Gauntlet USDC Core

Risk reportBase0xc0c5…eb12

Risk

Depositing into Gauntlet USDC Core 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)

$707,518realistic worst · −50% collateral crashup to $1.91mSmart-contract bug · extreme only

−10%−30%−50%extreme

Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.

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 15 Dec, 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 dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $313,443

tap a preset or drag

Driven by cbBTC $305,039 · LBTC $6,977 · weETH $1,412 · other $15.44 · −100% $1.69m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink$1.64m86% of vault · bad debtOracle exposure $193,323

$1.83m96% of vault$1.64m86% of vault$193,323separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseBTC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x663b…39b9Chainlink

Room to grow: $1.83m of $199.98m cap (<1% used)Aggregate Collateral Trust (ACT):$195.3m73 vaultsToken:0xcbb7…33bfAllocation: $1.83m · 96% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $305,039Uses 1 market LLTV curve · capped at allocation $1.83m · inherits vault-wide stress

Oracle exposure: up to $193,323 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LBTCHybridRedStone / Chainlink$37,5002% of vault · bad debtOracle exposure $4,520

$42,0202% of vault$37,5002% of vault$4,520separate path

What it's made of

Hybrid· RedStone / Chainlink(aggregator)

LBTC mixes exchange-rate/NAV (RedStone Price Feed for LBTC_FUNDAMENTAL) with market-rate (BTC / USD) — insulated from RedStone Price Feed for LBTC_FUNDAMENTAL market deviation, but exposed to BTC / USD.

BaseRedStone Price Feed for LBTC_FUNDAMENTALNAVRedStoneBTC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x6e87…8e4fRedStone / Chainlink

Room to grow: $42,020 of $8m cap (<1% used)Aggregate Collateral Trust (ACT):$3.75m27 vaultsToken:0xecac…11c1Allocation: $42,020 · 2% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $6,977Uses 1 market LLTV curve · capped at allocation $42,020 · inherits vault-wide stress

Oracle exposure: up to $4,520 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$15,5360.8% of vault · bad debtOracle exposure $1,875

$17,4120.9% of vault$15,5360.8% of vault$1,875separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC77% LLTV0xaacb…fab0Chainlink

Room to grow: $17,412 of $499,940 cap (3% used)Aggregate Collateral Trust (ACT):$60.37m32 vaultsToken:0x04c0…150aAllocation: $17,412 · 0.9% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1,412Uses 1 market LLTV curve · capped at allocation $17,412 · inherits vault-wide stress

Oracle exposure: up to $1,875 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHMarketChainlink$49.36<0.1% of vault · bad debtOracle exposure $5.73

$55.09<0.1% of vault$49.36<0.1% of vault$5.73separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseCBETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 3

→ USDC86% LLTV0x4756…9425Chainlink
→ USDC77% LLTV0x97ff…8295Chainlink
→ USDC86% LLTV0xb40d…cd96Chainlink

Room to grow: $55.09 of $40m cap (<1% used)Aggregate Collateral Trust (ACT):$18.46m67 vaultsToken:0x2ae3…ec22Allocation: $55.09 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $8.42Uses 3 market LLTV curves · capped at allocation $55.09 · inherits vault-wide stress

Oracle exposure: up to $5.73 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$28.47<0.1% of vault · bad debtOracle exposure $3.36

$31.83<0.1% of vault$28.47<0.1% of vault$3.36separate path

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD, quoted in USDC / USD — 2-hop market-rate feeds (Chainlink).

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0xfea2…afe4Chainlink

Room to grow: $31.83 of $20m cap (<1% used)Aggregate Collateral Trust (ACT):$64.29m53 vaultsToken:0x4200…0006Allocation: $31.83 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $5.3Uses 1 market LLTV curve · capped at allocation $31.83 · inherits vault-wide stress

Oracle exposure: up to $3.36 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$9.27<0.1% of vault · bad debtOracle exposure $1.22

$10.49<0.1% of vault$9.27<0.1% of vault$1.22separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseWSTETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0x957e…ce5fChainlink
→ USDC86% LLTV0xd7a1…289aChainlink

Room to grow: $10.49 of $15m cap (<1% used)Aggregate Collateral Trust (ACT):$39.81m59 vaultsToken:0xc1cb…e452Allocation: $10.49 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1.72Uses 2 market LLTV curves · capped at allocation $10.49 · inherits vault-wide stress

Oracle exposure: up to $1.22 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Unallocatednot lent into any market — no collateral exposure$21,141 · 1%

$21,1411% of vault——

Oracle dependencies

2 feeds · 2 control points

Up to$199,728drainable if these feeds are mispriced · 10% of vault

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 / RedStone·a 4/9 Safe multisigprices wstETH, WETH, weETH, cbBTC, cbETH, LBTC0xf0db…5b1b$199,728 · 10% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC0x9b73…22b6$4,520 · <1% of vaultdrainable if it is compromised

Loss scenarios

Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.

12 scenarios · 10 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$1.91m	Full deposit	Instant
	16%	$313,443	up to $1.69m	Instant
Price-driven collateral stress(1)
	16%	$313,443	up to $1.69m	Instant
Oracle & liquidation failures(5)
	16%	$313,443	up to $1.69m	Instant
	16%	$313,443	up to $1.69m	Instant
	16%	$313,439	up to $1.69m	Instant
	—	—	up to $199,728	Instant
	<1%	$8,393	up to $53,058	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $956,788	3 days
	—	—	$0	Instant

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

Owner4-of-7 multisig0x5a4e…d4d0

Curator3-of-7 multisig0x9e33…0585

Guardian3-of-7 multisig0x7084…84cd

Allocators2 · 1 contract · 1 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.

contract0xa090…0467
single key (EOA)0xc12d…099c

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 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 proposer3-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

11 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 19 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql