Clearstar USDC Reactor (Base) Risk

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 18% of deposit

Driven by yoUSD −30% 17% · cbBTC −30% <1% · superOETHb −30% <1% · −100% 75% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

yoUSDHybrid74%of vault · bad debt · $207,823Oracle exposure 7%

81%of vault · $228,46674%of vault · $207,8237%separate path

What it's made of

yoUSD token page

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: $228,466 of $10m cap (2% used)Aggregate Collateral Trust (ACT):$35,9443 vaultsToken:0x0000…8a65Allocation: 81% of the vault · $228,466

If it breaks

−30% default

At −30%:est. bad debt up to 17% of depositUses 1 market LLTV curve · capped at allocation $228,466 · drag to set this asset's drop

Oracle exposure: up to 7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink1.0%of vault · bad debt · $2,713Oracle exposure 0.1%

1%of vault · $3,0411.0%of vault · $2,7130.1%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

Markets this collateral backs · 1

→ USDC86% LLTV0x663b…39b9Chainlink

Room to grow: $3,041 of $29.99m cap (<1% used)Aggregate Collateral Trust (ACT):$252.64m52 vaultsToken:0xcbb7…33bfAllocation: 1% of the vault · $3,041

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $3,041 · 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 exposure18% · $49,273

18%of vault · $49,273——

+7 markets with no current position

Oracle dependencies

1 feed1 control point

Up to7%of vault drainable if these feeds are mispriced · $20,971

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·a 4/9 Safe multisigprices WETH, cbBTC, cbETH, superOETHb, mBASIS0xf0db…5b1b<1% of vault · $328.78drainable if it is compromised
Onchain exchange rate· no external feed or adminprices yoUSD7% of vault · $20,642mispriceable only via the issuing contract

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

13 scenarios · 11 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	18%	up to 75%	Instant
Price-driven collateral stress(1)
	18%	up to 75%	Instant
Oracle & liquidation failures(6)
	7%	up to 81%	Instant
	18%	up to 75%	Instant
	18%	up to 75%	Instant
	18%	up to 75%	Instant
	17%	up to 74%	Instant
	—	up to 7%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	up to <1%	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

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 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 TokenMORPHO0x58D9…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.