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)

38%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.

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 Dec 15, 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 dropper asset · no liquidations · stress estimate

est. bad debt up to 17% of deposit

Driven by cbBTC −30% 7% · WBTC −30% 4% · rETH −30% 2% · other 3% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink38%of vault · bad debt · $7.92mOracle exposure 4%

43%of vault · $8.78m38%of vault · $7.92m4%separate 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):$259.76m149 vaultsToken:0xcbb7…33bfAllocation: 43% of the vault · $8.78m

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 1 market LLTV curve · capped at allocation $8.78m · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink22%of vault · bad debt · $4.6mOracle exposure 2%

25%of vault · $5.09m22%of vault · $4.6m2%separate 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):$339.77m147 vaultsToken:0x2260…c599Allocation: 25% of the vault · $5.09m

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $5.09m · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

rETHHybridChainlink11%of vault · bad debt · $2.3mOracle exposure 1%

12%of vault · $2.55m11%of vault · $2.3m1%separate 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):$61.27m57 vaultsToken:0xae78…6393Allocation: 12% of the vault · $2.55m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $2.55m · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink9%of vault · bad debt · $1.84mOracle exposure 0.9%

10%of vault · $2.04m9%of vault · $1.84m0.9%separate 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):$751.46m165 vaultsToken:0x7f39…2ca0Allocation: 10% of the vault · $2.04m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $2.04m · drag to set this asset's drop

Oracle exposure: up to 0.9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

OETHMarketChainlink9%of vault · bad debt · $1.8mOracle exposure 1.0%

10%of vault · $2m9%of vault · $1.8m1.0%separate 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):$995,512.677 vaultsToken:0x856c…8dc3Allocation: 10% of the vault · $2m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $2m · 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

WETHMarketChainlink0.7%of vault · bad debt · $146,403Oracle exposure 0.1%

0.8%of vault · $162,095.340.7%of vault · $146,4030.1%separate 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):$1.365b96 vaultsToken:0xc02a…6cc2Allocation: 0.8% of the vault · $162,095.34

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $162,095.34 · drag to set this asset's drop

Oracle exposure: up to 0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LsETHMarketChainlink0.1%of vault · bad debt · $19,696.76Oracle exposure <0.1%

0.1%of vault · $23,045.750.1%of vault · $19,696.76<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC86% LLTV0x377f…1c7bChainlink

Aggregate Collateral Trust (ACT):$71,402.554 vaultsToken:0x8c1b…6549Allocation: 0.1% of the vault · $23,045.75

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $23,045.75 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHMarketChainlink / RedStone<0.1%of vault · bad debt · $2,186.81Oracle exposure <0.1%

<0.1%of vault · $2,428.5<0.1%of vault · $2,186.81<0.1%separate 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):$414.58m110 vaultsToken:0xcd5f…b7eeAllocation: <0.1% of the vault · $2,428.5

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 2 market LLTV curves · capped at allocation $2,428.5 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault 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 to10%of vault drainable if these feeds are mispriced · $2.02m

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, LsETH, wstETH, WETH, weETH, tBTC, rETH, OETH0x21f7…73ca10% of vault · $2.02mdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH0x6906…4472<1% of vault · $241.69drainable 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 90%	Instant
Price-driven collateral stress(1)
	17%	up to 90%	Instant
Oracle & liquidation failures(5)
	17%	up to 90%	Instant
	17%	up to 90%	Instant
	1%	up to 12%	Instant
	2%	up to 11%	Instant
	—	up to 10%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 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 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· 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 owner5-of-912 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 254,036.33

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