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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)

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 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 20% of deposit

Driven by wstETH −30% 20% · MORPHO −30% <1% · AERO −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wstETHHybridChainlink78%of vault · bad debt · $1.39mOracle exposure 9%

87%of vault · $1.55m78%of vault · $1.39m9%separate path

What it's made of

wstETH token page

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):$31.87m34 vaultsToken:0xc1cb…e452Allocation: 87% of the vault · $1.55m

If it breaks

−30% default

At −30%:est. bad debt up to 20% of depositUses 1 market LLTV curve · capped at allocation $1.55m · drag to set this asset's drop

Oracle exposure: up to 9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

VVVMarketAPI311%of vault · bad debt · $189,030Oracle exposure 0.8%

11%of vault · $203,75211%of vault · $189,0300.8%separate path

What it's made of

VVV token page

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):$14,7562 vaultsToken:0xacfe…21bfAllocation: 11% of the vault · $203,752

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $203,752 · drag to set this asset's drop

Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

MORPHOMarketAPI31%of vault · bad debt · $26,237Oracle exposure 0.1%

2%of vault · $27,4511%of vault · $26,2370.1%separate path

What it's made of

MORPHO token page

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):$1,2172 vaultsToken:0xbaa5…0842Allocation: 2% of the vault · $27,451

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $27,451 · 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

AEROMarketAPI30.1%of vault · bad debt · $2,195Oracle exposure <0.1%

0.1%of vault · $2,2470.1%of vault · $2,195<0.1%separate path

What it's made of

AERO token page

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):$219,9495 vaultsToken:0x9401…8631Allocation: 0.1% of the vault · $2,247

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $2,247 · 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

cbDOGEMarketAPI30.1%of vault · bad debt · $1,472Oracle exposure <0.1%

0.1%of vault · $1,5730.1%of vault · $1,472<0.1%separate path

What it's made of

cbDOGE token page

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):$269,92211 vaultsToken:0xcbd0…b510Allocation: 0.1% of the vault · $1,573

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,573 · 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

cbHYPEMarketAPI30.1%of vault · bad debt · $1,170Oracle exposure <0.1%

0.1%of vault · $1,2850.1%of vault · $1,170<0.1%separate path

What it's made of

cbHYPE token page

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0xe2d8…1fbfAPI3

Aggregate Collateral Trust (ACT):$40,7739 vaultsToken:0xb200…479eAllocation: 0.1% of the vault · $1,285

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,285 · 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

cbXRPMarketAPI30.1%of vault · bad debt · $1,082Oracle exposure <0.1%

0.1%of vault · $1,1750.1%of vault · $1,082<0.1%separate path

What it's made of

cbXRP token page

Market· API3(aggregator)

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

Markets this collateral backs · 1

→ WETH77% LLTV0x7830…37dbAPI3

Aggregate Collateral Trust (ACT):$6.73m16 vaultsToken:0xcb58…a4afAllocation: 0.1% of the vault · $1,175

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,175 · 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

cbLTCMarketAPI3<0.1%of vault · bad debt · $417.09Oracle exposure <0.1%

<0.1%of vault · $445.81<0.1%of vault · $417.09<0.1%separate path

What it's made of

cbLTC token page

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):$91,83511 vaultsToken:0xcb17…445fAllocation: <0.1% of the vault · $445.81

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $445.81 · 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

+2 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to10%of vault drainable if these feeds are mispriced · $172,668

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·a 4/9 Safe multisigprices wstETH0xf0db…5b1b9% of vault · $156,341drainable if it is compromised
API3·a 4/8 Safe multisigprices cbXRP, cbADA, AERO, cbZEC, VVV, cbDOGE, cbHYPE, VIRTUAL, cbLTC, MORPHO0x2aae…c9e8<1% of vault · $16,327drainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 90%	Instant
Price-driven collateral stress(1)
	20%	up to 90%	Instant
Oracle & liquidation failures(6)
	20%	up to 90%	Instant
	20%	up to 90%	Instant
	9%	up to 87%	Instant
	20%	up to 80%	Instant
	20%	up to 78%	Instant
	—	up to 10%	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

Curator change queued

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

raise a market's supply cap— applies in 4 days; time to exit first

Owner3-of-5 multisig0x26d9…b068

Curator3-of-5 multisig0x7d02…84c9

Sentinels11 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

Allocators21 contract1 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

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 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 36min agoSources: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