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Smokehouse USDC

Risk reportEthereum0xbeef…f5bc

Risk

Depositing into Smokehouse USDC 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)

38%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 wFalconX −30% 6% · mF-ONE −30% 6% · PT-reUSD-10DEC2026 −30% 5% · other 2% · −100% 85% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wFalconXHybrid27%of vault · bad debt · $2.94mOracle exposure 5%

32%of vault · $3.43m27%of vault · $2.94m5%separate path

What it's made of

wFalconX token page

Hybrid(composite)

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

BaseIdle Tranches exchange rateExchange rate

Markets this collateral backs · 1

→ USDC92% LLTV0x52ea…93fc

Room to grow: $3.43m of $10m cap (34% used)Aggregate Collateral Trust (ACT):$4.4m12 vaultsToken:0x4614…8644Allocation: 32% of the vault · $3.43m

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $3.43m · drag to set this asset's drop

Oracle exposure: up to 5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mF-ONEMarket25%of vault · bad debt · $2.73mOracle exposure 6%

31%of vault · $3.34m25%of vault · $2.73m6%separate path

What it's made of

mF-ONE token page

Market(composite)

mF-ONE is priced via mF-ONE/USD Discounted — market-rate feed.

BasemF-ONE/USD DiscountedMarket

Markets this collateral backs · 1

→ USDC92% LLTV0x0cb1…eb78

Room to grow: $3.34m of $29.99m cap (11% used)Aggregate Collateral Trust (ACT):$4.11m14 vaultsToken:0x238a…66baAllocation: 31% of the vault · $3.34m

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $3.34m · 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

PT-reUSD-10DEC2026HybridPTMarket rate21%of vault · bad debt · $2.26mOracle exposure 3%

24%of vault · $2.6m21%of vault · $2.26m3%separate path

What it's made of

PT-reUSD-10DEC2026 token page

Hybrid(composite)PTMarket rate

PT-reUSD-10DEC2026 PT is priced by a Pendle market-rate oracle.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ USDC92% LLTV0x217d…51f0

Room to grow: $2.6m of $10m cap (26% used)Aggregate Collateral Trust (ACT):$20.52m22 vaultsToken:0xecfa…3957Allocation: 24% of the vault · $2.6m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $2.6m · 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

weETHMarketChainlink / RedStone4%of vault · bad debt · $393,589Oracle exposure 0.6%

4%of vault · $462,3314%of vault · $393,5890.6%separate path

What it's made of

weETH token page

Market· Chainlink / RedStone(composite, aggregator)

weETH is priced via Redstone Price Feed — market-rate feed (RedStone).

BaseRedstone Price FeedMarketRedStone

Markets this collateral backs · 3

→ USDC86% LLTV0xa3a7…8411Chainlink
→ USDC86% LLTV0x5635…6a68RedStone
→ USDC77% LLTV0xa3a7…8411Chainlink

Room to grow: $462,331 of $59.98m cap (<1% used)Aggregate Collateral Trust (ACT):$337.63m49 vaultsToken:0xcd5f…b7eeAllocation: 4% of the vault · $462,331

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 3 market LLTV curves · capped at allocation $462,331 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-sUSDS-26NOV2026UnclassifiedChainlink2%of vault · bad debt · $247,567Oracle exposure 0.3%

3%of vault · $275,0752%of vault · $247,5670.3%separate path

What it's made of

PT-sUSDS-26NOV2026 token page

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0x3464…35bfChainlink

Room to grow: $275,075 of $10m cap (3% used)Aggregate Collateral Trust (ACT):$1.47m9 vaultsToken:0xdc16…6094Allocation: 3% of the vault · $275,075

If it breaks

−30% default

At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $275,075 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

steakEURCVMarketChainlink2%of vault · bad debt · $216,680Oracle exposure 0.3%

2%of vault · $248,2522%of vault · $216,6800.3%separate path

What it's made of

steakEURCV token page

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC92% LLTV0xf3ef…b0f6Chainlink

Room to grow: $248,252 of $10m cap (2% used)Aggregate Collateral Trust (ACT):$1.65m4 vaultsToken:0xbeef…db2fAllocation: 2% of the vault · $248,252

If it breaks

−30% default

At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $248,252 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid2%of vault · bad debt · $186,156Oracle exposure 0.2%

2%of vault · $212,5252%of vault · $186,1560.2%separate path

What it's made of

reUSD token page

Hybrid(exchange-rate)

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

BasereUSD/USD exchange rateExchange rate

Markets this collateral backs · 1

→ USDC92% LLTV0xa66a…4e70

Room to grow: $212,525 of $19.99m cap (1% used)Aggregate Collateral Trust (ACT):$6.12m21 vaultsToken:0x5086…0c72Allocation: 2% of the vault · $212,525

If it breaks

−30% default

At −30%:est. bad debt up to 0.4% of depositUses 1 market LLTV curve · capped at allocation $212,525 · drag to set this asset's drop

Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink1%of vault · bad debt · $137,275Oracle exposure 0.1%

1%of vault · $152,1561%of vault · $137,2750.1%separate path

What it's made of

cbBTC token page

Market· Chainlink(managed, aggregator)

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

BaseBTC / USDMarketChainlink

Heartbeat 1hDeviation 50bps

Markets this collateral backs · 2

→ USDC86% LLTV0x9f98…34d2Chainlink
→ USDC86% LLTV0xa6d6…182aChainlink

Room to grow: $152,156 of $99.97m cap (<1% used)Aggregate Collateral Trust (ACT):$270.93m103 vaultsToken:0xcbb7…33bfAllocation: 1% of the vault · $152,156

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 2 market LLTV curves · capped at allocation $152,156 · 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

+7 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to15%of vault drainable if these feeds are mispriced · $1.61m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, LBTC, wstETH, TSLAon, FLHYon, WETH, weETH, steakEURCV, USCC, PT-sUSDS-26NOV20260x21f7…73ca1% of vault · $142,712drainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH0x6906…4472<1% of vault · $68,742drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices wFalconX, mF-ONE, PT-reUSD-10DEC2026, AA_FalconXUSDC13% of vault · $1.44mmispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices reUSD<1% of vault · $26,368mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 85%	Instant
Price-driven collateral stress(1)
	20%	up to 85%	Instant
Oracle & liquidation failures(5)
	20%	up to 85%	Instant
	20%	up to 85%	Instant
	4%	up to 32%	Instant
	6%	up to 28%	Instant
	—	up to 15%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	up to 21%	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

Owner5-of-10 multisig0x0a0e…f8dd

Curator3-of-9 multisig0x827e…ecdb

Guardiancontract0x94aa…27d3

Allocators71 multisig3 contracts3 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.

contract0xbeef…beef
single key (EOA)0x7a17…4e8d
single key (EOA)0xfc58…d827
contract0x9e91…f9e1
1-of-5 multisig0x29d4…74f7
contract0xfd32…c75d
single key (EOA)0xfeed…3c9a

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 owner6-of-1012 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

10 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 8min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Smokehouse USDC

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

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