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Frax Ecosystem Accelerator

Risk reportEthereum0x038d…6708

Risk

Depositing into Frax Ecosystem Accelerator 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)

17%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 7-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 8% of deposit

Driven by stakedao-frxUsDOLA −30% 4% · stakedao-frxSVUSD −30% 3% · stakedao-USD3frxUSD −30% 2% · other <1% · −100% 40% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

stakedao-frxUsDOLAHybrid18%of vault · bad debt · $35,728Oracle exposure 2%

20%of vault · $40,00718%of vault · $35,7282%separate path

What it's made of

stakedao-frxUsDOLA token page

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD92% LLTV0x0c63…820c

Aggregate Collateral Trust (ACT):$19,2973 vaultsToken:0x12d7…6960Allocation: 20% of the vault · $40,007

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $40,007 · 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

stakedao-frxSVUSDHybrid13%of vault · bad debt · $27,066Oracle exposure 6%

20%of vault · $40,00613%of vault · $27,0666%separate path

What it's made of

stakedao-frxSVUSD token page

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD86% LLTV0xc785…f669

Aggregate Collateral Trust (ACT):$12,9382 vaultsToken:0x3185…d39dAllocation: 20% of the vault · $40,006

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $40,006 · drag to set this asset's drop

Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stakedao-USD3frxUSDHybrid9%of vault · bad debt · $18,062Oracle exposure 11%

20%of vault · $40,0059%of vault · $18,06211%separate path

What it's made of

stakedao-USD3frxUSD token page

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD86% LLTV0xf1e3…8fac

Aggregate Collateral Trust (ACT):$21,9412 vaultsToken:0x3009…cad7Allocation: 20% of the vault · $40,005

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $40,005 · 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

stakedao-frx-trUSDHybrid<0.1%of vault · bad debt · $1.20Oracle exposure 20%

20%of vault · $40,004<0.1%of vault · $1.2020%separate path

What it's made of

stakedao-frx-trUSD token page

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD86% LLTV0x8520…8b2a

Aggregate Collateral Trust (ACT):$39,9982 vaultsToken:0x1247…d322Allocation: 20% of the vault · $40,004

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $40,004 · drag to set this asset's drop

Oracle exposure: up to 20% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stakedao-frxsUSDeHybrid<0.1%of vault · bad debt · $0.90Oracle exposure 20%

20%of vault · $40,004<0.1%of vault · $0.9020%separate path

What it's made of

stakedao-frxsUSDe token page

Hybrid(composite)

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

Markets this collateral backs · 1

→ frxUSD86% LLTV0xfa6f…75f0

Aggregate Collateral Trust (ACT):$39,9992 vaultsToken:0xa7b4…df3eAllocation: 20% of the vault · $40,004

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $40,004 · drag to set this asset's drop

Oracle exposure: up to 20% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stakedao-sfrxUSD2HybridChainlink<0.1%of vault · bad debt · $0.90Oracle exposure 0.3%

0.3%of vault · $604.21<0.1%of vault · $0.900.3%separate path

What it's made of

stakedao-sfrxUSD2 token page

Hybrid· Chainlink(composite)

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

Markets this collateral backs · 1

→ frxUSD86% LLTV0xe621…ec7bChainlink

Aggregate Collateral Trust (ACT):$604.232 vaultsToken:0xf028…b167Allocation: 0.3% of the vault · $604.21

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $604.21 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

1 feed1 control point

Up to60%of vault drainable if these feeds are mispriced · $119,771

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 stakedao-sfrxUSD20x21f7…73ca<1% of vault · $603.31drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices stakedao-frxUsDOLA, stakedao-frxSVUSD, stakedao-USD3frxUSD, stakedao-frx-trUSD, stakedao-frxsUSDe59% of vault · $119,167mispriceable if these feeds lie


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	8%	up to 40%	Instant
Price-driven collateral stress(1)
	8%	up to 40%	Instant
Oracle & liquidation failures(3)
	—	up to 60%	Instant
	8%	up to 40%	Instant
	8%	up to 40%	Instant
Vault role & allocator(3)
	—	Full deposit	7 days
	—	Full deposit	Instant
	—	up to 50%	7 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 7 days to exit before owner/curator actions land

Owner1-of-2 multisig0xc805…f9ce

Curator1-of-2 multisig0xc805…f9ce

Sentinels11 EOASafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

single key (EOA)0x9dad…95e6

Allocators11 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)0x9dad…95e6

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 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 TokenMORPHO0x58D9…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 41min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Frax Ecosystem Accelerator

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

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