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Clearstar cbAssets Vault

Risk reportBase0x91c0…3a3c

Risk

Depositing into Clearstar cbAssets Vault 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)

32%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 12% of deposit

Driven by cbBTC −30% 11% · cbETH −30% <1% · cbXRP −30% <1% · other <1% · −100% 89% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink60%of vault · bad debt · $23.58mOracle exposure 7%

67%of vault · $26.13m60%of vault · $23.58m7%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

Markets this collateral backs · 1

→ USDC86% LLTV0x663b…39b9Chainlink

Aggregate Collateral Trust (ACT):$246.52m53 vaultsToken:0xcbb7…33bfAllocation: 67% of the vault · $26.13m

If it breaks

−30% default

At −30%:est. bad debt up to 11% of depositUses 1 market LLTV curve · capped at allocation $26.13m · drag to set this asset's drop

Oracle exposure: up to 7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

SOLMarketChainlink14%of vault · bad debt · $5.4mOracle exposure 1%

15%of vault · $5.97m14%of vault · $5.4m1%separate path

What it's made of

SOL token page

Market· Chainlink(aggregator)

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

BaseSOL / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0xe972…5dc7Chainlink

Aggregate Collateral Trust (ACT):$732,4906 vaultsToken:0x3119…cf82Allocation: 15% of the vault · $5.97m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $5.97m · 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

JitoSOLHybridChainlink7%of vault · bad debt · $2.68mOracle exposure 0.7%

8%of vault · $2.97m7%of vault · $2.68m0.7%separate path

What it's made of

JitoSOL token page

Hybrid· Chainlink(managed)

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

BaseDeviation/timelock managed oracle wrapperQuoteChainlink underlying price-source leg(s)

Markets this collateral backs · 1

→ USDC63% LLTV0x78f7…be1cChainlink

Aggregate Collateral Trust (ACT):$395,3177 vaultsToken:0x97be…34deAllocation: 8% of the vault · $2.97m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $2.97m · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbXRPMarketChainlink3%of vault · bad debt · $1.21mOracle exposure 1%

4%of vault · $1.66m3%of vault · $1.21m1%separate path

What it's made of

cbXRP token page

Market· Chainlink(aggregator)

cbXRP is priced via XRP / USD — market-rate feed (Chainlink).

BaseXRP / USDMarketChainlink

Markets this collateral backs · 1

→ USDC77% LLTV0x031b…0fdeChainlink

Aggregate Collateral Trust (ACT):$6.78m16 vaultsToken:0xcb58…a4afAllocation: 4% of the vault · $1.66m

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $1.66m · 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

cbADAMarketChainlink2%of vault · bad debt · $837,787Oracle exposure 0.7%

3%of vault · $1.11m2%of vault · $837,7870.7%separate path

What it's made of

cbADA token page

Market· Chainlink(aggregator)

cbADA is priced via ADA / USD — market-rate feed (Chainlink).

BaseADA / USDMarketChainlink

Markets this collateral backs · 1

→ USDC77% LLTV0x35d8…e45fChainlink

Aggregate Collateral Trust (ACT):$530,49511 vaultsToken:0xcbad…7b8cAllocation: 3% of the vault · $1.11m

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $1.11m · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHHybridChainlink2%of vault · bad debt · $623,368Oracle exposure 0.3%

2%of vault · $725,8722%of vault · $623,3680.3%separate path

What it's made of

cbETH token page

Hybrid· Chainlink(aggregator)

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

BasecbETH-ETH Exchange RateExchange rateChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x4756…9425Chainlink

Aggregate Collateral Trust (ACT):$25.16m44 vaultsToken:0x2ae3…ec22Allocation: 2% of the vault · $725,872

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $725,872 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbZECMarketChainlink0.9%of vault · bad debt · $335,389Oracle exposure 0.1%

0.9%of vault · $368,8770.9%of vault · $335,3890.1%separate path

What it's made of

cbZEC token page

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC63% LLTV0xa3cb…a272Chainlink

Aggregate Collateral Trust (ACT):$226,7149 vaultsToken:0xb200…b2ecAllocation: 0.9% of the vault · $368,877

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $368,877 · 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

cbHYPEMarketChainlink0.4%of vault · bad debt · $175,260Oracle exposure <0.1%

0.5%of vault · $191,6000.4%of vault · $175,260<0.1%separate path

What it's made of

cbHYPE token page

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC63% LLTV0x7fad…4bffChainlink

Aggregate Collateral Trust (ACT):$40,8869 vaultsToken:0xb200…479eAllocation: 0.5% of the vault · $191,600

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $191,600 · 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

Oracle dependencies

1 feed1 control point

Up to11%of vault drainable if these feeds are mispriced · $4.29m

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·a 4/9 Safe multisigprices cbXRP, cbBTC, cbETH, cbADA, cbZEC, cbHYPE, SOL, JitoSOL0xf0db…5b1b11% of vault · $4.29mdrainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	12%	up to 89%	Instant
Price-driven collateral stress(1)
	12%	up to 89%	Instant
Oracle & liquidation failures(6)
	12%	up to 89%	Instant
	12%	up to 89%	Instant
	12%	up to 67%	Instant
	—	up to 11%	Instant
	1%	up to 9%	Instant
	<1%	up to 8%	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

Owner3-of-6 multisig0xb3cf…2b44

Curator2-of-3 multisig0x5634…fc24

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.

2-of-4 multisig0x1bb2…8458

Allocators22 multisigsReaches 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 multisig0x40dd…b48f
1-of-4 multisig0xc2bf…4ca6

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 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 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.

Updated 37min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Clearstar cbAssets Vault

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

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