GTUSDCPRisk · Ethereum

Risk

Depositing into GTUSDCP 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)

$31.72mrealistic worst · −50% collateral crashup to $85.54mSmart-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 $14.1m

tap a preset or drag

Driven by WBTC $11.99m · cbBTC $1.18m · wstETH $593,157 · other $330,145 · −100% $75.77m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink$64.44m75% of vault · bad debtOracle exposure $8.32m

$72.76m85% of vault$64.44m75% of vault$8.32mseparate path

What it's made of

Market· Chainlink(aggregator, managed)

WBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0xdddd…6b83Chainlink
→ USDC86% LLTV0xf156…0cf4Chainlink

Aggregate Collateral Trust (ACT):$426.29m143 vaultsToken:0x2260…c599Allocation: $72.76m · 85% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $11.99mUses 2 market LLTV curves · capped at allocation $72.76m · inherits vault-wide stressOracle exposure: up to $8.32m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$6.37m7% of vault · bad debtOracle exposure $811,860

$7.18m8% of vault$6.37m7% of vault$811,860separate path

What it's made of

Market· Chainlink(aggregator, managed)

cbBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseBTC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0xa6d6…182aChainlink
→ USDC86% LLTV0x9f98…34d2Chainlink

Aggregate Collateral Trust (ACT):$258.82m145 vaultsToken:0xcbb7…33bfAllocation: $7.18m · 8% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $1.18mUses 2 market LLTV curves · capped at allocation $7.18m · inherits vault-wide stressOracle exposure: up to $811,860 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$3.19m4% of vault · bad debtOracle exposure $404,608

$3.59m4% of vault$3.19m4% of vault$404,608separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlink

Markets this collateral backs · 2

→ USDC86% LLTV0x48f7…40e2Chainlink
→ USDC86% LLTV0xe087…9f9fChainlink

Aggregate Collateral Trust (ACT):$561.98m162 vaultsToken:0x7f39…2ca0Allocation: $3.59m · 4% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $593,157Uses 2 market LLTV curves · capped at allocation $3.59m · inherits vault-wide stressOracle exposure: up to $404,608 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$1.77m2% of vault · bad debtOracle exposure $230,593

$2.01m2% of vault$1.77m2% of vault$230,593separate path

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD — market-rate feed (Chainlink).

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x0f94…4580Chainlink

Aggregate Collateral Trust (ACT):$1.318b94 vaultsToken:0xc02a…6cc2Allocation: $2.01m · 2% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $330,145Uses 1 market LLTV curve · capped at allocation $2.01m · inherits vault-wide stressOracle exposure: up to $230,593 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

1 feed · 1 control point

Up to$9.77mdrainable if these feeds are mispriced · 11% 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·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, WETH0x21f7…73ca$9.77m · 11% 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%	$85.54m	Full deposit	Instant
	16%	$14.1m	up to $75.77m	Instant
Price-driven collateral stress(1)
	16%	$14.1m	up to $75.77m	Instant
Oracle & liquidation failures(4)
	16%	$14.1m	up to $75.77m	Instant
	16%	$13.76m	up to $73.95m	Instant
	—	—	up to $9.77m	Instant
	<1%	$78,816	up to $423,636	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $42.77m	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

Curator change queued

The timelock is your window to exit before each one takes effect.

change who can move liquidity— applies in 5 days; time to exit first

Owner4-of-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Guardiannone appointed

Allocators2 · 1 multisig · 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.

single key (EOA)0x1aad…6363
3-of-7 multisig0x9e33…0585

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

GTUSDCPRisk · Ethereum

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle