Gauntlet USDT Frontier

Risk reportEthereum0xe571…35d3

Risk

Depositing into Gauntlet USDT Frontier 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 PT-sUSDS-26NOV2026 −30% 14% · sUSDS −30% 5% · WBTC −30% 2% · other <1% · −100% 86% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-sUSDS-26NOV2026UnclassifiedChainlink58%of vault · bad debt · $893,979.75Oracle exposure 8%

65%of vault · $1.01m58%of vault · $893,979.758%separate path

What it's made of

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDT92% LLTV0x3464…35bfChainlink

Aggregate Collateral Trust (ACT):$3m9 vaultsToken:0xdc16…6094Allocation: 65% of the vault · $1.01m

If it breaks

−30% default

At −30%:est. bad debt up to 14% of depositUses 1 market LLTV curve · capped at allocation $1.01m · drag to set this asset's drop

Oracle exposure: up to 8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDSHybridChainlink17%of vault · bad debt · $263,467.33Oracle exposure 4%

21%of vault · $319,453.6517%of vault · $263,467.334%separate path

What it's made of

Hybrid· Chainlink(aggregator, composite)

sUSDS mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (DAI / USD, USDT / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to DAI / USD, USDT / USD.

BaseDAI / USDMarketChainlinkQuoteUSDT / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 25bps

Markets this collateral backs · 2

→ USDT97% LLTV0x0c42…4c79Chainlink
→ USDT97% LLTV0x1c7d…2f9cChainlink

Aggregate Collateral Trust (ACT):$10.16m23 vaultsToken:0xa393…7fbdAllocation: 21% of the vault · $319,453.65

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 2 market LLTV curves · capped at allocation $319,453.65 · 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

WBTCMarketChainlink11%of vault · bad debt · $177,206.76Oracle exposure 3%

14%of vault · $218,994.411%of vault · $177,206.763%separate path

What it's made of

Market· Chainlink(aggregator)

WBTC is priced via WBTC / BTC × BTC / USD, quoted in USDT / USD — 3-hop market-rate feeds (Chainlink).

BaseWBTC / BTCMarketBTC / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ USDT86% LLTV0x008b…e1efChainlink

Aggregate Collateral Trust (ACT):$442.03m140 vaultsToken:0x2260…c599Allocation: 14% of the vault · $218,994.4

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $218,994.4 · 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

wsrUSDHybrid<0.1%of vault · bad debt · $50.33Oracle exposure <0.1%

<0.1%of vault · $54.29<0.1%of vault · $50.33<0.1%separate path

What it's made of

Hybrid(exchange-rate)

wsrUSD 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

→ USDT95% LLTV0x03df…6fa0

Aggregate Collateral Trust (ACT):$1.36m8 vaultsToken:0xd3fd…3094Allocation: <0.1% of the vault · $54.29

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $54.29 · 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

syrupUSDTHybrid<0.1%of vault · bad debt · $2.08Oracle exposure <0.1%

<0.1%of vault · $2.3<0.1%of vault · $2.08<0.1%separate path

What it's made of

Hybrid(exchange-rate)

syrupUSDT 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

→ USDT92% LLTV0x34e5…e997

Aggregate Collateral Trust (ACT):$3.93m55 vaultsToken:0x356b…ba7dAllocation: <0.1% of the vault · $2.3

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $2.3 · 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

wstETHMarketChainlink<0.1%of vault · bad debt · $1.15Oracle exposure <0.1%

<0.1%of vault · $1.4<0.1%of vault · $1.15<0.1%separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDT / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDT / ETHMarketChainlink

Heartbeat 24h · Deviation 100bps

Markets this collateral backs · 1

→ USDT86% LLTV0x95db…6992Chainlink

Aggregate Collateral Trust (ACT):$957.16m162 vaultsToken:0x7f39…2ca0Allocation: <0.1% of the vault · $1.4

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1.4 · 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

+6 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to14%of vault drainable if these feeds are mispriced · $214,979.95

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, wstETH, WETH, PT-sUSDD-27AUG2026, weETH, stcUSD, sUSDS, sUSDD, PT-sUSDS-26NOV20260x21f7…73ca14% of vault · $214,975.77drainable if it is compromised
On-chain exchange rate· no external feed or adminprices wsrUSD, syrupUSDT<1% of vault · $4.18mispriceable 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(5)
	20%	up to 86%	Instant
	20%	up to 86%	Instant
	4%	up to 21%	Instant
	5%	up to 17%	Instant
	—	up to 14%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

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

Owner4-of-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Sentinels2 · 1 multisig · 1 EOASafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

single key (EOA)0x1e9f…9496
3-of-7 multisig0x7084…84cd

Allocators2 · 1 multisig · 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.

single key (EOA)0x8254…8dcf
3-of-7 multisig0x9e33…0585

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

9 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 7, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet USDT Frontier

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