Moonwell Flagship ETH

Risk reportBase0xa0e4…0ff1

Risk

Depositing into Moonwell Flagship ETH 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)

$2.6mrealistic worst · −50% collateral crashup to $7.45mSmart-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 4-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 $1.43m

tap a preset or drag

Driven by wstETH $1.16m · weETH $233,907 · rETH $18,870 · other $12,910 · −100% $5.51m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wstETHHybridChainlink$4.48m60% of vault · bad debtOracle exposure $506,487

$4.99m67% of vault$4.48m60% of vault$506,487separate 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

Room to grow: $4.99m of $56.18m cap (9% used)Aggregate Collateral Trust (ACT):$40.36m59 vaultsToken:0xc1cb…e452Allocation: $4.99m · 67% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1.16mUses 1 market LLTV curve · capped at allocation $4.99m · inherits vault-wide stress

Oracle exposure: up to $506,487 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$902,21312% of vault · bad debtOracle exposure $144,166

$1.05m14% of vault$902,21312% of vault$144,166separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

BaseweETH / eETH Exchange RateExchange rateChainlink

Markets this collateral backs · 1

→ WETH95% LLTV0xce62…f490Chainlink

Room to grow: $1.05m of $9.36m cap (11% used)Aggregate Collateral Trust (ACT):$60.77m32 vaultsToken:0x04c0…150aAllocation: $1.05m · 14% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $233,907Uses 1 market LLTV curve · capped at allocation $1.05m · inherits vault-wide stress

Oracle exposure: up to $144,166 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

rETHMarketChainlink$72,7851.0% of vault · bad debtOracle exposure $7,701

$80,4871% of vault$72,7851.0% of vault$7,701separate 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

→ WETH95% LLTV0x05f7…98f2Chainlink

Room to grow: $80,487 of $936,381 cap (9% used)Aggregate Collateral Trust (ACT):$30,0249 vaultsToken:0xb6fe…624cAllocation: $80,487 · 1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $18,870Uses 1 market LLTV curve · capped at allocation $80,487 · inherits vault-wide stress

Oracle exposure: up to $7,701 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHHybridChainlink$38,1320.5% of vault · bad debtOracle exposure $4,290

$42,4210.6% of vault$38,1320.5% of vault$4,290separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

BasecbETH-ETH Exchange RateExchange rateChainlink

Markets this collateral backs · 1

→ WETH95% LLTV0xb038…d9e6Chainlink

Room to grow: $42,421 of $9.36m cap (<1% used)Aggregate Collateral Trust (ACT):$17.92m67 vaultsToken:0x2ae3…ec22Allocation: $42,421 · 0.6% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $9,886Uses 1 market LLTV curve · capped at allocation $42,421 · inherits vault-wide stress

Oracle exposure: up to $4,290 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

USDCMarketChainlink$16,2520.2% of vault · bad debtOracle exposure $14,193

$30,4450.4% of vault$16,2520.2% of vault$14,193separate 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

→ WETH86% LLTV0xd090…4858Chainlink

Room to grow: $30,445 of $9.36m cap (<1% used)Aggregate Collateral Trust (ACT):$39.01m25 vaultsToken:0x8335…2913Allocation: $30,445 · 0.4% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $3,024Uses 1 market LLTV curve · capped at allocation $30,445 · inherits vault-wide stress

Oracle exposure: up to $14,193 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Unallocated (incl. $688,154 idle)not lent into any market — no collateral exposure$1.26m · 17%

$1.26m17% of vault——

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to$676,837drainable if these feeds are mispriced · 9% 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·a 4/9 Safe multisigprices wstETH, weETH, cbBTC, cbETH, USDC, rETH0xf0db…5b1b$676,837 · 9% of vaultdrainable if it is compromised

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.

12 scenarios · 10 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$7.45m	Full deposit	Instant
	19%	$1.43m	up to $5.51m	Instant
Price-driven collateral stress(1)
	19%	$1.43m	up to $5.51m	Instant
Oracle & liquidation failures(5)
	19%	$1.43m	up to $5.51m	Instant
	19%	$1.43m	up to $5.51m	Instant
	19%	$1.43m	up to $5.51m	Instant
	19%	$1.41m	up to $5.42m	Instant
	—	—	up to $676,837	Instant
Vault role & allocator(4)
	—	—	Full deposit	4 days
	—	—	Full deposit	Instant
	—	—	up to $5.51m	Instant
	—	—	up to $3.72m	4 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 4 days to exit before owner/curator actions land

Ownercontract0x8b62…7d51

Curator2-of-4 multisig0x08ed…fc05

Guardian3-of-5 multisig0xb9d4…ab38

Allocators1 · 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)0x09f9…eadc

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