Gauntlet USDC Frontier

Risk reportBase0x1dee…6765

Risk

Depositing into Gauntlet USDC Frontier 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)

$508,756realistic worst · −50% collateral crashup to $2.63mSmart-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 $43.65

tap a preset or drag

Driven by cbETH $43.57 · cbBTC $0.085 · LBTC $0.0004 · other $0.0003 · −100% $2.54m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink$840,47932% of vault · bad debtOracle exposure $92,533

$933,01233% of vault$840,47932% of vault$92,533separate path

What it's made of

Market· Chainlink(aggregator)

cbXRP is priced via XRP / USD — market-rate feed (Chainlink).

BaseXRP / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0x031b…0fdeChainlink

Aggregate Collateral Trust (ACT):$3.65m12 vaultsToken:0xcb58…a4afAllocation: $933,012 · 33% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $933,012 · inherits vault-wide stress

Oracle exposure: up to $92,533 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

SOLMarketChainlink$642,05924% of vault · bad debtOracle exposure $72,836

$714,89525% of vault$642,05924% of vault$72,836separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseSOL / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0xe972…5dc7Chainlink

Aggregate Collateral Trust (ACT):$372,0445 vaultsToken:0x3119…cf82Allocation: $714,895 · 25% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $714,895 · inherits vault-wide stress

Oracle exposure: up to $72,836 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbADAMarketChainlink$491,75119% of vault · bad debtOracle exposure $60,907

$552,65820% of vault$491,75119% of vault$60,907separate path

What it's made of

Market· Chainlink(aggregator)

cbADA is priced via ADA / USD — market-rate feed (Chainlink).

BaseADA / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0x35d8…e45fChainlink

Aggregate Collateral Trust (ACT):$244,4008 vaultsToken:0xcbad…7b8cAllocation: $552,658 · 20% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $552,658 · inherits vault-wide stress

Oracle exposure: up to $60,907 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbDOGEMarketChainlink$410,19816% of vault · bad debtOracle exposure $40,670

$450,86916% of vault$410,19816% of vault$40,670separate path

What it's made of

Market· Chainlink(aggregator)

cbDOGE is priced via DOGE / USD — market-rate feed (Chainlink).

BaseDOGE / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0xa9d3…91b2Chainlink

Aggregate Collateral Trust (ACT):$218,6208 vaultsToken:0xcbd0…b510Allocation: $450,869 · 16% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $450,869 · inherits vault-wide stress

Oracle exposure: up to $40,670 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

JitoSOLHybridChainlink$158,4506% of vault · bad debtOracle exposure $16,897

$175,3476% of vault$158,4506% of vault$16,897separate path

What it's made of

Hybrid· Chainlink(managed)

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

BaseDeviation/timelock managed oracle wrapperQuoteChainlink underlying price-source leg(s)

Markets this collateral backs · 1

→ USDC63% LLTV0x78f7…be1cChainlink

Aggregate Collateral Trust (ACT):$56,1245 vaultsToken:0x97be…34deAllocation: $175,347 · 6% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $175,347 · inherits vault-wide stress

Oracle exposure: up to $16,897 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHMarketChainlink$479.22<0.1% of vault · bad debtOracle exposure $50.73

$529.96<0.1% of vault$479.22<0.1% of vault$50.73separate path

What it's made of

Market· Chainlink(aggregator)

cbETH is priced via CBETH / ETH × ETH / USD, quoted in USDC / USD — 3-hop market-rate feeds (Chainlink).

BaseCBETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC77% LLTV0x97ff…8295Chainlink
→ USDC86% LLTV0xb40d…cd96Chainlink

Aggregate Collateral Trust (ACT):$19.24m67 vaultsToken:0x2ae3…ec22Allocation: $529.96 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $43.57Uses 2 market LLTV curves · capped at allocation $529.96 · inherits vault-wide stress

Oracle exposure: up to $50.73 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+5 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$283,893drainable 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 / RedStone·a 4/9 Safe multisigprices wstETH, cbXRP, WETH, cbBTC, cbETH, cbADA, cbLTC, SOL, cbDOGE, LBTC, JitoSOL0xf0db…5b1b$283,893 · 11% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC0x9b73…22b6$0.0002 · <1% 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.

11 scenarios · 9 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$2.63m	Full deposit	Instant
	<1%	$43.65	up to $2.54m	Instant
Price-driven collateral stress(1)
	<1%	$43.65	up to $2.54m	Instant
Oracle & liquidation failures(5)
	<1%	$43.65	up to $2.54m	Instant
	<1%	$43.65	up to $2.54m	Instant
	—	—	up to $283,893	Instant
	<1%	$0.0004	up to $158,450	Instant
	<1%	$43.65	up to $479.68	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $1.32m	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

Owner4-of-7 multisig0x5a4e…d4d0

Curator3-of-7 multisig0x9e33…0585

Sentinels3 · 1 multisig · 2 EOAsSafety 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.

3-of-7 multisig0x7084…84cd
single key (EOA)0x8b58…f0dc
single key (EOA)0xb43f…7626

Allocators3 · 1 multisig · 2 EOAsReaches 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)0x008c…2fe9
3-of-7 multisig0x9e33…0585
single key (EOA)0xa064…8698

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

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