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Osero x Gauntlet USDC Prime

Risk reportEthereum0x8021…6db2

Risk

Depositing into Osero x Gauntlet USDC Prime 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)

36%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 16% of deposit

Driven by cbBTC −30% 14% · wstETH −30% <1% · WBTC −30% <1% · other <1% · −100% 87% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink77%of vault · bad debt · $7.75mOracle exposure 11%

89%of vault · $8.89m77%of vault · $7.75m11%separate path

What it's made of

cbBTC token page

Market· Chainlink(aggregator, managed)

cbBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseBTC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0xa6d6…182aChainlink
→ USDC86% LLTV0x9f98…34d2Chainlink

Aggregate Collateral Trust (ACT):$271.16m103 vaultsToken:0xcbb7…33bfAllocation: 89% of the vault · $8.89m

If it breaks

−30% default

At −30%:est. bad debt up to 14% of depositUses 2 market LLTV curves · capped at allocation $8.89m · drag to set this asset's drop

Oracle exposure: up to 11% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink4%of vault · bad debt · $409,518Oracle exposure 0.6%

5%of vault · $470,8364%of vault · $409,5180.6%separate path

What it's made of

wstETH token page

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDC / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDC / ETHMarketChainlink

Heartbeat 24hDeviation 100bps

Markets this collateral backs · 2

→ USDC86% LLTV0xe087…9f9fChainlink
→ USDC86% LLTV0x48f7…40e2Chainlink

Aggregate Collateral Trust (ACT):$542.86m109 vaultsToken:0x7f39…2ca0Allocation: 5% of the vault · $470,836

If it breaks

−30% default

At −30%:est. bad debt up to 0.8% of depositUses 2 market LLTV curves · capped at allocation $470,836 · 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

WBTCMarketChainlink4%of vault · bad debt · $353,019Oracle exposure 0.5%

4%of vault · $406,1654%of vault · $353,0190.5%separate path

What it's made of

WBTC token page

Market· Chainlink(aggregator, managed)

WBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0xdddd…6b83Chainlink
→ USDC86% LLTV0xf156…0cf4Chainlink

Aggregate Collateral Trust (ACT):$434.28m93 vaultsToken:0x2260…c599Allocation: 4% of the vault · $406,165

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 2 market LLTV curves · capped at allocation $406,165 · 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

WETHMarketChainlink2%of vault · bad debt · $216,456Oracle exposure 0.3%

2%of vault · $249,6852%of vault · $216,4560.3%separate path

What it's made of

WETH token page

Market· Chainlink(aggregator)

WETH is priced via ETH / USD — market-rate feed (Chainlink).

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x0f94…4580Chainlink

Aggregate Collateral Trust (ACT):$716.66m29 vaultsToken:0xc02a…6cc2Allocation: 2% of the vault · $249,685

If it breaks

−30% default

At −30%:est. bad debt up to 0.4% of depositUses 1 market LLTV curve · capped at allocation $249,685 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

1 feed1 control point

Up to13%of vault drainable if these feeds are mispriced · $1.29m

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 cbBTC, WBTC, wstETH, WETH0x21f7…73ca13% of vault · $1.29mdrainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 87%	Instant
Price-driven collateral stress(1)
	16%	up to 87%	Instant
Oracle & liquidation failures(3)
	16%	up to 87%	Instant
	16%	up to 87%	Instant
	—	up to 13%	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

Ownercontract0x24fd…78d3

Curator2-of-2 multisig0x256d…7cf9

Sentinels21 multisig1 EOASafety 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.

single key (EOA)0x6a0d…e39b
2-of-3 multisig0xf51a…68c7

Allocators21 multisig1 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.

2-of-2 multisig0x256d…7cf9
single key (EOA)0x6939…0bb3

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 owner6-of-1012 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

8 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 58min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Osero x Gauntlet USDC Prime

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

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle