⌘K

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% 8% · WBTC −30% 4% · rETH −30% 2% · other 3% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink43%of vault · bad debt · $13.41mOracle exposure 5%

48%of vault · $14.86m43%of vault · $13.41m5%separate path

What it's made of

cbBTC token page

Market· Chainlink(aggregator)

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

BaseBTC / USDMarketChainlink

Heartbeat 1hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xa6d6…182aChainlink

Aggregate Collateral Trust (ACT):$301.6m104 vaultsToken:0xcbb7…33bfAllocation: 48% of the vault · $14.86m

If it breaks

−30% default

At −30%:est. bad debt up to 8% of depositUses 1 market LLTV curve · capped at allocation $14.86m · drag to set this asset's drop

Oracle exposure: up to 5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink20%of vault · bad debt · $6.14mOracle exposure 2%

22%of vault · $6.8m20%of vault · $6.14m2%separate path

What it's made of

WBTC token page

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 24hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdddd…6b83Chainlink

Aggregate Collateral Trust (ACT):$434.63m93 vaultsToken:0x2260…c599Allocation: 22% of the vault · $6.8m

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $6.8m · 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

rETHHybridChainlink9%of vault · bad debt · $2.83mOracle exposure 1.0%

10%of vault · $3.13m9%of vault · $2.83m1.0%separate path

What it's made of

rETH token page

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 23hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0x36cb…f815Chainlink

Aggregate Collateral Trust (ACT):$36.92m4 vaultsToken:0xae78…6393Allocation: 10% of the vault · $3.13m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $3.13m · 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

wstETHMarketChainlink9%of vault · bad debt · $2.75mOracle exposure 1%

10%of vault · $3.08m9%of vault · $2.75m1%separate path

What it's made of

wstETH token page

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 24hDeviation 100bps

Markets this collateral backs · 1

→ USDC86% LLTV0x48f7…40e2Chainlink

Aggregate Collateral Trust (ACT):$612.96m110 vaultsToken:0x7f39…2ca0Allocation: 10% of the vault · $3.08m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $3.08m · 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

OETHMarketChainlink7%of vault · bad debt · $2.16mOracle exposure 0.8%

8%of vault · $2.41m7%of vault · $2.16m0.8%separate path

What it's made of

OETH token page

Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 23hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xe8ad…edb0Chainlink

Aggregate Collateral Trust (ACT):$1.01m7 vaultsToken:0x856c…8dc3Allocation: 8% of the vault · $2.41m

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $2.41m · drag to set this asset's drop

Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink1%of vault · bad debt · $383,868Oracle exposure 0.1%

1%of vault · $425,8651%of vault · $383,8680.1%separate path

What it's made of

WETH token page

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):$761.49m28 vaultsToken:0xc02a…6cc2Allocation: 1% of the vault · $425,865

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $425,865 · 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

LsETHMarketChainlink0.7%of vault · bad debt · $222,360Oracle exposure 0.1%

0.8%of vault · $246,5990.7%of vault · $222,3600.1%separate path

What it's made of

LsETH token page

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):$45,1284 vaultsToken:0x8c1b…6549Allocation: 0.8% of the vault · $246,599

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $246,599 · 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

+3 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to10%of vault drainable if these feeds are mispriced · $3.05m

Each price traces to a feed and the onchain 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 · $3.05mdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH0x6906…4472<1% of vault · $0.000000016drainable if it is compromised


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 10%	Instant
	—	up to 10%	Instant
	2%	up to 9%	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

Curator change queued

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

raise a market's supply cap ×4— applies in 2 days; time to exit first

Owner5-of-8 multisig0x8b88…a537

Curator2-of-5 multisig0xf818…97be

Sentinels11 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 multisig0x8b88…a537

Allocators41 multisig3 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

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 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 TokenMORPHO0x58D9…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 48min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

KPK USDC Prime

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle