SENRLUSDV2Risk · Ethereum

Risk

Depositing into SENRLUSDV2 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 Blue

ethereumVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$81.95mrealistic worst · −50% collateral crashup to $232.43mSmart-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 $37.43m

tap a preset or drag

Driven by kBTC $16.51m · weETH $10.35m · syrupUSDC $6.41m · other $4.17m · −100% $193.23m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

kBTCMarketChainlink$88.75m38% of vault · bad debtOracle exposure $8.09m

$96.85m42% of vault$88.75m38% of vault$8.09mseparate path

What it's made of

Market· Chainlink(aggregator)

kBTC is priced via BTC / USD, quoted in RLUSD / USD — 2-hop market-rate feeds (Chainlink).

BaseBTC / USDMarketChainlinkQuoteRLUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ RLUSD86% LLTV0xbcc3…5ddbChainlink

Aggregate Collateral Trust (ACT):$13.8m5 vaultsToken:0x73e0…db98Allocation: $96.85m · 42% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $16.51mUses 1 market LLTV curve · capped at allocation $96.85m · inherits vault-wide stressOracle exposure: up to $8.09m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$55.61m24% of vault · bad debtOracle exposure $6.18m

$61.79m27% of vault$55.61m24% of vault$6.18mseparate path

What it's made of

Hybrid· Chainlink(aggregator)

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

BaseweETH / ETHExchange rateChainlinkETH / USDMarketChainlinkQuoteRLUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ RLUSD86% LLTV0x6ab3…110bChainlink

Aggregate Collateral Trust (ACT):$293.9m104 vaultsToken:0xcd5f…b7eeAllocation: $61.79m · 27% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $10.35mUses 1 market LLTV curve · capped at allocation $61.79m · inherits vault-wide stressOracle exposure: up to $6.18m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

syrupUSDCHybridChainlink$27.27m12% of vault · bad debtOracle exposure $3.42m

$30.69m13% of vault$27.27m12% of vault$3.42mseparate path

What it's made of

Hybrid· Chainlink(aggregator)

syrupUSDC mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (USDC / USD, RLUSD / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to USDC / USD, RLUSD / USD.

BaseUSDC / USDMarketChainlinkQuoteRLUSD / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 30bps

Markets this collateral backs · 1

→ RLUSD92% LLTV0xf766…c1b5Chainlink

Aggregate Collateral Trust (ACT):$18.07m20 vaultsToken:0x80ac…cc0bAllocation: $30.69m · 13% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $6.41mUses 1 market LLTV curve · capped at allocation $30.69m · inherits vault-wide stressOracle exposure: up to $3.42m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$15.2m7% of vault · bad debtOracle exposure $1.75m

$16.95m7% of vault$15.2m7% of vault$1.75mseparate path

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via cbBTC / USD, quoted in RLUSD / USD — 2-hop market-rate feeds (Chainlink).

BasecbBTC / USDMarketChainlinkQuoteRLUSD / USDMarketChainlink

Heartbeat 24h · Deviation 200bps

Markets this collateral backs · 1

→ RLUSD86% LLTV0x8b36…45bdChainlink

Aggregate Collateral Trust (ACT):$271.96m146 vaultsToken:0xcbb7…33bfAllocation: $16.95m · 7% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $2.83mUses 1 market LLTV curve · capped at allocation $16.95m · inherits vault-wide stressOracle exposure: up to $1.75m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-sUSDE-13AUG2026HybridPTMarket rateChainlink$3.01m1% of vault · bad debtOracle exposure $1.99m

$5m2% of vault$3.01m1% of vault$1.99mseparate path

What it's made of

Hybrid· Chainlink(composite)PTMarket rate

PT-sUSDE-13AUG2026 PT is priced by a Pendle market-rate oracle, quoted via RLUSD / USD.

BasePendle Chainlink-compatible OracleNAVUSDe / USDMarketChainlinkQuoteRLUSD / USDMarketChainlink

Markets this collateral backs · 1

→ RLUSD92% LLTV0x968e…62d7Chainlink

Aggregate Collateral Trust (ACT):$1.99m3 vaultsToken:0x5a19…2bbbAllocation: $5m · 2% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $706,279Uses 1 market LLTV curve · capped at allocation $5m · inherits vault-wide stressOracle exposure: up to $1.99m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$2.23m1.0% of vault · bad debtOracle exposure $230,342

$2.46m1% of vault$2.23m1.0% of vault$230,342separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteRLUSD / USDMarketChainlink

Markets this collateral backs · 1

→ RLUSD86% LLTV0xf587…7e8dChainlink

Aggregate Collateral Trust (ACT):$432.58m144 vaultsToken:0x2260…c599Allocation: $2.46m · 1% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $414,204Uses 1 market LLTV curve · capped at allocation $2.46m · inherits vault-wide stressOracle exposure: up to $230,342 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$1.16m0.5% of vault · bad debtOracle exposure $125,017

$1.29m0.6% of vault$1.16m0.5% of vault$125,017separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD, quoted in RLUSD / USD — 3-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlinkQuoteRLUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ RLUSD86% LLTV0x4e58…1653Chainlink

Aggregate Collateral Trust (ACT):$594.24m163 vaultsToken:0x7f39…2ca0Allocation: $1.29m · 0.6% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $216,625Uses 1 market LLTV curve · capped at allocation $1.29m · inherits vault-wide stressOracle exposure: up to $125,017 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Unallocated (incl. $17.43m idle)not lent into any market — no collateral exposure$17.41m · 7%

$17.41m7% of vault——

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to$21.79mdrainable if these feeds are mispriced · 9% 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·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, WETH, weETH, kBTC, syrupUSDC, PT-sUSDE-13AUG20260x21f7…73ca$21.79m · 9% of vaultdrainable if it is compromised

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%	$232.43m	Full deposit	Instant
	16%	$37.43m	up to $193.23m	Instant
Price-driven collateral stress(1)
	16%	$37.43m	up to $193.23m	Instant
Oracle & liquidation failures(4)
	16%	$37.43m	up to $193.23m	Instant
	16%	$37.43m	up to $193.23m	Instant
	8%	$17.46m	up to $85.89m	Instant
	—	—	up to $21.79m	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $116.21m	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

Curator changes 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
raise a market's supply cap— applies in 10 hours; time to exit first

Owner1-of-1 multisig0xe8c9…8008

Curator1-of-1 multisig0x9e39…aac0

Guardiannone appointed

Allocators3 · 1 multisig · 2 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)0x13de…90e1
1-of-1 multisig0x9e39…aac0
single key (EOA)0xc4ba…79d3

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 · 7 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 6 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

SENRLUSDV2Risk · Ethereum

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle