Gauntlet USDT Frontier

Risk reportEthereum0x79fd…d702

Risk

Depositing into Gauntlet USDT Frontier 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)

$4.59mrealistic worst · −50% collateral crashup to $11.46mSmart-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

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 $2.29m

tap a preset or drag

Driven by PT-sUSDD-27AUG2026 $1.52m · WBTC $595,593 · sUSDS $138,669 · other $33,469 · −100% $10.34m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-sUSDD-27AUG2026UnclassifiedChainlink$6.47m56% of vault · bad debtOracle exposure $707,369

$7.18m63% of vault$6.47m56% of vault$707,369separate path

What it's made of

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDT92% LLTV0x1f96…0cc2Chainlink

Room to grow: $7.18m of $14.98m cap (48% used)Aggregate Collateral Trust (ACT):$1.43m5 vaultsToken:0xd341…1c23Allocation: $7.18m · 63% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1.52mUses 1 market LLTV curve · capped at allocation $7.18m · inherits vault-wide stress

Oracle exposure: up to $707,369 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$3.2m28% of vault · bad debtOracle exposure $339,038

$3.54m31% of vault$3.2m28% of vault$339,038separate path

What it's made of

Market· Chainlink(aggregator)

WBTC is priced via WBTC / BTC × BTC / USD, quoted in USDT / USD — 3-hop market-rate feeds (Chainlink).

BaseWBTC / BTCMarketBTC / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ USDT86% LLTV0x008b…e1efChainlink

Room to grow: $3.54m of $499.46m cap (<1% used)Aggregate Collateral Trust (ACT):$409.56m144 vaultsToken:0x2260…c599Allocation: $3.54m · 31% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $595,593Uses 1 market LLTV curve · capped at allocation $3.54m · inherits vault-wide stress

Oracle exposure: up to $339,038 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDSHybridChainlink$504,9634% of vault · bad debtOracle exposure $54,659

$559,6225% of vault$504,9634% of vault$54,659separate path

What it's made of

Hybrid· Chainlink(aggregator)

sUSDS mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (DAI / USD, USDT / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to DAI / USD, USDT / USD.

BaseDAI / USDMarketChainlinkQuoteUSDT / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 25bps

Markets this collateral backs · 1

→ USDT97% LLTV0x0c42…4c79Chainlink

Room to grow: $559,622 of $199.78m cap (<1% used)Aggregate Collateral Trust (ACT):$6.96m21 vaultsToken:0xa393…7fbdAllocation: $559,622 · 5% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $138,669Uses 1 market LLTV curve · capped at allocation $559,622 · inherits vault-wide stress

Oracle exposure: up to $54,659 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$73,2040.6% of vault · bad debtOracle exposure $7,657

$80,8610.7% of vault$73,2040.6% of vault$7,657separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 1

→ USDT86% LLTV0x0e05…38acChainlink

Room to grow: $80,861 of $499.46m cap (<1% used)Aggregate Collateral Trust (ACT):$259.18m148 vaultsToken:0xcbb7…33bfAllocation: $80,861 · 0.7% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $13,619Uses 1 market LLTV curve · capped at allocation $80,861 · inherits vault-wide stress

Oracle exposure: up to $7,657 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

syrupUSDTHybrid$53,3800.5% of vault · bad debtOracle exposure $5,746

$59,1260.5% of vault$53,3800.5% of vault$5,746separate path

What it's made of

Hybrid(exchange-rate)

syrupUSDT is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ USDT92% LLTV0x34e5…e997

Room to grow: $57,930 of $9.99m cap (<1% used)Aggregate Collateral Trust (ACT):$19.23m56 vaultsToken:0x356b…ba7dAllocation: $59,126 · 0.5% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $12,543Uses 1 market LLTV curve · capped at allocation $59,126 · inherits vault-wide stress

Oracle exposure: up to $5,746 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$38,6180.3% of vault · bad debtOracle exposure $4,087

$42,7050.4% of vault$38,6180.3% of vault$4,087separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDT86% LLTV0x0f94…4580Chainlink

Room to grow: $42,705 of $99.89m cap (<1% used)Aggregate Collateral Trust (ACT):$1.43b96 vaultsToken:0xc02a…6cc2Allocation: $42,705 · 0.4% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $7,185Uses 1 market LLTV curve · capped at allocation $42,705 · inherits vault-wide stress

Oracle exposure: up to $4,087 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDDHybridChainlink$355.66<0.1% of vault · bad debtOracle exposure $149.47

$505.12<0.1% of vault$355.66<0.1% of vault$149.47separate path

What it's made of

Hybrid· Chainlink(composite, managed)

sUSDD uses a composite oracle path; verified external provider(s): Chainlink.

BaseComposite base price pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDT92% LLTV0x8c0a…8154Chainlink

Room to grow: $368.95 of $59.93m cap (<1% used)Aggregate Collateral Trust (ACT):$166.236 vaultsToken:0xc5d6…9930Allocation: $505.12 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $83.57Uses 1 market LLTV curve · capped at allocation $505.12 · inherits vault-wide stress

Oracle exposure: up to $149.47 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$178.26<0.1% of vault · bad debtOracle exposure $18.75

$197<0.1% of vault$178.26<0.1% of vault$18.75separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDT / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDT / ETHMarketChainlink

Heartbeat 24h · Deviation 100bps

Markets this collateral backs · 1

→ USDT86% LLTV0x95db…6992Chainlink

Room to grow: $197 of $499.46m cap (<1% used)Aggregate Collateral Trust (ACT):$803.11m163 vaultsToken:0x7f39…2ca0Allocation: $197 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $33.16Uses 1 market LLTV curve · capped at allocation $197 · inherits vault-wide stress

Oracle exposure: up to $18.75 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$1.12mdrainable if these feeds are mispriced · 10% 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.

Chainlink / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, WETH, PT-sUSDD-27AUG2026, weETH, stcUSD, sUSDS, sUSDD, PT-USDG-28MAY20260x21f7…73ca$1.11m · 10% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices stcUSD0x6906…4472$0.0011 · <1% of vaultdrainable if it is compromised
On-chain exchange rate· no external feed or adminprices syrupUSDT$5,746 · <1% of vaultmispriceable only via the issuing contract

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.

11 scenarios · 9 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$11.46m	Full deposit	Instant
	20%	$2.29m	up to $10.34m	Instant
Price-driven collateral stress(1)
	20%	$2.29m	up to $10.34m	Instant
Oracle & liquidation failures(4)
	20%	$2.29m	up to $10.34m	Instant
	20%	$2.29m	up to $10.34m	Instant
	—	—	up to $1.12m	Instant
	1%	$151,301	up to $558,729	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $5.73m	3 days
	—	—	up to $1.04m	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

Curator change queued

The timelock is your window to exit before each one takes effect.

raise a market's supply cap ×2— applies now; no time to exit first

Owner4-of-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Guardian3-of-7 multisig0x7084…84cd

Allocators2 · 1 contract · 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)0x4c8d…1649
contract0xfd32…c75d

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

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