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Yearn OG USDC

Risk reportEthereum0xf9bd…ec49

Risk

Depositing into Yearn OG USDC 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 18% of deposit

Driven by PT-USD3-17DEC2026 −30% 5% · siUSD −30% 4% · PT-siUSD-7JAN2027 −30% 3% · other 5% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-USD3-17DEC2026Hybrid28%of vault · bad debt · $2.79mOracle exposure 3%

31%of vault · $3.08m28%of vault · $2.79m3%separate path

What it's made of

PT-USD3-17DEC2026 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC86% LLTV0xe5e6…8d72

Room to grow: $3.08m of $4m cap (77% used)Aggregate Collateral Trust (ACT):$4.19m11 vaultsToken:0x7f47…eb4dAllocation: 31% of the vault · $3.08m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $3.08m · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-siUSD-7JAN2027Hybrid19%of vault · bad debt · $1.85mOracle exposure 2%

21%of vault · $2.05m19%of vault · $1.85m2%separate path

What it's made of

PT-siUSD-7JAN2027 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC86% LLTV0xf9c1…7570

Room to grow: $2.05m of $4m cap (51% used)Aggregate Collateral Trust (ACT):$599,7515 vaultsToken:0x7654…5fd1Allocation: 21% of the vault · $2.05m

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $2.05m · 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

OETHMarketChainlink16%of vault · bad debt · $1.58mOracle exposure 2%

18%of vault · $1.76m16%of vault · $1.58m2%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

Room to grow: $1.76m of $10m cap (18% used)Aggregate Collateral Trust (ACT):$1.02m7 vaultsToken:0x856c…8dc3Allocation: 18% of the vault · $1.76m

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $1.76m · 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

siUSDHybrid15%of vault · bad debt · $1.47mOracle exposure 2%

17%of vault · $1.68m15%of vault · $1.47m2%separate path

What it's made of

siUSD token page

Hybrid(composite)

siUSD is priced from an exchange-rate/NAV leg (Chainlink-formatted InfiniFi RT Oracle, Dummy feed with 12 decimals, ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseChainlink-formatted InfiniFi RT OracleNAVQuoteDummy feed with 12 decimalsNAVBaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ USDC92% LLTV0xd2cc…fa6d

Room to grow: $1.68m of $10m cap (17% used)Aggregate Collateral Trust (ACT):$1.84m18 vaultsToken:0xdbdc…9bcbAllocation: 17% of the vault · $1.68m

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $1.68m · 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

USD3AUM / rate6%of vault · bad debt · $593,755Oracle exposure 0.7%

7%of vault · $658,4496%of vault · $593,7550.7%separate path

What it's made of

USD3 token page

AUM / rate(exchange-rate)

Priced off an exchange rate / AUM — insulated from spot depegs, but exposed to rate-provider corruption.

Markets this collateral backs · 1

→ USDC92% LLTV0x68b4…9c06

Room to grow: $658,449 of $10m cap (7% used)Aggregate Collateral Trust (ACT):$1.27m9 vaultsToken:0x056b…5eccAllocation: 7% of the vault · $658,449

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $658,449 · 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

cbBTCMarketChainlink4%of vault · bad debt · $414,965Oracle exposure 0.6%

5%of vault · $474,6894%of vault · $414,9650.6%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

Room to grow: $474,689 of $49.99m cap (<1% used)Aggregate Collateral Trust (ACT):$257.17m101 vaultsToken:0xcbb7…33bfAllocation: 5% of the vault · $474,689

If it breaks

−30% default

At −30%:est. bad debt up to 0.8% of depositUses 1 market LLTV curve · capped at allocation $474,689 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

YFIMarketChainlink1%of vault · bad debt · $140,751Oracle exposure 0.2%

2%of vault · $162,0201%of vault · $140,7510.2%separate path

What it's made of

YFI token page

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC77% LLTV0x6370…4ad5Chainlink

Room to grow: $162,020 of $199,949 cap (81% used)Aggregate Collateral Trust (ACT):$45,1144 vaultsToken:0x0bc5…d93eAllocation: 2% of the vault · $162,020

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $162,020 · 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

weETHMarketRedStone<0.1%of vault · bad debt · $481.25Oracle exposure <0.1%

<0.1%of vault · $554.30<0.1%of vault · $481.25<0.1%separate path

What it's made of

weETH token page

Market· RedStone(aggregator)

weETH is priced via Redstone Price Feed — market-rate feed (RedStone).

BaseRedstone Price FeedMarketRedStone

Markets this collateral backs · 1

→ USDC86% LLTV0x5635…6a68RedStone

Room to grow: $554.30 of $15m cap (<1% used)Aggregate Collateral Trust (ACT):$221.64m49 vaultsToken:0xcd5f…b7eeAllocation: <0.1% of the vault · $554.30

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $554.30 · 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

+1 market with no current position

Oracle dependencies

2 feeds2 control points

Up to10%of vault drainable if these feeds are mispriced · $1.02m

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 cbBTC, OETH, YFI0x21f7…73ca3% of vault · $267,065drainable if it is compromised
RedStone·a 2/3 Safe multisigprices weETH0x6906…4472<1% of vault · $73.05drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices PT-USD3-17DEC2026, PT-siUSD-7JAN2027, siUSD7% of vault · $689,913mispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices USD3<1% of vault · $64,694mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	18%	up to 90%	Instant
Price-driven collateral stress(1)
	18%	up to 90%	Instant
Oracle & liquidation failures(5)
	18%	up to 90%	Instant
	18%	up to 90%	Instant
	2%	up to 17%	Instant
	4%	up to 15%	Instant
	—	up to 10%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	up to 3%	Instant

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

Owner4-of-7 multisig0xe5e2…89c0

Curator2-of-3 multisig0x90d0…6b51

Guardian6-of-9 multisig0xfeb4…ff52

Allocators42 contracts2 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.

contract0xffb8…0862
contract0xfd32…c75d
single key (EOA)0x50b7…a8fa
single key (EOA)0x75a1…780d

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 991,904.24

Voting TokenMORPHO0x58D9…c2B2

Dependencies that can affect your deposit

10 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 28min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Yearn OG USDC

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