SENPYUSDMAINRisk · Ethereum

Risk

Depositing into SENPYUSDMAIN 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 Blue

ethereumVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$120.25mrealistic worst · −50% collateral crashup to $322.87mSmart-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

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 $57.18m

tap a preset or drag

Driven by syrupUSDC $16.07m · kBTC $14.99m · sUSDe $10.18m · other $15.93m · −100% $277.94m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

kBTCMarketChainlink$80.56m25% of vault · bad debtOracle exposure $5.49m

$86.05m27% of vault$80.56m25% of vault$5.49mseparate path

What it's made of

Market· Chainlink(aggregator)

kBTC is priced via BTC / USD, quoted in PYUSD / USD — 2-hop market-rate feeds (Chainlink).

BaseBTC / USDMarketChainlinkQuotePYUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ PYUSD86% LLTV0x007d…cf18Chainlink

Aggregate Collateral Trust (ACT):$13.8m5 vaultsToken:0x73e0…db98Allocation: $86.05m · 27% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $14.99mUses 1 market LLTV curve · capped at allocation $86.05m · inherits vault-wide stressOracle exposure: up to $5.49m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

syrupUSDCHybridChainlink$68.39m21% of vault · bad debtOracle exposure $7.55m

$75.94m24% of vault$68.39m21% of vault$7.55mseparate path

What it's made of

Hybrid· Chainlink(aggregator)

syrupUSDC mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (USDC / USD, PYUSD / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to USDC / USD, PYUSD / USD.

BaseUSDC / USDMarketChainlinkQuotePYUSD / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 30bps

Markets this collateral backs · 1

→ PYUSD92% LLTV0xc804…7039Chainlink

Aggregate Collateral Trust (ACT):$18.08m20 vaultsToken:0x80ac…cc0bAllocation: $75.94m · 24% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $16.07mUses 1 market LLTV curve · capped at allocation $75.94m · inherits vault-wide stressOracle exposure: up to $7.55m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDeHybridChainlink$43.34m13% of vault · bad debtOracle exposure $6.39m

$49.74m15% of vault$43.34m13% of vault$6.39mseparate path

What it's made of

Hybrid· Chainlink(aggregator)

sUSDe mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (USDe / USD, PYUSD / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to USDe / USD, PYUSD / USD.

BaseUSDe / USDMarketChainlinkQuotePYUSD / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ PYUSD92% LLTV0xe621…9e7eChainlink

Aggregate Collateral Trust (ACT):$80.56m79 vaultsToken:0x9d39…3497Allocation: $49.74m · 15% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $10.18mUses 1 market LLTV curve · capped at allocation $49.74m · inherits vault-wide stressOracle exposure: up to $6.39m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LBTCMarketRedStone / Chainlink$38.92m12% of vault · bad debtOracle exposure $4.36m

$43.29m13% of vault$38.92m12% of vault$4.36mseparate path

What it's made of

Market· RedStone / Chainlink(aggregator)

LBTC is priced via Redstone Price Feed × BTC / USD, quoted in PYUSD / USD — 3-hop market-rate feeds (RedStone + Chainlink).

BaseRedstone Price FeedMarketRedStoneBTC / USDMarketChainlinkQuotePYUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ PYUSD86% LLTV0x0aea…4b1fRedStone / Chainlink

Aggregate Collateral Trust (ACT):$49.04m68 vaultsToken:0x8236…4494Allocation: $43.29m · 13% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $7.24mUses 1 market LLTV curve · capped at allocation $43.29m · inherits vault-wide stressOracle exposure: up to $4.36m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$38.76m12% of vault · bad debtOracle exposure $4.27m

$43.02m13% of vault$38.76m12% of vault$4.27mseparate path

What it's made of

Hybrid· Chainlink(aggregator)

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

BaseweETH / ETHExchange rateChainlinkETH / USDMarketChainlinkQuotePYUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ PYUSD86% LLTV0x2218…ee11Chainlink

Aggregate Collateral Trust (ACT):$294.88m104 vaultsToken:0xcd5f…b7eeAllocation: $43.02m · 13% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $7.21mUses 1 market LLTV curve · capped at allocation $43.02m · inherits vault-wide stressOracle exposure: up to $4.27m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$3.85m1% of vault · bad debtOracle exposure $291,953

$4.14m1% of vault$3.85m1% of vault$291,953separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuotePYUSD / USDMarketChainlink

Markets this collateral backs · 1

→ PYUSD86% LLTV0x4124…dd1dChainlink

Aggregate Collateral Trust (ACT):$433.17m144 vaultsToken:0x2260…c599Allocation: $4.14m · 1% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $715,706Uses 1 market LLTV curve · capped at allocation $4.14m · inherits vault-wide stressOracle exposure: up to $291,953 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$3.52m1% of vault · bad debtOracle exposure $474,152

$4m1% of vault$3.52m1% of vault$474,152separate path

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via cbBTC / USD, quoted in PYUSD / USD — 2-hop market-rate feeds (Chainlink).

BasecbBTC / USDMarketChainlinkQuotePYUSD / USDMarketChainlink

Heartbeat 24h · Deviation 200bps

Markets this collateral backs · 1

→ PYUSD86% LLTV0x7681…e9caChainlink

Aggregate Collateral Trust (ACT):$270.39m146 vaultsToken:0xcbb7…33bfAllocation: $4m · 1% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $655,334Uses 1 market LLTV curve · capped at allocation $4m · inherits vault-wide stressOracle exposure: up to $474,152 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$590,7200.2% of vault · bad debtOracle exposure $72,830

$663,5500.2% of vault$590,7200.2% of vault$72,830separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD, quoted in PYUSD / USD — 3-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlinkQuotePYUSD / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ PYUSD86% LLTV0x9f02…7916Chainlink

Aggregate Collateral Trust (ACT):$596.82m163 vaultsToken:0x7f39…2ca0Allocation: $663,550 · 0.2% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $109,901Uses 1 market LLTV curve · capped at allocation $663,550 · inherits vault-wide stressOracle exposure: up to $72,830 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Unallocated (incl. $16.06m idle)not lent into any market — no collateral exposure$16.03m · 5%

$16.03m5% of vault——

+2 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$28.91mdrainable if these feeds are mispriced · 9% 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 cbBTC, WBTC, LBTC, wstETH, WETH, sUSDe, weETH, kBTC, syrupUSDC, PT-sUSDE-13AUG20260x21f7…73ca$28.91m · 9% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC0x6906…4472$4.36m · 1% of vaultdrainable if it is compromised

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.

10 scenarios · 8 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$322.87m	Full deposit	Instant
	18%	$57.18m	up to $277.94m	Instant
Price-driven collateral stress(1)
	18%	$57.18m	up to $277.94m	Instant
Oracle & liquidation failures(4)
	18%	$57.18m	up to $277.94m	Instant
	18%	$57.18m	up to $277.94m	Instant
	10%	$33.46m	up to $150.49m	Instant
	—	—	up to $28.91m	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $161.44m	3 days

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

Owner1-of-1 multisig0xe8c9…8008

Curator1-of-1 multisig0x9e39…aac0

Guardiannone appointed

Allocators3 · 1 multisig · 2 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)0x13de…90e1
1-of-1 multisig0x9e39…aac0
single key (EOA)0xc4ba…79d3

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

SENPYUSDMAINRisk · Ethereum

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle