of vault$1.36m8% of vault$158,927separate path

What it's made of

Market· Chainlink(composite)

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

BaseCustom price feed for wstETH / ETHMarketQuoteUSDC / ETHMarketChainlink

Heartbeat 24h · Deviation 100bps

Markets this collateral backs · 1

→ USDC86% LLTV0x48f7…40e2Chainlink

Aggregate Collateral Trust (ACT):$835.58m163 vaultsToken:0x7f39…2ca0Allocation: $1.51m · 9% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $252,190Uses 1 market LLTV curve · capped at allocation $1.51m · inherits vault-wide stressOracle exposure: up to $158,927 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$62,1180.4% of vault · bad debtOracle exposure $6,379

$68,4960.4% of vault$62,1180.4% of vault$6,379separate path

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD — market-rate feed (Chainlink).

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x0f94…4580Chainlink

Aggregate Collateral Trust (ACT):$1.5b96 vaultsToken:0xc02a…6cc2Allocation: $68,496 · 0.4% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $11,557Uses 1 market LLTV curve · capped at allocation $68,496 · inherits vault-wide stressOracle exposure: up to $6,379 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHMarketChainlink / RedStone$2,193<0.1% of vault · bad debtOracle exposure $227.81

$2,421<0.1% of vault$2,193<0.1% of vault$227.81separate path

What it's made of

Market· Chainlink / RedStone(composite, aggregator)

weETH is priced via Redstone Price Feed — market-rate feed (RedStone).

BaseRedstone Price FeedMarketRedStone

Markets this collateral backs · 2

→ USDC77% LLTV0xa3a7…8411Chainlink
→ USDC86% LLTV0x5635…6a68RedStone

Aggregate Collateral Trust (ACT):$352.64m106 vaultsToken:0xcd5f…b7eeAllocation: $2,421 · <0.1% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $199.36Uses 2 market LLTV curves · capped at allocation $2,421 · inherits vault-wide stressOracle exposure: up to $227.81 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+2 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$1.7mdrainable if these feeds are mispriced · 10% 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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, LBTC, wstETH, WETH, weETH, tBTC, rETH, OETH0x21f7…73ca$1.7m · 10% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH0x6906…4472$227.81 · <1% of vaultdrainable if it is compromised

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.

10 scenarios · 8 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$16.73m	Full deposit	Instant
	17%	$2.8m	up to $15.03m	Instant
Price-driven collateral stress(1)
	17%	$2.8m	up to $15.03m	Instant
Oracle & liquidation failures(4)
	17%	$2.8m	up to $15.03m	Instant
	17%	$2.8m	up to $15.03m	Instant
	3%	$426,689	up to $2.29m	Instant
	—	—	up to $1.7m	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $8.36m	3 days

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 3 days to exit before owner/curator actions land

Owner5-of-8 multisig0x354c…7478

Curator2-of-5 multisig0xf818…97be

Sentinels1 · 1 multisigSafety 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.

5-of-8 multisig0x354c…7478

Allocators4 · 1 multisig · 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.

single key (EOA)0x331d…1204
single key (EOA)0xaf15…9440
single key (EOA)0xf0cf…2a75
2-of-5 multisig0xf818…97be

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

KPK USDC Prime

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle