Stake DAO frxUSD v2

Risk reportEthereum0xce13…271e

Risk

Depositing into Stake DAO frxUSD v2 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)

$1.56mrealistic worst · −50% collateral crashup to $3.7mSmart-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 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 15 Dec, 2025

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 $814,435

tap a preset or drag

Driven by stakedao-FrxMsUSD $601,751 · stakedao-crvfrxUSD $85,468 · stakedao-frxsUSDS $76,219 · other $50,996 · −100% $3.43m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

stakedao-FrxMsUSDHybrid$2.56m69% of vault · bad debtOracle exposure $193,052

$2.75m74% of vault$2.56m69% of vault$193,052separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD92% LLTV0x9aa3…5b52

Aggregate Collateral Trust (ACT):$197,3972 vaultsToken:0xa31b…2920Allocation: $2.75m · 74% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $601,751Uses 1 market LLTV curve · capped at allocation $2.75m · inherits vault-wide stressOracle exposure: up to $193,052 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stakedao-crvfrxUSDHybrid$329,6619% of vault · bad debtOracle exposure $2,594

$332,2549% of vault$329,6619% of vault$2,594separate path

What it's made of

Hybrid(composite)

stakedao-crvfrxUSD uses a composite oracle path; verified external provider(s): no verified external provider.

BaseComposite base price pathQuoteNo independent quote feed identified

Markets this collateral backs · 1

→ frxUSD95% LLTV0xde00…86c2

Aggregate Collateral Trust (ACT):$2,5942 vaultsToken:0x61ec…8760Allocation: $332,254 · 9% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $85,468Uses 1 market LLTV curve · capped at allocation $332,254 · inherits vault-wide stressOracle exposure: up to $2,594 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stakedao-frxsUSDSHybrid$324,3769% of vault · bad debtOracle exposure $39,326

$363,70210% of vault$324,3769% of vault$39,326separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD92% LLTV0x9ed4…c185

Aggregate Collateral Trust (ACT):$39,3282 vaultsToken:0x6292…9f9fAllocation: $363,702 · 10% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $76,219Uses 1 market LLTV curve · capped at allocation $363,702 · inherits vault-wide stressOracle exposure: up to $39,326 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stakedao-frxUsDOLAHybrid$217,0326% of vault · bad debtOracle exposure $31,905

$248,9377% of vault$217,0326% of vault$31,905separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD92% LLTV0x0c63…820c

Aggregate Collateral Trust (ACT):$31,9072 vaultsToken:0x12d7…6960Allocation: $248,937 · 7% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $50,996Uses 1 market LLTV curve · capped at allocation $248,937 · inherits vault-wide stressOracle exposure: up to $31,905 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+4 markets with no current position

Oracle dependencies

Up to$266,877drainable if these feeds are mispriced · 7% 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.

Unidentified feeds· vendor and on-chain control not resolvedprices stakedao-FrxMsUSD, stakedao-crvfrxUSD, stakedao-frxsUSDS, stakedao-frxUsDOLA$266,877 · 7% of vaultmispriceable if these feeds lie

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%	$3.7m	Full deposit	Instant
	22%	$814,435	up to $3.43m	Instant
Price-driven collateral stress(1)
	22%	$814,435	up to $3.43m	Instant
Oracle & liquidation failures(4)
	22%	$814,435	up to $3.43m	Instant
	22%	$814,435	up to $3.43m	Instant
	2%	$85,468	up to $329,661	Instant
	—	—	up to $266,877	Instant
Vault role & allocator(3)
	—	—	up to $3.49m	3 days
	—	—	up to $3.49m	Instant
	—	—	up to $1.85m	3 days

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-5 multisig0xb055…c765

Curator3-of-5 multisig0xf930…3063

Sentinels2 · 1 multisig · 1 EOASafety 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.

single key (EOA)0x52ea…87dc
3-of-5 multisig0xb055…c765

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)0x52ea…87dc
3-of-5 multisig0xf930…3063

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 · 6 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 14 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Stake DAO frxUSD v2

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle