Wintermute USDC Prime (Ethereum) Risk

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 17% of deposit

Driven by cbBTC −30% 11% · WBTC −30% 4% · wstETH −30% 1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink61%of vault · bad debt · $2.55mOracle exposure 7%

68%of vault · $2.82m61%of vault · $2.55m7%separate path

What it's made of

cbBTC token page

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink

Heartbeat 1hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xa6d6…182aChainlink

Aggregate Collateral Trust (ACT):$297.5m104 vaultsToken:0xcbb7…33bfAllocation: 68% of the vault · $2.82m

If it breaks

−30% default

At −30%:est. bad debt up to 11% of depositUses 1 market LLTV curve · capped at allocation $2.82m · drag to set this asset's drop

Oracle exposure: up to 7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink22%of vault · bad debt · $922,167Oracle exposure 2%

25%of vault · $1.02m22%of vault · $922,1672%separate path

What it's made of

WBTC token page

Market· Chainlink(aggregator)

WBTC is priced via WBTC / BTC × BTC / USD, quoted in USDC / USD — 3-hop market-rate feeds (Chainlink).

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 24hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdddd…6b83Chainlink

Aggregate Collateral Trust (ACT):$427.57m93 vaultsToken:0x2260…c599Allocation: 25% of the vault · $1.02m

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $1.02m · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink7%of vault · bad debt · $280,008Oracle exposure 0.7%

7%of vault · $309,6217%of vault · $280,0080.7%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 · 1

→ USDC86% LLTV0x48f7…40e2Chainlink

Aggregate Collateral Trust (ACT):$721.98m110 vaultsToken:0x7f39…2ca0Allocation: 7% of the vault · $309,621

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $309,621 · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

1 feed1 control point

Up to10%of vault drainable if these feeds are mispriced · $403,669

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, wstETH0x21f7…73ca10% of vault · $403,669drainable if it is compromised

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

9 scenarios · 7 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	17%	up to 90%	Instant
Price-driven collateral stress(1)
	17%	up to 90%	Instant
Oracle & liquidation failures(3)
	17%	up to 90%	Instant
	17%	up to 90%	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

Owner4-of-7 multisig0xb83a…9e5e

Curator3-of-6 multisig0x4687…74d8

Sentinels11 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)0x77fc…9fbe

Allocators31 contract2 EOAsReaches 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.

contract0x12f6…684b
single key (EOA)0x73b4…a53b
single key (EOA)0xc007…8d99

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.