Metronome msETH Vault

Risk reportEthereum0x78b1…6b25

Risk

Depositing into Metronome msETH Vault 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)

$2.2mrealistic worst · −50% collateral crashup to $5.16mSmart-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 $1.15m

tap a preset or drag

Driven by ynETHx $452,631 · weETH $451,303 · rswETH $249,214 · −100% $4.81m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

ynETHxHybrid$1.93m37% of vault · bad debtOracle exposure $214,011

$2.14m40% of vault$1.93m37% of vault$214,011separate path

What it's made of

Hybrid(exchange-rate)

ynETHx 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

→ msETH92% LLTV0xc28f…b22d

Room to grow: $1.95m of $3.54m cap (55% used)Aggregate Collateral Trust (ACT):$216,8696 vaultsToken:0x657d…6dcbAllocation: $2.14m · 40% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $452,631Uses 1 market LLTV curve · capped at allocation $2.14m · inherits vault-wide stressOracle exposure: up to $214,011 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybrid$1.92m37% of vault · bad debtOracle exposure $202,815

$2.12m40% of vault$1.92m37% of vault$202,815separate path

What it's made of

Hybrid(exchange-rate)

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

BaseweETH/ETH exchange rateExchange rate

Markets this collateral backs · 1

→ msETH92% LLTV0xbdd2…8a72

Room to grow: $2.12m of $8.84m cap (24% used)Aggregate Collateral Trust (ACT):$345.57m106 vaultsToken:0xcd5f…b7eeAllocation: $2.12m · 40% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $451,303Uses 1 market LLTV curve · capped at allocation $2.12m · inherits vault-wide stressOracle exposure: up to $202,815 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

rswETHHybrid$961,25519% of vault · bad debtOracle exposure $105,765

$1.07m20% of vault$961,25519% of vault$105,765separate path

What it's made of

Hybrid(exchange-rate)

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

BaserswETH/ETH exchange rateExchange rate

Markets this collateral backs · 1

→ msETH95% LLTV0x56e2…bd9b

Room to grow: $961,332 of $1.24m cap (78% used)Aggregate Collateral Trust (ACT):$24.33m5 vaultsToken:0xfae1…a6c0Allocation: $1.07m · 20% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $249,214Uses 1 market LLTV curve · capped at allocation $1.07m · inherits vault-wide stressOracle exposure: up to $105,765 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

Up to$522,592drainable 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.

On-chain exchange rate· no external feed or adminprices ynETHx, weETH, rswETH$522,592 · 10% of vaultmispriceable only via the issuing contract

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%	$5.16m	Full deposit	Instant
	22%	$1.15m	up to $4.81m	Instant
Price-driven collateral stress(1)
	22%	$1.15m	up to $4.81m	Instant
Oracle & liquidation failures(4)
	22%	$1.15m	up to $4.81m	Instant
	22%	$1.15m	up to $4.81m	Instant
	22%	$1.15m	up to $4.81m	Instant
	—	—	up to $522,592	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $2.58m	3 days
	—	—	$0	Instant

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 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.

contract0xfd32…c75d
single key (EOA)0x9ace…beb1

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.

This pool wasn't refreshed in the latest run — showing the last-known-good snapshot from 13 Jul, 2026.

Updated 13 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Metronome msETH Vault

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle