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)

34%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 13% of deposit

Driven by cbBTC −30% 12% · cbETH −30% <1% · cbXRP −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink67%of vault · bad debt · $25.26mOracle exposure 7%

74%of vault · $28.02m67%of vault · $25.26m7%separate path

What it's made of

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):$191.69m48 vaultsToken:0xcbb7…33bfAllocation: 74% of the vault · $28.02m

If it breaks

−30% default

At −30%:est. bad debt up to 12% of depositUses 1 market LLTV curve · capped at allocation $28.02m · 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

SOLMarketChainlink12%of vault · bad debt · $4.6mOracle exposure 2%

14%of vault · $5.33m12%of vault · $4.6m2%separate path

What it's made of

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):$902,502.156 vaultsToken:0x3119…cf82Allocation: 14% of the vault · $5.33m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $5.33m · 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

JitoSOLHybridChainlink4%of vault · bad debt · $1.5mOracle exposure 0.4%

4%of vault · $1.67m4%of vault · $1.5m0.4%separate path

What it's made of

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):$264,690.567 vaultsToken:0x97be…34deAllocation: 4% of the vault · $1.67m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $1.67m · drag to set this asset's drop

Oracle exposure: up to 0.4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbXRPMarketChainlink3%of vault · bad debt · $1.03mOracle exposure 0.3%

3%of vault · $1.14m3%of vault · $1.03m0.3%separate path

What it's made of

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):$5.72m15 vaultsToken:0xcb58…a4afAllocation: 3% of the vault · $1.14m

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $1.14m · 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

cbADAMarketChainlink2%of vault · bad debt · $772,823.13Oracle exposure 0.2%

2%of vault · $851,150.632%of vault · $772,823.130.2%separate path

What it's made of

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):$377,148.8510 vaultsToken:0xcbad…7b8cAllocation: 2% of the vault · $851,150.63

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $851,150.63 · drag to set this asset's drop

Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHHybridChainlink2%of vault · bad debt · $582,379.15Oracle exposure 0.2%

2%of vault · $642,645.222%of vault · $582,379.150.2%separate path

What it's made of

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):$20.04m42 vaultsToken:0x2ae3…ec22Allocation: 2% of the vault · $642,645.22

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $642,645.22 · drag to set this asset's drop

Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbZECMarketChainlink<0.1%of vault · bad debt · $462.69Oracle exposure <0.1%

<0.1%of vault · $499.96<0.1%of vault · $462.69<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

→ USDC63% LLTV0xa3cb…a272Chainlink

Aggregate Collateral Trust (ACT):$69,706.397 vaultsToken:0xb200…b2ecAllocation: <0.1% of the vault · $499.96

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $499.96 · 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

cbHYPEMarketChainlink<0.1%of vault · bad debt · $4.42Oracle exposure <0.1%

<0.1%of vault · $4,999.54<0.1%of vault · $4.42<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

→ USDC63% LLTV0x7fad…4bffChainlink

Aggregate Collateral Trust (ACT):$72,201.397 vaultsToken:0xb200…479eAllocation: <0.1% of the vault · $4,999.54

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $4,999.54 · 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 feed · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $3.91m

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 cbXRP, cbBTC, cbETH, cbADA, cbZEC, cbHYPE, SOL, JitoSOL0xf0db…5b1b10% of vault · $3.91mdrainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	13%	up to 90%	Instant
Price-driven collateral stress(1)
	13%	up to 90%	Instant
Oracle & liquidation failures(6)
	13%	up to 90%	Instant
	13%	up to 90%	Instant
	13%	up to 74%	Instant
	—	up to 10%	Instant
	<1%	up to 6%	Instant
	<1%	up to 6%	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

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.

2-of-4 multisig0x1bb2…8458

Allocators2 · 2 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-5 multisig0x40dd…b48f
1-of-4 multisig0xc2bf…4ca6

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 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 Sep 22, 2026Sources: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