KPK ETH Yield

Risk reportEthereum0x5dbf…7725

Risk

Depositing into KPK ETH Yield 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)

41%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 22% of deposit

Driven by savETH −30% 16% · wstETH −30% 6% · weETH −30% <1% · other <1% · −100% 89% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

savETHHybrid67%of vault · bad debt · $1.65mOracle exposure 8%

75%of vault · $1.84m67%of vault · $1.65m8%separate path

What it's made of

Hybrid(exchange-rate)

savETH 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

→ WETH92% LLTV0x943d…d3a7

Aggregate Collateral Trust (ACT):$407,302.062 vaultsToken:0xda06…e341Allocation: 75% of the vault · $1.84m

If it breaks

−30% default

At −30%:est. bad debt up to 16% of depositUses 1 market LLTV curve · capped at allocation $1.84m · drag to set this asset's drop

Oracle exposure: up to 8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHHybrid22%of vault · bad debt · $538,874.87Oracle exposure 3%

25%of vault · $603,606.3122%of vault · $538,874.873%separate path

What it's made of

Hybrid(exchange-rate)

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

BasewstETH/stETH exchange rateExchange rate

Markets this collateral backs · 1

→ WETH97% LLTV0xbd60…71d8

Aggregate Collateral Trust (ACT):$964.58m162 vaultsToken:0x7f39…2ca0Allocation: 25% of the vault · $603,606.31

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $603,606.31 · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybrid<0.1%of vault · bad debt · $109.37Oracle exposure <0.1%

<0.1%of vault · $121.42<0.1%of vault · $109.37<0.1%separate 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

→ WETH95% LLTV0xbdd2…8a72

Aggregate Collateral Trust (ACT):$195.25m102 vaultsToken:0xcd5f…b7eeAllocation: <0.1% of the vault · $121.42

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $121.42 · 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

tETHAUM / rate<0.1%of vault · bad debt · $1.3Oracle exposure <0.1%

<0.1%of vault · $2.64<0.1%of vault · $1.3<0.1%separate path

What it's made of

AUM / rate(exchange-rate)

Priced off an exchange rate / AUM — insulated from spot depegs, but exposed to rate-provider corruption.

Markets this collateral backs · 1

→ WETH92% LLTV0xe3ae…f5a0

Aggregate Collateral Trust (ACT):$6.45m60 vaultsToken:0xd11c…5ed8Allocation: <0.1% of the vault · $2.64

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $2.64 · 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

+3 markets with no current position

Oracle dependencies

Up to10%of vault drainable if these feeds are mispriced · $252,721.16

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 savETH, wstETH, weETH, tETH10% of vault · $252,721.16mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	22%	up to 89%	Instant
Price-driven collateral stress(1)
	22%	up to 89%	Instant
Oracle & liquidation failures(5)
	10%	Full deposit	Instant
	22%	up to 89%	Instant
	22%	up to 89%	Instant
	22%	up to 89%	Instant
	—	up to 10%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 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 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 ×4— applies now; no time to exit first

Owner5-of-8 multisig0x354c…7478

Curator2-of-5 multisig0xe5ae…c075

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.

5-of-8 multisig0x354c…7478

Allocators4 · 1 multisig · 3 EOAsReaches 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)0x331d…1204
single key (EOA)0xaf15…9440
2-of-5 multisig0xe5ae…c075
single key (EOA)0xf0cf…2a75

Audits

361 critical, 13 high findings logged

Certora· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 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 proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 2.56m

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 Sep 7, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

KPK ETH Yield

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

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle