Gauntlet USDC RWA
Risk reportEthereum0xa887…6c45
Risk
Depositing into Gauntlet USDC RWA 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.
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.
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.
Driven by AA_FalconXUSDC $816,692 · −100% $8.98m modeled all-to-zero bad-debt ceiling
AA_FalconXUSDCHybrid$8.98m77% of vault · bad debtOracle exposure $2.61m$11.59m100% of vault$8.98m77% of vault$2.61mseparate path
AA_FalconXUSDCHybrid$8.98m77% of vault · bad debtOracle exposure $2.61mWhat it's made of
AA_FalconXUSDC is priced from an exchange-rate/NAV leg (Idle Tranches exchange rate) — no market-rate feed, so it tracks redemption value, not market price.
- → USDC77% LLTV0x52ea…93fc
If it breaks
vault −30%SPYonMarketChainlink$463.16<0.1% of vault · bad debtOracle exposure $74.91$538.07<0.1% of vault$463.16<0.1% of vault$74.91separate path
SPYonMarketChainlink$463.16<0.1% of vault · bad debtOracle exposure $74.91What it's made of
Priced off live market data — a depeg moves the price and can liquidate positions.
- → USDC63% LLTV0x234b…ddd1Chainlink
If it breaks
vault −30%+3 markets with no current position
Oracle dependencies
1 feed · 1 control pointUp to$2.61mdrainable if these feeds are mispriced · 23% 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, QQQon, USCC, SPYon0x21f7…73ca$74.96 · <1% of vaultdrainable if it is compromised
- Unidentified feeds· vendor and on-chain control not resolvedprices AA_FalconXUSDC$2.61m · 23% of vaultmispriceable if these feeds lie
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.
| Full-deposit & protocol-level(2) | |||||
| 100% | $11.59m | Full deposit | Instant | ||
| 7% | $816,692 | up to $8.98m | Instant | ||
| Price-driven collateral stress(1) | |||||
| 7% | $816,692 | up to $8.98m | Instant | ||
| Oracle & liquidation failures(4) | |||||
| 7% | $816,692 | up to $8.98m | Instant | ||
| 7% | $816,692 | up to $8.98m | Instant | ||
| 7% | $816,692 | up to $8.98m | Instant | ||
| — | — | up to $2.61m | Instant | ||
| Vault role & allocator(4) | |||||
| — | — | Full deposit | 3 days | ||
| — | — | Full deposit | Instant | ||
| — | — | up to $5.8m | 3 days | ||
| — | — | $0 | Instant | ||
Trust and control
The people and processes that can change this protocol under you.
Vault operators
The roles that can actually move your deposit — the real principal-loss path.
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 ×2— applies now; no time to exit first
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)0x8bef…133d
- contract0xfd32…c75d
Audits
- Certora· 15 Dec, 2025report
- Blackthorn· 4 Dec, 2025report
- Spearbit· 4 Dec, 2025report
- Blackthorn· 15 Sep, 2025report
Governance & control
Protocol-wide governance: bounded context, not the path to your deposit.
MORPHO0x58D9…c2B2Dependencies that can affect your deposit
9 things this pool relies on but doesn't control. Select one for its story.
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.