Apyx USDC (Ethereum) Risk

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 apyUSD −30% 7% · PT-apyUSD-5NOV2026 −30% 5% · PT-apxUSD-5NOV2026 −30% 3% · other <1% · −100% 79% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

apyUSDHybridChainlink37%of vault · bad debt · $1.69mOracle exposure 11%

48%of vault · $2.22m37%of vault · $1.69m11%separate 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):$4.82m4 vaultsToken:0x38ee…8a6aAllocation: 48% of the vault · $2.22m

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 1 market LLTV curve · capped at allocation $2.22m · drag to set this asset's drop

Oracle exposure: up to 11% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apyUSD-5NOV2026HybridPTLinear discountChainlink26%of vault · bad debt · $1.2mOracle exposure 8%

34%of vault · $1.57m26%of vault · $1.2m8%separate 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):$2.24m5 vaultsToken:0xb5be…f150Allocation: 34% of the vault · $1.57m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $1.57m · 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

PT-apxUSD-5NOV2026HybridPTLinear discountChainlink16%of vault · bad debt · $715,003Oracle exposure 2%

18%of vault · $806,04916%of vault · $715,0032%separate 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):$309,5695 vaultsToken:0xaf68…88b6Allocation: 18% of the vault · $806,049

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $806,049 · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+5 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to21%of vault drainable if these feeds are mispriced · $984,153

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…73ca21% of vault · $984,153drainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices ROY-ST-apyUSD<1% of vault · $0.00000013mispriceable if these feeds lie

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

11 scenarios · 9 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	15%	up to 79%	Instant
Price-driven collateral stress(1)
	15%	up to 79%	Instant
Oracle & liquidation failures(5)
	21%	Full deposit	Instant
	15%	up to 79%	Instant
	15%	up to 79%	Instant
	15%	up to 79%	Instant
	—	up to 21%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	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· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner6-of-1012 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 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.