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Gauntlet WETH Core

Risk reportBase0x6b13…8844

Risk

Depositing into Gauntlet WETH 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)

37%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 cbETH −30% 8% · weETH −30% 5% · wsuperOETHb −30% 4% · other 2% · −100% 80% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbETHHybridChainlink32%of vault · bad debt · $186,912Oracle exposure 4%

36%of vault · $208,61632%of vault · $186,9124%separate path

What it's made of

cbETH token page

Hybrid· Chainlink(aggregator)

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

BasecbETH-ETH Exchange RateExchange rateChainlink

Markets this collateral backs · 2

→ WETH97% LLTV0xb038…d9e6Chainlink
→ WETH95% LLTV0xb038…d9e6Chainlink

Room to grow: $208,616 of $16.65m cap (1% used)Aggregate Collateral Trust (ACT):$15.5m44 vaultsToken:0x2ae3…ec22Allocation: 36% of the vault · $208,616

If it breaks

−30% default

At −30%:est. bad debt up to 8% of depositUses 2 market LLTV curves · capped at allocation $208,616 · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink19%of vault · bad debt · $111,511Oracle exposure 3%

23%of vault · $131,31319%of vault · $111,5113%separate path

What it's made of

weETH token page

Hybrid· Chainlink(aggregator)

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

BaseweETH / eETH Exchange RateExchange rateChainlink

Markets this collateral backs · 1

→ WETH92% LLTV0xce62…f490Chainlink

Room to grow: $131,313 of $4.56m cap (3% used)Aggregate Collateral Trust (ACT):$20.07m11 vaultsToken:0x04c0…150aAllocation: 23% of the vault · $131,313

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $131,313 · 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

wsuperOETHbHybrid18%of vault · bad debt · $105,567Oracle exposure 3%

21%of vault · $122,43018%of vault · $105,5673%separate path

What it's made of

wsuperOETHb token page

Hybrid(exchange-rate)

wsuperOETHb 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

→ WETH92% LLTV0x28c9…cf93

Room to grow: $122,430 of $4.56m cap (3% used)Aggregate Collateral Trust (ACT):$307,6527 vaultsToken:0x7fcd…8ea6Allocation: 21% of the vault · $122,430

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $122,430 · 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

wstETHHybridChainlink7%of vault · bad debt · $42,835Oracle exposure 1.0%

8%of vault · $48,5127%of vault · $42,8351.0%separate path

What it's made of

wstETH token page

Hybrid· Chainlink(aggregator)

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

BasewstETH-stETH Exchange RateExchange rateChainlink

Markets this collateral backs · 2

→ WETH95% LLTV0x4a11…ca65Chainlink
→ WETH97% LLTV0xae10…a7a4Chainlink

Room to grow: $48,512 of $15.29m cap (<1% used)Aggregate Collateral Trust (ACT):$25.29m34 vaultsToken:0xc1cb…e452Allocation: 8% of the vault · $48,512

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 2 market LLTV curves · capped at allocation $48,512 · drag to set this asset's drop

Oracle exposure: up to 1.0% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink2%of vault · bad debt · $10,979Oracle exposure 0.2%

2%of vault · $12,1742%of vault · $10,9790.2%separate path

What it's made of

cbBTC token page

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ WETH92% LLTV0x10b9…320eChainlink

Room to grow: $12,174 of $4.56m cap (<1% used)Aggregate Collateral Trust (ACT):$197.9m53 vaultsToken:0xcbb7…33bfAllocation: 2% of the vault · $12,174

If it breaks

−30% default

At −30%:est. bad debt up to 0.4% of depositUses 1 market LLTV curve · capped at allocation $12,174 · 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

Unallocated (incl. $2,211 idle)not lent into any market — no collateral exposure9% · $52,719

9%of vault · $52,719——

Oracle dependencies

1 feed1 control point

Up to11%of vault drainable if these feeds are mispriced · $65,241

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 wstETH, weETH, cbBTC, cbETH0xf0db…5b1b8% of vault · $48,377drainable if it is compromised
Onchain exchange rate· no external feed or adminprices wsuperOETHb3% of vault · $16,864mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 80%	Instant
Price-driven collateral stress(1)
	20%	up to 80%	Instant
Oracle & liquidation failures(6)
	10%	up to 80%	Instant
	20%	up to 80%	Instant
	20%	up to 80%	Instant
	20%	up to 80%	Instant
	17%	up to 70%	Instant
	—	up to 11%	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)0xd47c…36bd

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 2.49m

Voting TokenMORPHO0x58D9…c2B2

Dependencies that can affect your deposit

10 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 43min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet WETH 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