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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)

41%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 22% of deposit

Driven by wstETH −30% 22% · cbDOGE −30% <1% · VIRTUAL −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wstETHHybridChainlink84%of vault · bad debt · $1.37mOracle exposure 9%

94%of vault · $1.52m84%of vault · $1.37m9%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):$27.21m34 vaultsToken:0xc1cb…e452Allocation: 94% of the vault · $1.52m

If it breaks

−30% default

At −30%:est. bad debt up to 22% of depositUses 1 market LLTV curve · capped at allocation $1.52m · 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

VVVMarketAPI35%of vault · bad debt · $86,776Oracle exposure 0.6%

6%of vault · $95,7935%of vault · $86,7760.6%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):$9,0552 vaultsToken:0xacfe…21bfAllocation: 6% of the vault · $95,793

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $95,793 · 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

cbDOGEMarketAPI30.1%of vault · bad debt · $1,407Oracle exposure <0.1%

0.1%of vault · $1,5490.1%of vault · $1,407<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):$239,86611 vaultsToken:0xcbd0…b510Allocation: 0.1% of the vault · $1,549

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,549 · 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

VIRTUALMarketAPI30.1%of vault · bad debt · $1,090Oracle exposure <0.1%

0.1%of vault · $1,1990.1%of vault · $1,090<0.1%separate path

What it's made of

VIRTUAL 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% LLTV0x9c41…4ef1API3

Aggregate Collateral Trust (ACT):$109.292 vaultsToken:0x0b3e…7e1bAllocation: 0.1% of the vault · $1,199

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,199 · 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 · $981.06Oracle exposure <0.1%

0.1%of vault · $1,0590.1%of vault · $981.06<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):$5.83m15 vaultsToken:0xcb58…a4afAllocation: 0.1% of the vault · $1,059

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,059 · 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 · $397.02Oracle exposure <0.1%

<0.1%of vault · $437.21<0.1%of vault · $397.02<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):$81,84611 vaultsToken:0xcb17…445fAllocation: <0.1% of the vault · $437.21

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $437.21 · 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

cbZECMarketAPI3<0.1%of vault · bad debt · $351.82Oracle exposure <0.1%

<0.1%of vault · $385.84<0.1%of vault · $351.82<0.1%separate path

What it's made of

cbZEC 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% LLTV0x99e7…f40eAPI3

Aggregate Collateral Trust (ACT):$318,5319 vaultsToken:0xb200…b2ecAllocation: <0.1% of the vault · $385.84

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $385.84 · 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

cbHYPEMarketAPI3<0.1%of vault · bad debt · $222.33Oracle exposure <0.1%

<0.1%of vault · $246.11<0.1%of vault · $222.33<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):$89,2019 vaultsToken:0xb200…479eAllocation: <0.1% of the vault · $246.11

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $246.11 · 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

+3 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to10%of vault drainable if these feeds are mispriced · $160,364

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 · $150,920drainable if it is compromised
API3·a 4/8 Safe multisigprices cbXRP, cbADA, AERO, cbZEC, VVV, cbDOGE, cbHYPE, VIRTUAL, cbLTC, MORPHO0x2aae…c9e8<1% of vault · $9,444drainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	22%	up to 90%	Instant
Price-driven collateral stress(1)
	22%	up to 90%	Instant
Oracle & liquidation failures(6)
	9%	up to 94%	Instant
	22%	up to 90%	Instant
	22%	up to 90%	Instant
	22%	up to 85%	Instant
	22%	up to 84%	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

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 TokenMORPHO0x58D9…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 50min 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