Gauntlet USDC Core

Risk reportEthereum0x8eb6…d458

Risk

Depositing into Gauntlet USDC Core 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)

$1.92mrealistic worst · −50% collateral crashup to $6.37mSmart-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 $535,282

tap a preset or drag

Driven by AA_FalconXUSDC $237,177 · weETH $146,754 · LBTC $87,630 · other $63,720 · −100% $5.39m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

AA_FalconXUSDCHybrid$2.61m41% of vault · bad debtOracle exposure $578,573

$3.19m50% of vault$2.61m41% of vault$578,573separate path

What it's made of

Hybrid(composite)

AA_FalconXUSDC is priced from an exchange-rate/NAV leg (Idle Tranches exchange rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseIdle Tranches exchange rateExchange rate

Markets this collateral backs · 1

→ USDC77% LLTV0x52ea…93fc

Room to grow: $3.19m of $10m cap (32% used)Aggregate Collateral Trust (ACT):$9.71m15 vaultsToken:0xc26a…f99cAllocation: $3.19m · 50% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $237,177Uses 1 market LLTV curve · capped at allocation $3.19m · inherits vault-wide stress

Oracle exposure: up to $578,573 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHMarketRedStone / Chainlink$1.61m25% of vault · bad debtOracle exposure $249,592

$1.86m29% of vault$1.61m25% of vault$249,592separate path

What it's made of

Market· RedStone / Chainlink(aggregator, composite)

weETH mixes exchange-rate/NAV (weETH/ETH exchange rate, Dummy feed with 12 decimals) with market-rate (ETH / USD) — insulated from weETH/ETH exchange rate, Dummy feed with 12 decimals market deviation, but exposed to ETH / USD.

BaseweETH/ETH exchange rateExchange rateETH / USDMarketChainlinkQuoteDummy feed with 12 decimalsNAV

Markets this collateral backs · 2

→ USDC86% LLTV0x5635…6a68RedStone
→ USDC77% LLTV0xa3a7…8411Chainlink

Room to grow: $1.86m of $20m cap (9% used)Aggregate Collateral Trust (ACT):$345.41m106 vaultsToken:0xcd5f…b7eeAllocation: $1.86m · 29% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $146,754Uses 2 market LLTV curves · capped at allocation $1.86m · inherits vault-wide stress

Oracle exposure: up to $249,592 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

tBTCHybridChainlink$700,92511% of vault · bad debtOracle exposure $104,341

$805,26513% of vault$700,92511% of vault$104,341separate path

What it's made of

Hybrid· Chainlink(composite)

tBTC is priced from an exchange-rate/NAV leg ((unnamed feed), (unnamed feed)) — no market-rate feed, so it tracks redemption value, not market price.

Base(unnamed feed)NAVQuote(unnamed feed)NAV

Markets this collateral backs · 1

→ USDC77% LLTV0x57bf…ca5bChainlink

Room to grow: $775,837 of $6m cap (13% used)Aggregate Collateral Trust (ACT):$75.92m64 vaultsToken:0x1808…3a88Allocation: $805,265 · 13% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $63,720Uses 1 market LLTV curve · capped at allocation $805,265 · inherits vault-wide stress

Oracle exposure: up to $104,341 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LBTCMarketRedStone / Chainlink$471,0117% of vault · bad debtOracle exposure $50,203

$521,2148% of vault$471,0117% of vault$50,203separate path

What it's made of

Market· RedStone / Chainlink(aggregator)

LBTC is priced via Redstone Price Feed × BTC / USD — 2-hop market-rate feeds (RedStone + Chainlink).

BaseRedstone Price FeedMarketRedStoneBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdcc0…29dbRedStone / Chainlink

Room to grow: $521,214 of $20m cap (3% used)Aggregate Collateral Trust (ACT):$53.44m68 vaultsToken:0x8236…4494Allocation: $521,214 · 8% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $87,630Uses 1 market LLTV curve · capped at allocation $521,214 · inherits vault-wide stress

Oracle exposure: up to $50,203 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$982,709drainable if these feeds are mispriced · 15% 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 cbBTC, WBTC, LBTC, weETH, stcUSD, tBTC0x21f7…73ca$404,136 · 6% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH, stcUSD0x6906…4472$299,795 · 5% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices AA_FalconXUSDC$578,573 · 9% of vaultmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices syrupUSDC$0.0029 · <1% of vaultmispriceable only via the issuing contract

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%	$6.37m	Full deposit	Instant
	8%	$535,282	up to $5.39m	Instant
Price-driven collateral stress(1)
	8%	$535,282	up to $5.39m	Instant
Oracle & liquidation failures(4)
	8%	$535,282	up to $5.39m	Instant
	8%	$534,765	up to $5.39m	Instant
	7%	$447,135	up to $4.92m	Instant
	—	—	up to $982,709	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $3.19m	3 days
	—	—	$0	Instant

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 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Guardian3-of-7 multisig0x7084…84cd

Allocators2 · 1 contract · 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)0xcc14…6acb
contract0xfd32…c75d

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