Apyx USDC

Risk reportEthereum0x0696…56f0

Risk

Depositing into Apyx USDC 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)

$1.95mrealistic worst · −50% collateral crashup to $5.14mSmart-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 $864,629

tap a preset or drag

Driven by apyUSD $376,467 · PT-apxUSD-5NOV2026 $205,626 · PT-apyUSD-5NOV2026 $119,468 · other $163,068 · −100% $4.65m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

apyUSDHybridChainlink$2.02m39% of vault · bad debtOracle exposure $223,652

$2.25m44% of vault$2.02m39% of vault$223,652separate path

What it's made of

Hybrid· Chainlink(composite)

apyUSD mixes exchange-rate/NAV (Apyx Capped Collateralization Ratio, ERC4626 vault share-rate) with market-rate (USDC / USD) — insulated from Apyx Capped Collateralization Ratio, ERC4626 vault share-rate market deviation, but exposed to USDC / USD.

BaseApyx Capped Collateralization RatioNAVQuoteUSDC / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 23h · Deviation 25bps

Markets this collateral backs · 1

→ USDC86% LLTV0xff14…5862Chainlink

Aggregate Collateral Trust (ACT):$1.38m6 vaultsToken:0x38ee…8a6aAllocation: $2.25m · 44% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $376,467Uses 1 market LLTV curve · capped at allocation $2.25m · inherits vault-wide stress

Oracle exposure: up to $223,652 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apxUSD-5NOV2026HybridPTLinear discountChainlink$1.11m21% of vault · bad debtOracle exposure $109,309

$1.21m24% of vault$1.11m21% of vault$109,309separate path

What it's made of

Hybrid· Chainlink(composite)PTLinear discount

PT-apxUSD-5NOV2026 PT is priced by a Pendle linear-discount model, quoted via Dummy feed with 12 decimals.

Base(unnamed feed)NAVAPXUSD / USD Exchange RateExchange rateChainlinkQuoteDummy feed with 12 decimalsNAV

Markets this collateral backs · 1

→ USDC86% LLTV0xfb8b…5f9dChainlink

Aggregate Collateral Trust (ACT):$258,2905 vaultsToken:0xaf68…88b6Allocation: $1.21m · 24% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $205,626Uses 1 market LLTV curve · capped at allocation $1.21m · inherits vault-wide stress

Oracle exposure: up to $109,309 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apyUSD-5NOV2026HybridPTLinear discountChainlink$642,13912% of vault · bad debtOracle exposure $71,349

$713,48714% of vault$642,13912% of vault$71,349separate path

What it's made of

Hybrid· Chainlink(composite)PTLinear discount

PT-apyUSD-5NOV2026 PT is priced by a Pendle linear-discount model, quoted via Dummy feed with 12 decimals.

Base(unnamed feed)NAVAPXUSD / USD Exchange RateExchange rateChainlinkQuoteDummy feed with 12 decimalsNAV

Markets this collateral backs · 1

→ USDC86% LLTV0x1001…4e65Chainlink

Aggregate Collateral Trust (ACT):$470,6465 vaultsToken:0xb5be…f150Allocation: $713,487 · 14% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $119,468Uses 1 market LLTV curve · capped at allocation $713,487 · inherits vault-wide stress

Oracle exposure: up to $71,349 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apxUSD-27AUG2026HybridChainlink / eOracle$497,11110% of vault · bad debtOracle exposure $49,165

$546,27611% of vault$497,11110% of vault$49,165separate path

What it's made of

Hybrid· Chainlink / eOracle(composite)

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

Markets this collateral backs · 1

→ USDC86% LLTV0x5a25…5408Chainlink / eOracle

Aggregate Collateral Trust (ACT):$75,1063 vaultsToken:0xd28b…96ebAllocation: $546,276 · 11% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $92,486Uses 1 market LLTV curve · capped at allocation $546,276 · inherits vault-wide stress

Oracle exposure: up to $49,165 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apyUSD-27AUG2026HybridChainlink / eOracle$379,3807% of vault · bad debtOracle exposure $42,153

$421,5338% of vault$379,3807% of vault$42,153separate path

What it's made of

Hybrid· Chainlink / eOracle(composite)

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

Markets this collateral backs · 1

→ USDC86% LLTV0x2c0a…9158Chainlink / eOracle

Aggregate Collateral Trust (ACT):$40,1683 vaultsToken:0xee5c…90e2Allocation: $421,533 · 8% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $70,582Uses 1 market LLTV curve · capped at allocation $421,533 · inherits vault-wide stress

Oracle exposure: up to $42,153 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

2 feeds · 1 control point

Up to$495,628drainable 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 / eOracle·a 4/9 Safe multisigprices PT-apxUSD-18JUN2026, PT-apyUSD-5NOV2026, PT-apxUSD-5NOV2026, apyUSD, PT-apyUSD-27AUG2026, PT-apyUSD-18JUN2026, PT-apxUSD-27AUG20260x21f7…73ca$495,628 · 10% 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.

10 scenarios · 8 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$5.14m	Full deposit	Instant
	17%	$864,629	up to $4.65m	Instant
Price-driven collateral stress(1)
	17%	$864,629	up to $4.65m	Instant
Oracle & liquidation failures(4)
	17%	$864,629	up to $4.65m	Instant
	17%	$864,629	up to $4.65m	Instant
	14%	$701,561	up to $3.77m	Instant
	—	—	up to $495,628	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $2.57m	3 days

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

Owner2-of-3 multisig0xee7e…18c8

Curatorsingle key (EOA)0x7517…a325

Guardiannone appointed

Allocators1 · 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)0xf5b9…fd43

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

7 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 20 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql