Clearstar USDC Reactor

Risk reportBase0x1d3b…4657

Risk

Depositing into Clearstar USDC Reactor 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)

39%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 20% of deposit

Driven by mGLO −30% 12% · yoUSD −30% 6% · cbBTC −30% <1% · other <1% · −100% 86% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

mGLOHybrid52%of vault · bad debt · $540,111.65Oracle exposure 6%

58%of vault · $600,070.1652%of vault · $540,111.656%separate path

What it's made of

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC92% LLTV0x182e…a109

Room to grow: $600,070.16 of $5m cap (12% used)Aggregate Collateral Trust (ACT):$2.43m6 vaultsToken:0xfcc9…2584Allocation: 58% of the vault · $600,070.16

If it breaks

−30% default

At −30%:est. bad debt up to 12% of depositUses 1 market LLTV curve · capped at allocation $600,070.16 · drag to set this asset's drop

Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

yoUSDHybrid24%of vault · bad debt · $244,673.71Oracle exposure 2%

26%of vault · $268,690.0824%of vault · $244,673.712%separate path

What it's made of

Hybrid(exchange-rate)

yoUSD 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

→ USDC92% LLTV0x77f5…6222

Room to grow: $268,690.08 of $10m cap (3% used)Aggregate Collateral Trust (ACT):$34,426.673 vaultsToken:0x0000…8a65Allocation: 26% of the vault · $268,690.08

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $268,690.08 · 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

cbBTCMarketChainlink5%of vault · bad debt · $48,308.53Oracle exposure 0.5%

5%of vault · $53,581.125%of vault · $48,308.530.5%separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseBTC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x663b…39b9Chainlink

Room to grow: $53,581.12 of $30m cap (<1% used)Aggregate Collateral Trust (ACT):$191.69m48 vaultsToken:0xcbb7…33bfAllocation: 5% of the vault · $53,581.12

If it breaks

−30% default

At −30%:est. bad debt up to 0.9% of depositUses 1 market LLTV curve · capped at allocation $53,581.12 · 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

cbETHMarketChainlink4%of vault · bad debt · $40,834.09Oracle exposure 0.4%

4%of vault · $45,284.024%of vault · $40,834.090.4%separate path

What it's made of

Market· Chainlink(aggregator)

cbETH is priced via CBETH / ETH × ETH / USD, quoted in USDC / USD — 3-hop market-rate feeds (Chainlink).

BaseCBETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0xb40d…cd96Chainlink

Room to grow: $45,284.02 of $20m cap (<1% used)Aggregate Collateral Trust (ACT):$20.04m42 vaultsToken:0x2ae3…ec22Allocation: 4% of the vault · $45,284.02

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 1 market LLTV curve · capped at allocation $45,284.02 · drag to set this asset's drop

Oracle exposure: up to 0.4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink1%of vault · bad debt · $11,290.84Oracle exposure 0.1%

1%of vault · $12,521.621%of vault · $11,290.840.1%separate path

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD, quoted in USDC / USD — 2-hop market-rate feeds (Chainlink).

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0xfea2…afe4Chainlink

Room to grow: $12,521.62 of $50m cap (<1% used)Aggregate Collateral Trust (ACT):$58m33 vaultsToken:0x4200…0006Allocation: 1% of the vault · $12,521.62

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $12,521.62 · 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

deSPXAMarketChronicle<0.1%of vault · bad debt · $45.19Oracle exposure <0.1%

<0.1%of vault · $50.11<0.1%of vault · $45.19<0.1%separate path

What it's made of

Market· Chronicle(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC77% LLTV0x98c2…5b6dChronicle

Room to grow: $50.11 of $2m cap (<1% used)Aggregate Collateral Trust (ACT):$4,220.445 vaultsToken:0x9c5c…9685Allocation: <0.1% of the vault · $50.11

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $50.11 · 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

Unallocatednot lent into any market — no collateral exposure5% · $49,300.89

5%of vault · $49,300.89——

+3 markets with no current position

Oracle dependencies

2 feeds · 1 control point

Up to9%of vault drainable if these feeds are mispriced · $94,933.09

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 WETH, cbBTC, cbETH, superOETHb, mBASIS0xf0db…5b1b1% of vault · $10,953.29drainable if it is compromised
Chronicle· on-chain control not resolvedprices deSPXA<1% of vault · $4.92mispriceable if this feed lies
Unidentified feeds· vendor and on-chain control not resolvedprices mGLO6% of vault · $59,958.51mispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices yoUSD2% of vault · $24,016.36mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 86%	Instant
Price-driven collateral stress(1)
	20%	up to 86%	Instant
Oracle & liquidation failures(6)
	20%	up to 86%	Instant
	20%	up to 86%	Instant
	20%	up to 86%	Instant
	2%	up to 26%	Instant
	6%	up to 24%	Instant
	—	up to 9%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	up to 5%	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

Ownersingle key (EOA)0x3098…3458

Curatorsingle key (EOA)0x7288…f0ef

Guardian2-of-4 multisig0x1bb2…8458

Allocators4 · 1 contract · 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)0x829a…efaa
single key (EOA)0x7288…f0ef
contract0xa090…0467
single key (EOA)0xad85…9c01

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 2.49m

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

11 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 22, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Clearstar USDC Reactor

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

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle