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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 22% of deposit

Driven by wstETH −30% 13% · weETH −30% 8% · rETH −30% <1% · other <1% · −100% 84% modeled all-to-zero bad-debt ceiling

wstETHHybrid49%of vault · bad debt · $1.79mOracle exposure 5%

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
Room to grow: $1.99m of $68.7m cap (3% used)Aggregate Collateral Trust (ACT):$25.29m34 vaultsToken:0xc1cb…e452Allocation: 54% of the vault · $1.99m

If it breaks

−30% default
At −30%:est. bad debt up to 13% of depositUses 1 market LLTV curve · capped at allocation $1.99m · drag to set this asset's drop
Oracle exposure: up to 5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
weETHHybrid32%of vault · bad debt · $1.19mOracle exposure 5%

What it's made of

weETH token page
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: $1.36m of $11.45m cap (12% used)Aggregate Collateral Trust (ACT):$20.07m11 vaultsToken:0x04c0…150aAllocation: 37% of the vault · $1.36m

If it breaks

−30% default
At −30%:est. bad debt up to 8% of depositUses 1 market LLTV curve · capped at allocation $1.36m · drag to set this asset's drop
Oracle exposure: up to 5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
rETHMarket2%of vault · bad debt · $84,327Oracle exposure 0.2%

What it's made of

rETH token page
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: $93,008 of $1.14m cap (8% used)Aggregate Collateral Trust (ACT):$15,9787 vaultsToken:0xb6fe…624cAllocation: 3% of the vault · $93,008

If it breaks

−30% default
At −30%:est. bad debt up to 0.6% of depositUses 1 market LLTV curve · capped at allocation $93,008 · 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
USDCMarket0.5%of vault · bad debt · $17,107Oracle exposure 0.5%

What it's made of

USDC token page
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: $37,257 of $11.45m cap (<1% used)Aggregate Collateral Trust (ACT):$1.17m5 vaultsToken:0x8335…2913Allocation: 1% of the vault · $37,257

If it breaks

−30% default
At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $37,257 · drag to set this asset's drop
Oracle exposure: up to 0.5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
Unallocated (incl. $192,374 idle)5% · $202,050

+2 markets with no current position

Oracle dependencies

1 feed1 control point

Up to11%of vault drainable if these feeds are mispriced · $401,667

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 wstETH, weETH, cbBTC, cbETH, USDC, rETH0xf0db…5b1b11% of vault · $401,667drainable if it is compromised
Updated 23min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql