Kabu WETH

Risk reportBase0x4d72…4e01

Risk

Depositing into Kabu WETH 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)

30%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 7-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 16% of deposit

Driven by wstETH −30% 15% · AERO −30% <1% · VIRTUAL −30% <1% · other <1% · −100% 67% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wstETHHybridChainlink60%of vault · bad debt · $1.12mOracle exposure 7%

66%of vault · $1.24m60%of vault · $1.12m7%separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

BasewstETH-stETH Exchange RateExchange rateChainlink

Markets this collateral backs · 1

→ WETH95% LLTV0x4a11…ca65Chainlink

Aggregate Collateral Trust (ACT):$53.86m50 vaultsToken:0xc1cb…e452Allocation: 66% of the vault · $1.24m

If it breaks

−30% default

At −30%:est. bad debt up to 15% of depositUses 1 market LLTV curve · capped at allocation $1.24m · 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

VVVMarketAPI37%of vault · bad debt · $122,461.17Oracle exposure 0.6%

7%of vault · $132,954.167%of vault · $122,461.170.6%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH63% LLTV0x2c03…5c62API3

Aggregate Collateral Trust (ACT):$11,712.92 vaultsToken:0xacfe…21bfAllocation: 7% of the vault · $132,954.16

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $132,954.16 · 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

AEROMarketAPI30.6%of vault · bad debt · $10,563.35Oracle exposure 3%

3%of vault · $64,408.880.6%of vault · $10,563.353%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0xc7eb…5429API3

Aggregate Collateral Trust (ACT):$179,572.25 vaultsToken:0x9401…8631Allocation: 3% of the vault · $64,408.88

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $64,408.88 · 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

VIRTUALMarketAPI30.3%of vault · bad debt · $6,450.86Oracle exposure 3%

3%of vault · $64,408.870.3%of vault · $6,450.863%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0x9c41…4ef1API3

Aggregate Collateral Trust (ACT):$57,898.482 vaultsToken:0x0b3e…7e1bAllocation: 3% of the vault · $64,408.87

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $64,408.87 · 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

MORPHOMarketAPI3<0.1%of vault · bad debt · $0.12Oracle exposure 3%

3%of vault · $64,408.84<0.1%of vault · $0.123%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0xfbe9…4915API3

Aggregate Collateral Trust (ACT):$64,341.562 vaultsToken:0xbaa5…0842Allocation: 3% of the vault · $64,408.84

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $64,408.84 · 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

cbDOGEMarketAPI3<0.1%of vault · bad debt · $0.096Oracle exposure 1%

1%of vault · $25,763.48<0.1%of vault · $0.0961%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0x039d…cc37API3

Aggregate Collateral Trust (ACT):$312,711.6210 vaultsToken:0xcbd0…b510Allocation: 1% of the vault · $25,763.48

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $25,763.48 · 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

cbLTCMarketAPI3<0.1%of vault · bad debt · $0.096Oracle exposure 1%

1%of vault · $25,763.48<0.1%of vault · $0.0961%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0x1d53…691dAPI3

Aggregate Collateral Trust (ACT):$131,045.210 vaultsToken:0xcb17…445fAllocation: 1% of the vault · $25,763.48

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $25,763.48 · 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

cbADAMarketAPI3<0.1%of vault · bad debt · $0.096Oracle exposure 3%

3%of vault · $64,408.87<0.1%of vault · $0.0963%separate path

What it's made of

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0x16c5…dabaAPI3

Aggregate Collateral Trust (ACT):$416,305.4510 vaultsToken:0xcbad…7b8cAllocation: 3% of the vault · $64,408.87

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $64,408.87 · 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

Oracle dependencies

2 feeds · 2 control points

Up to33%of vault drainable if these feeds are mispriced · $618,247.28

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.

API3·a 4/8 Safe multisigprices cbXRP, cbADA, AERO, cbZEC, VVV, cbDOGE, cbHYPE, VIRTUAL, cbLTC, MORPHO0x2aae…c9e826% of vault · $495,867.13drainable if it is compromised
Chainlink·a 4/9 Safe multisigprices wstETH0xf0db…5b1b7% of vault · $122,380.15drainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 67%	Instant
Price-driven collateral stress(1)
	16%	up to 67%	Instant
Oracle & liquidation failures(6)
	16%	up to 67%	Instant
	16%	up to 67%	Instant
	7%	up to 66%	Instant
	16%	up to 61%	Instant
	15%	up to 60%	Instant
	—	up to 33%	Instant
Vault role & allocator(3)
	—	Full deposit	7 days
	—	Full deposit	Instant
	—	up to 50%	7 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 7 days to exit before owner/curator actions land

Owner3-of-5 multisig0x26d9…b068

Curator3-of-5 multisig0x7d02…84c9

Sentinels1 · 1 multisigSafety 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.

1-of-4 multisig0xb10f…b87e

Allocators2 · 1 contract · 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)0x935c…1287
contract0xaed2…e412

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 2.49m

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 20, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Kabu WETH

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