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 18% of deposit

Driven by mF-ONE −30% 7% · PT-reUSD-10DEC2026 −30% 5% · PT-sUSDS-26NOV2026 −30% 2% · other 4% · −100% 88% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

mF-ONEMarket30%of vault · bad debt · $4.02mOracle exposure 3%

33%of vault · $4.46m30%of vault · $4.02m3%separate path

What it's made of

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: $4.46m of $30m cap (15% used)Aggregate Collateral Trust (ACT):$2.48m14 vaultsToken:0x238a…66baAllocation: 33% of the vault · $4.46m

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 1 market LLTV curve · capped at allocation $4.46m · 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

PT-reUSD-10DEC2026HybridPTMarket rate20%of vault · bad debt · $2.68mOracle exposure 4%

24%of vault · $3.25m20%of vault · $2.68m4%separate path

What it's made of

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: $3.25m of $10m cap (33% used)Aggregate Collateral Trust (ACT):$17.56m16 vaultsToken:0xecfa…3957Allocation: 24% of the vault · $3.25m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $3.25m · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

AA_FalconXUSDCHybrid15%of vault · bad debt · $2.05mOracle exposure 2%

17%of vault · $2.31m15%of vault · $2.05m2%separate path

What it's made of

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

→ USDC77% LLTV0x52ea…93fc

Room to grow: $2.31m of $30m cap (8% used)Aggregate Collateral Trust (ACT):$4.21m16 vaultsToken:0xc26a…f99cAllocation: 17% of the vault · $2.31m

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $2.31m · 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

PT-sUSDS-26NOV2026UnclassifiedChainlink10%of vault · bad debt · $1.33mOracle exposure 1%

11%of vault · $1.48m10%of vault · $1.33m1%separate path

What it's made of

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0x3464…35bfChainlink

Room to grow: $1.48m of $10m cap (15% used)Aggregate Collateral Trust (ACT):$2.78m9 vaultsToken:0xdc16…6094Allocation: 11% of the vault · $1.48m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $1.48m · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink8%of vault · bad debt · $1.09mOracle exposure 0.9%

9%of vault · $1.2m8%of vault · $1.09m0.9%separate path

What it's made of

Market· Chainlink(managed, aggregator)

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

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 2

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

Room to grow: $1.2m of $99.99m cap (1% used)Aggregate Collateral Trust (ACT):$379.76m153 vaultsToken:0xcbb7…33bfAllocation: 9% of the vault · $1.2m

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 2 market LLTV curves · capped at allocation $1.2m · drag to set this asset's drop

Oracle exposure: up to 0.9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

steakEURCVMarketChainlink3%of vault · bad debt · $408,298.16Oracle exposure 0.3%

3%of vault · $454,437.333%of vault · $408,298.160.3%separate path

What it's made of

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: $454,437.33 of $10m cap (5% used)Aggregate Collateral Trust (ACT):$1.16m3 vaultsToken:0xbeef…db2fAllocation: 3% of the vault · $454,437.33

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 1 market LLTV curve · capped at allocation $454,437.33 · 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

wstETHMarketChainlink2%of vault · bad debt · $292,868.92Oracle exposure 0.2%

2%of vault · $325,195.792%of vault · $292,868.920.2%separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0xe087…9f9fChainlink

Room to grow: $325,195.79 of $49.99m cap (<1% used)Aggregate Collateral Trust (ACT):$958.73m162 vaultsToken:0x7f39…2ca0Allocation: 2% of the vault · $325,195.79

If it breaks

−30% default

At −30%:est. bad debt up to 0.4% of depositUses 1 market LLTV curve · capped at allocation $325,195.79 · 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

weETHMarketChainlink / RedStone0.2%of vault · bad debt · $22,482.24Oracle exposure <0.1%

0.2%of vault · $24,931.590.2%of vault · $22,482.24<0.1%separate path

What it's made of

Market· Chainlink / RedStone(composite, aggregator)

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

BaseRedstone Price FeedMarketRedStone

Markets this collateral backs · 3

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

Room to grow: $24,931.59 of $59.99m cap (<1% used)Aggregate Collateral Trust (ACT):$200.3m102 vaultsToken:0xcd5f…b7eeAllocation: 0.2% of the vault · $24,931.59

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 3 market LLTV curves · capped at allocation $24,931.59 · 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

+9 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to12%of vault drainable if these feeds are mispriced · $1.61m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, LBTC, wstETH, TSLAon, FLHYon, WETH, weETH, stcUSD, tBTC, steakEURCV, USCC, PT-sUSDS-26NOV2026, PT-USDG-24SEP20260x21f7…73ca3% of vault · $345,718.36drainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH, stcUSD0x6906…4472<1% of vault · $2,449.35drainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices mF-ONE, PT-reUSD-10DEC2026, AA_FalconXUSDC9% of vault · $1.26mmispriceable if these feeds lie

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.

12 scenarios · 10 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	18%	up to 88%	Instant
Price-driven collateral stress(1)
	18%	up to 88%	Instant
Oracle & liquidation failures(5)
	18%	up to 88%	Instant
	18%	up to 88%	Instant
	6%	up to 41%	Instant
	6%	up to 35%	Instant
	—	up to 12%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	up to 33%	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

Curator change queued

The timelock is your window to exit before each one takes effect.

raise a market's supply cap— applies in 3 hours; time to exit first

Owner5-of-10 multisig0x0a0e…f8dd

Curator2-of-7 multisig0x827e…ecdb

Guardiancontract0x94aa…27d3

Allocators4 · 1 multisig · 2 contracts · 1 EOAReaches 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.

contract0x9e91…f9e1
1-of-5 multisig0x29d4…74f7
contract0xfd32…c75d
single key (EOA)0xfeed…3c9a

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

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 Sep 4, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql