Api3 Core USDC

Risk reportEthereum0xe222…e53b

Risk

Depositing into Api3 Core 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)

$1.76mrealistic worst · −50% collateral crashup to $4.78mSmart-contract bug · extreme only

−10%−30%−50%extreme

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.

Can I exit?

Via underlying marketsonly governance changes give a 7-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 15 Dec, 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 dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $781,825

tap a preset or drag

Driven by cbBTC $570,028 · wstETH $210,855 · kBTC $941.49 · −100% $4.2m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCHybridAPI3$3.06m64% of vault · bad debtOracle exposure $339,111

$3.4m71% of vault$3.06m64% of vault$339,111separate path

What it's made of

Hybrid· API3(aggregator)

cbBTC is priced from an exchange-rate/NAV leg ((unnamed feed), (unnamed feed)) — no market-rate feed, so it tracks redemption value, not market price.

Base(unnamed feed)NAVQuote(unnamed feed)NAV

Markets this collateral backs · 1

→ USDC86% LLTV0xc7be…e40dAPI3

Aggregate Collateral Trust (ACT):$260.85m148 vaultsToken:0xcbb7…33bfAllocation: $3.4m · 71% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $570,028Uses 1 market LLTV curve · capped at allocation $3.4m · inherits vault-wide stress

Oracle exposure: up to $339,111 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink / API3$1.13m24% of vault · bad debtOracle exposure $146,423

$1.28m27% of vault$1.13m24% of vault$146,423separate path

What it's made of

Market· Chainlink / API3(composite)

wstETH is priced from an exchange-rate/NAV leg ((unnamed feed), (unnamed feed)) — no market-rate feed, so it tracks redemption value, not market price.

Base(unnamed feed)NAVQuote(unnamed feed)NAV

Markets this collateral backs · 2

→ USDC86% LLTV0x48f7…40e2Chainlink
→ USDC86% LLTV0x167d…1f4dAPI3

Aggregate Collateral Trust (ACT):$812.97m163 vaultsToken:0x7f39…2ca0Allocation: $1.28m · 27% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $210,855Uses 2 market LLTV curves · capped at allocation $1.28m · inherits vault-wide stress

Oracle exposure: up to $146,423 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

kBTCMarketAPI3$5,0610.1% of vault · bad debtOracle exposure $94,924

$99,9842% of vault$5,0610.1% of vault$94,924separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ USDC86% LLTV0x5502…d554API3

Aggregate Collateral Trust (ACT):$21.35m7 vaultsToken:0x73e0…db98Allocation: $99,984 · 2% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $941.49Uses 1 market LLTV curve · capped at allocation $99,984 · inherits vault-wide stress

Oracle exposure: up to $94,924 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

2 feeds · 2 control points

Up to$580,458drainable if these feeds are mispriced · 12% 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.

API3 / Chainlink·a 4/8 Safe multisigprices cbBTC, wstETH, kBTC0x2aae…c9e8$580,458 · 12% of vaultdrainable if it is compromised
Chainlink / API3·a 4/9 Safe multisigprices wstETH0x21f7…73ca$146,423 · 3% of vaultdrainable if it is compromised

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.

10 scenarios · 8 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$4.78m	Full deposit	Instant
	16%	$781,825	up to $4.2m	Instant
Price-driven collateral stress(1)
	16%	$781,825	up to $4.2m	Instant
Oracle & liquidation failures(4)
	16%	$781,825	up to $4.2m	Instant
	15%	$696,433	up to $3.74m	Instant
	14%	$655,420	up to $3.52m	Instant
	—	—	up to $580,458	Instant
Vault role & allocator(3)
	—	—	Full deposit	7 days
	—	—	Full deposit	Instant
	—	—	up to $2.39m	7 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 7 days to exit before owner/curator actions land

Owner3-of-5 multisig0xbbe0…13da

Curator3-of-5 multisig0x24db…32f0

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.

1-of-4 multisig0x5a9a…77c2

Allocators2 · 1 multisig · 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)0x935c…1287
3-of-5 multisig0xbbe0…13da

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 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 proposer3-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

8 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 20 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql