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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)

36%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 16% of deposit

Driven by WBTC −30% 12% · wstETH −30% 2% · weETH −30% <1% · other <1% · −100% 85% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink64%of vault · bad debt · $5.48mOracle exposure 11%

75%of vault · $6.46m64%of vault · $5.48m11%separate path

What it's made of

WBTC token page

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 24hDeviation 50bps

Markets this collateral backs · 1

→ USDT86% LLTV0x008b…e1efChainlink

Room to grow: $6.46m of $499.59m cap (1% used)Aggregate Collateral Trust (ACT):$387.98m90 vaultsToken:0x2260…c599Allocation: 75% of the vault · $6.46m

If it breaks

−30% default

At −30%:est. bad debt up to 12% of depositUses 1 market LLTV curve · capped at allocation $6.46m · drag to set this asset's drop

Oracle exposure: up to 11% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink13%of vault · bad debt · $1.15mOracle exposure 2%

16%of vault · $1.35m13%of vault · $1.15m2%separate path

What it's made of

wstETH token page

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 24hDeviation 100bps

Markets this collateral backs · 1

→ USDT86% LLTV0x95db…6992Chainlink

Room to grow: $1.35m of $499.59m cap (<1% used)Aggregate Collateral Trust (ACT):$817.18m108 vaultsToken:0x7f39…2ca0Allocation: 16% of the vault · $1.35m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $1.35m · 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

weETHHybridChainlink4%of vault · bad debt · $369,387Oracle exposure 0.8%

5%of vault · $434,1494%of vault · $369,3870.8%separate path

What it's made of

weETH token page

Hybrid· Chainlink(aggregator)

weETH mixes exchange-rate/NAV (weETH / ETH) with market-rate (ETH / USD, USDT / USD) — insulated from weETH / ETH market deviation, but exposed to ETH / USD, USDT / USD.

BaseweETH / ETHExchange rateChainlinkETH / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24hDeviation 50bps

Markets this collateral backs · 1

→ USDT86% LLTV0x631b…0f87Chainlink

Room to grow: $434,149 of $9.99m cap (4% used)Aggregate Collateral Trust (ACT):$363.51m51 vaultsToken:0xcd5f…b7eeAllocation: 5% of the vault · $434,149

If it breaks

−30% default

At −30%:est. bad debt up to 0.8% of depositUses 1 market LLTV curve · capped at allocation $434,149 · drag to set this asset's drop

Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink3%of vault · bad debt · $227,654Oracle exposure 0.5%

3%of vault · $269,4623%of vault · $227,6540.5%separate path

What it's made of

WETH token page

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: $269,462 of $99.92m cap (<1% used)Aggregate Collateral Trust (ACT):$1.528b29 vaultsToken:0xc02a…6cc2Allocation: 3% of the vault · $269,462

If it breaks

−30% default

At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $269,462 · drag to set this asset's drop

Oracle exposure: up to 0.5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

syrupUSDTHybrid0.9%of vault · bad debt · $77,984Oracle exposure 0.1%

1%of vault · $86,6490.9%of vault · $77,9840.1%separate path

What it's made of

syrupUSDT token page

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: $80,735 of $9.99m cap (<1% used)Aggregate Collateral Trust (ACT):$8,9776 vaultsToken:0x356b…ba7dAllocation: 1% of the vault · $86,649

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $86,649 · 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

sUSDSHybridChainlink0.2%of vault · bad debt · $17,597Oracle exposure <0.1%

0.2%of vault · $20,6800.2%of vault · $17,597<0.1%separate path

What it's made of

sUSDS token page

Hybrid· Chainlink(aggregator, composite)

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 24hDeviation 25bps

Markets this collateral backs · 2

→ USDT97% LLTV0x1c7d…2f9cChainlink
→ USDT97% LLTV0x0c42…4c79Chainlink

Room to grow: $20,680 of $54.96m cap (<1% used)Aggregate Collateral Trust (ACT):$8.82m23 vaultsToken:0xa393…7fbdAllocation: 0.2% of the vault · $20,680

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 2 market LLTV curves · capped at allocation $20,680 · 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

sUSDDHybridChainlink<0.1%of vault · bad debt · $369.08Oracle exposure <0.1%

<0.1%of vault · $490.31<0.1%of vault · $369.08<0.1%separate path

What it's made of

sUSDD token page

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: $371.57 of $59.95m cap (<1% used)Aggregate Collateral Trust (ACT):$133.304 vaultsToken:0xc5d6…9930Allocation: <0.1% of the vault · $490.31

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $490.31 · 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

cbBTCMarketChainlink<0.1%of vault · bad debt · $15.76Oracle exposure <0.1%

<0.1%of vault · $17.47<0.1%of vault · $15.76<0.1%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

→ USDT86% LLTV0x0e05…38acChainlink

Room to grow: $17.47 of $499.59m cap (<1% used)Aggregate Collateral Trust (ACT):$454.79m102 vaultsToken:0xcbb7…33bfAllocation: <0.1% of the vault · $17.47

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $17.47 · 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

+4 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to15%of vault drainable if these feeds are mispriced · $1.31m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, WETH, PT-sUSDD-27AUG2026, weETH, stcUSD, sUSDS, sUSDD, PT-USDG-28MAY20260x21f7…73ca15% of vault · $1.3mdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices stcUSD0x6906…4472<1% of vault · $0.00025drainable if it is compromised
Onchain exchange rate· no external feed or adminprices syrupUSDT<1% of vault · $8,665mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 85%	Instant
Price-driven collateral stress(1)
	16%	up to 85%	Instant
Oracle & liquidation failures(5)
	16%	up to 85%	Instant
	16%	up to 85%	Instant
	—	up to 15%	Instant
	<1%	up to 6%	Instant
	1%	up to 5%	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

Curator change queued

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

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

Owner4-of-6 multisig0xc684…faec

Curator3-of-6 multisig0x9e33…0585

Guardian3-of-6 multisig0x7084…84cd

Allocators21 contract1 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

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 2.49m

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 17min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet USDT Frontier

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