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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?
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 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 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 21% of deposit

Driven by wstETH −30% 13% · weETH −30% 8% · rETH −30% <1% · other <1% · −100% 83% modeled all-to-zero bad-debt ceiling

wstETHwstETHHybrid50%of vault · bad debt · $2.11mOracle exposure 8%

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: $2.43m of $80.41m cap (3% used)Aggregate Collateral Trust (ACT):$31.55m34 vaultsToken:0xc1cb…e452Allocation: 57% of the vault · $2.43m

If it breaks

−30% default
At −30%:est. bad debt up to 13% of depositUses 1 market LLTV curve · capped at allocation $2.43m · 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
weETHweETHHybrid29%of vault · bad debt · $1.25mOracle exposure 4%

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: $1.43m of $13.4m cap (11% used)Aggregate Collateral Trust (ACT):$16.17m11 vaultsToken:0x04c0…150aAllocation: 34% of the vault · $1.43m

If it breaks

−30% default
At −30%:est. bad debt up to 8% of depositUses 1 market LLTV curve · capped at allocation $1.43m · 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
rETHrETHMarket2%of vault · bad debt · $66,084Oracle exposure 1%

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: $108,717 of $1.34m cap (8% used)Aggregate Collateral Trust (ACT):$78,7237 vaultsToken:0xb6fe…624cAllocation: 3% of the vault · $108,717

If it breaks

−30% default
At −30%:est. bad debt up to 0.4% of depositUses 1 market LLTV curve · capped at allocation $108,717 · 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
cbETHcbETHHybrid1%of vault · bad debt · $54,612Oracle exposure 0.1%

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: $60,891 of $13.4m cap (<1% used)Aggregate Collateral Trust (ACT):$20.29m43 vaultsToken:0x2ae3…ec22Allocation: 1% of the vault · $60,891

If it breaks

−30% default
At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $60,891 · 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
USDCUSDCMarket0.9%of vault · bad debt · $36,590Oracle exposure 0.2%

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: $43,602 of $13.4m cap (<1% used)Aggregate Collateral Trust (ACT):$38.69m5 vaultsToken:0x8335…2913Allocation: 1% of the vault · $43,602

If it breaks

−30% default
At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $43,602 · drag to set this asset's drop
Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
Unallocated (incl. $179,897 idle)4% · $177,223

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to13%of vault drainable if these feeds are mispriced · $553,675

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…5b1b13% of vault · $553,675drainable if it is compromised
Updated Sep 29, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql