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)

$7.04mrealistic worst · −50% collateral crashup to $18.86mSmart-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

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 dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $3.14m

tap a preset or drag

Driven by reUSD $974,846 · cbBTC $576,764 · mF-ONE $551,067 · other $1.04m · −100% $16.79m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

reUSDHybrid$4.15m22% of vault · bad debtOracle exposure $566,301

$4.72m25% of vault$4.15m22% of vault$566,301separate path

What it's made of

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: $4.72m of $20m cap (24% used)Aggregate Collateral Trust (ACT):$9.88m17 vaultsToken:0x5086…0c72Allocation: $4.72m · 25% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $974,846Uses 1 market LLTV curve · capped at allocation $4.72m · inherits vault-wide stress

Oracle exposure: up to $566,301 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

AA_FalconXUSDCHybrid$4.15m22% of vault · bad debtOracle exposure $566,611

$4.72m25% of vault$4.15m22% of vault$566,611separate 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: $4.72m of $29.99m cap (16% used)Aggregate Collateral Trust (ACT):$5.82m15 vaultsToken:0xc26a…f99cAllocation: $4.72m · 25% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $377,132Uses 1 market LLTV curve · capped at allocation $4.72m · inherits vault-wide stress

Oracle exposure: up to $566,611 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$3.1m16% of vault · bad debtOracle exposure $315,871

$3.42m18% of vault$3.1m16% of vault$315,871separate 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: $3.42m of $99.98m cap (3% used)Aggregate Collateral Trust (ACT):$236.6m148 vaultsToken:0xcbb7…33bfAllocation: $3.42m · 18% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $576,764Uses 2 market LLTV curves · capped at allocation $3.42m · inherits vault-wide stress

Oracle exposure: up to $315,871 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mF-ONEMarket$2.35m12% of vault · bad debtOracle exposure $255,204

$2.6m14% of vault$2.35m12% of vault$255,204separate 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: $2.6m of $29.99m cap (9% used)Aggregate Collateral Trust (ACT):$1.46m12 vaultsToken:0x238a…66baAllocation: $2.6m · 14% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $551,067Uses 1 market LLTV curve · capped at allocation $2.6m · inherits vault-wide stress

Oracle exposure: up to $255,204 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-reUSD-10DEC2026HybridPTMarket rate$1.65m9% of vault · bad debtOracle exposure $238,345

$1.89m10% of vault$1.65m9% of vault$238,345separate 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: $1.89m of $10m cap (19% used)Aggregate Collateral Trust (ACT):$4.6m14 vaultsToken:0xecfa…3957Allocation: $1.89m · 10% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $387,161Uses 1 market LLTV curve · capped at allocation $1.89m · inherits vault-wide stress

Oracle exposure: up to $238,345 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

steakEURCVMarketChainlink$533,6483% of vault · bad debtOracle exposure $54,433

$588,0813% of vault$533,6483% of vault$54,433separate 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: $588,081 of $10m cap (6% used)Aggregate Collateral Trust (ACT):$441,0892 vaultsToken:0xbeef…db2fAllocation: $588,081 · 3% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $125,393Uses 1 market LLTV curve · capped at allocation $588,081 · inherits vault-wide stress

Oracle exposure: up to $54,433 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LBTCMarketRedStone / Chainlink$323,9602% of vault · bad debtOracle exposure $28,675

$352,6352% of vault$323,9602% of vault$28,675separate path

What it's made of

Market· RedStone / Chainlink(aggregator)

LBTC is priced via Redstone Price Feed × BTC / USD — 2-hop market-rate feeds (RedStone + Chainlink).

BaseRedstone Price FeedMarketRedStoneBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 2

→ USDC86% LLTV0xb962…2d72RedStone / Chainlink
→ USDC86% LLTV0xdcc0…29dbRedStone / Chainlink

Room to grow: $352,635 of $20m cap (2% used)Aggregate Collateral Trust (ACT):$54.64m68 vaultsToken:0x8236…4494Allocation: $352,635 · 2% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $60,272Uses 2 market LLTV curves · capped at allocation $352,635 · inherits vault-wide stress

Oracle exposure: up to $28,675 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$184,0201.0% of vault · bad debtOracle exposure $18,766

$202,7851% of vault$184,0201.0% of vault$18,766separate path

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD — market-rate feed (Chainlink).

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x0f94…4580Chainlink

Room to grow: $202,785 of $49.99m cap (<1% used)Aggregate Collateral Trust (ACT):$1.52b96 vaultsToken:0xc02a…6cc2Allocation: $202,785 · 1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $34,236Uses 1 market LLTV curve · capped at allocation $202,785 · inherits vault-wide stress

Oracle exposure: up to $18,766 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+7 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$2.08mdrainable if these feeds are mispriced · 11% 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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, LBTC, wstETH, FLHYon, WETH, weETH, stcUSD, tBTC, steakEURCV, USCC, PT-USDG-24SEP20260x21f7…73ca$447,690 · 2% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, PT-cUSD-23JUL2026, weETH, stcUSD, PT-stcUSD-23JUL20260x6906…4472$47,622 · <1% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices AA_FalconXUSDC, mF-ONE, PT-reUSD-10DEC2026$1.06m · 6% of vaultmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices reUSD, sUSDe$573,551 · 3% of vaultmispriceable only via the issuing contract

Loss scenarios

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.

11 scenarios · 9 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$18.86m	Full deposit	Instant
	17%	$3.14m	up to $16.79m	Instant
Price-driven collateral stress(1)
	17%	$3.14m	up to $16.79m	Instant
Oracle & liquidation failures(4)
	17%	$3.14m	up to $16.79m	Instant
	17%	$3.14m	up to $16.74m	Instant
	9%	$1.77m	up to $10.17m	Instant
	—	—	up to $2.08m	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $9.43m	3 days
	—	—	up to $6.52m	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

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· 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

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