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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)

35%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 15% of deposit

Driven by cbBTC −30% 9% · wstETH −30% 4% · cbETH −30% 2% · other <1% · −100% 86% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink46%of vault · bad debt · $794,380Oracle exposure 8%

54%of vault · $929,93846%of vault · $794,3808%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

Markets this collateral backs · 1

→ USDC86% LLTV0x663b…39b9Chainlink

Room to grow: $929,938 of $199.95m cap (<1% used)Aggregate Collateral Trust (ACT):$317.2m52 vaultsToken:0xcbb7…33bfAllocation: 54% of the vault · $929,938

If it breaks

−30% default

At −30%:est. bad debt up to 9% of depositUses 1 market LLTV curve · capped at allocation $929,938 · drag to set this asset's drop

Oracle exposure: up to 8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink20%of vault · bad debt · $338,534Oracle exposure 3%

23%of vault · $396,25820%of vault · $338,5343%separate path

What it's made of

wstETH token page

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: $396,258 of $15m cap (3% used)Aggregate Collateral Trust (ACT):$23.13m34 vaultsToken:0xc1cb…e452Allocation: 23% of the vault · $396,258

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 2 market LLTV curves · capped at allocation $396,258 · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHMarketChainlink17%of vault · bad debt · $288,685Oracle exposure 3%

20%of vault · $338,23317%of vault · $288,6853%separate path

What it's made of

cbETH token page

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: $338,233 of $39.99m cap (<1% used)Aggregate Collateral Trust (ACT):$31.32m44 vaultsToken:0x2ae3…ec22Allocation: 20% of the vault · $338,233

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 3 market LLTV curves · capped at allocation $338,233 · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LBTCHybridRedStone / Chainlink3%of vault · bad debt · $43,254Oracle exposure 0.2%

3%of vault · $46,5933%of vault · $43,2540.2%separate path

What it's made of

LBTC token page

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: $46,593 of $8m cap (<1% used)Aggregate Collateral Trust (ACT):$2.56m11 vaultsToken:0xecac…11c1Allocation: 3% of the vault · $46,593

If it breaks

−30% default

At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $46,593 · 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

weETHHybridChainlink0.7%of vault · bad debt · $12,242Oracle exposure 0.1%

0.8%of vault · $14,4280.7%of vault · $12,2420.1%separate path

What it's made of

weETH token page

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: $14,428 of $499,872 cap (3% used)Aggregate Collateral Trust (ACT):$19.8m11 vaultsToken:0x04c0…150aAllocation: 0.8% of the vault · $14,428

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $14,428 · 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

+1 market with no current position

Oracle dependencies

2 feeds2 control points

Up to14%of vault drainable if these feeds are mispriced · $248,356

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 / RedStone·a 4/9 Safe multisigprices wstETH, WETH, weETH, cbBTC, cbETH, LBTC0xf0db…5b1b14% of vault · $248,356drainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC0x9b73…22b6<1% of vault · $3,339drainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	15%	up to 86%	Instant
Price-driven collateral stress(1)
	15%	up to 86%	Instant
Oracle & liquidation failures(6)
	15%	up to 86%	Instant
	15%	up to 86%	Instant
	14%	up to 80%	Instant
	—	up to 14%	Instant
	<1%	up to 4%	Instant
	<1%	up to 3%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	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

Allocators21 contract1 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

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 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 991,904.24

Voting TokenMORPHO0x58D9…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 28min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet USDC Core

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

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