KPK USDC Yield

Risk reportEthereum0xd5cc…aa13

Risk

Depositing into KPK USDC Yield 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)

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 3-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 20% of deposit

Driven by savUSD −30% 15% · srRoyUSDC −30% 3% · siUSD −30% 2% · other 1% · −100% 87% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

savUSDHybridChainlink62%of vault · bad debt · $4.06mOracle exposure 5%

67%of vault · $4.4m62%of vault · $4.06m5%separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

BaseSAVUSD / AVUSD Exchange RateExchange rateChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ USDC92% LLTV0x8399…ff12Chainlink

Aggregate Collateral Trust (ACT):$676,771.6611 vaultsToken:0xb8d8…46a4Allocation: 67% of the vault · $4.4m

If it breaks

−30% default

At −30%:est. bad debt up to 15% of depositUses 1 market LLTV curve · capped at allocation $4.4m · 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

srRoyUSDCHybrid11%of vault · bad debt · $713,556.07Oracle exposure 1%

12%of vault · $800,09111%of vault · $713,556.071%separate path

What it's made of

Hybrid(exchange-rate)

srRoyUSDC is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ USDC92% LLTV0x86a8…6ab0

Aggregate Collateral Trust (ACT):$213,543.934 vaultsToken:0xcd9f…2a32Allocation: 12% of the vault · $800,091

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $800,091 · 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

siUSDHybrid8%of vault · bad debt · $522,562.46Oracle exposure 1%

9%of vault · $599,850.598%of vault · $522,562.461%separate path

What it's made of

Hybrid(composite)

siUSD is priced from an exchange-rate/NAV leg (Chainlink-formatted InfiniFi RT Oracle, Dummy feed with 12 decimals, ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseChainlink-formatted InfiniFi RT OracleNAVQuoteDummy feed with 12 decimalsNAVBaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ USDC92% LLTV0xd2cc…fa6d

Aggregate Collateral Trust (ACT):$1.95m17 vaultsToken:0xdbdc…9bcbAllocation: 9% of the vault · $599,850.59

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $599,850.59 · 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

ftUSDHybridChainlink6%of vault · bad debt · $406,360.41Oracle exposure 0.7%

7%of vault · $450,075.576%of vault · $406,360.410.7%separate path

What it's made of

Hybrid· Chainlink(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC86% LLTV0x7887…b779Chainlink

Aggregate Collateral Trust (ACT):$43,716.822 vaultsToken:0xf7d8…9c9cAllocation: 7% of the vault · $450,075.57

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $450,075.57 · 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

weETHHybridChainlink0.3%of vault · bad debt · $19,943.97Oracle exposure <0.1%

0.3%of vault · $22,148.230.3%of vault · $19,943.97<0.1%separate path

What it's made of

Hybrid· Chainlink(composite)

weETH mixes exchange-rate/NAV (weETH/ETH exchange rate, Dummy feed with 12 decimals) with market-rate (ETH / USD) — insulated from weETH/ETH exchange rate, Dummy feed with 12 decimals market deviation, but exposed to ETH / USD.

BaseweETH/ETH exchange rateExchange rateETH / USDMarketChainlinkQuoteDummy feed with 12 decimalsNAV

Markets this collateral backs · 1

→ USDC77% LLTV0xa3a7…8411Chainlink

Aggregate Collateral Trust (ACT):$414.58m110 vaultsToken:0xcd5f…b7eeAllocation: 0.3% of the vault · $22,148.23

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $22,148.23 · 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

Unallocated (incl. $286,641.66 idle)not lent into any market — no collateral exposure4% · $286,672.83

4%of vault · $286,672.83——

+12 markets with no current position

Oracle dependencies

1 feed · 2 control points

Up to8%of vault drainable if these feeds are mispriced · $553,611.29

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.

eOracle / Chainlink / RedStone·a 4/9 Safe multisigprices DUSD, weETH, stcUSD, savUSD, YFI, ftUSD, PT-USDG-28MAY20260x21f7…73ca6% of vault · $389,788.23drainable if it is compromised
Chainlink·a 3/5 Safe multisigprices ftUSD0x1118…70cb<1% of vault · $43,715.16drainable if it is compromised
On-chain exchange rate· no external feed or adminprices srRoyUSDC1% of vault · $86,534.93mispriceable only via the issuing contract
Unidentified feeds· vendor and on-chain control not resolvedprices siUSD1% of vault · $77,288.13mispriceable if these feeds lie

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.

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


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 87%	Instant
Price-driven collateral stress(1)
	20%	up to 87%	Instant
Oracle & liquidation failures(5)
	8%	up to 89%	Instant
	20%	up to 87%	Instant
	20%	up to 87%	Instant
	19%	up to 81%	Instant
	—	up to 8%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 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 3 days to exit before owner/curator actions land

Owner5-of-8 multisig0x354c…7478

Curator2-of-5 multisig0x7e43…4171

Sentinels1 · 1 multisigSafety 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.

5-of-8 multisig0x354c…7478

Allocators4 · 1 multisig · 3 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.

single key (EOA)0x331d…1204
2-of-5 multisig0x7e43…4171
single key (EOA)0xaf15…9440
single key (EOA)0xf0cf…2a75

Audits

361 critical, 13 high findings logged

Certora· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 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 proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036.33

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

9 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 Aug 15, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql