Apyx apxUSD

Risk reportEthereum0x3a61…0082

Risk

Depositing into Apyx apxUSD 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)

41%of your deposit if collateral falls 50%Only oracle compromise (full drain) reaches a total 100%, with no warning to exit.

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 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 21% of deposit

Driven by PT-apyUSD-5NOV2026 −30% 18% · PT-apxUSD-5NOV2026 −30% 1% · apyUSD −30% 1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-apyUSD-5NOV2026Hybrid76%of vault · bad debt · $2.29mOracle exposure 8%

84%of vault · $2.53m76%of vault · $2.29m8%separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ apxUSD92% LLTV0xd3ac…87e9

Aggregate Collateral Trust (ACT):$881,747.825 vaultsToken:0xb5be…f150Allocation: 84% of the vault · $2.53m

If it breaks

−30% default

At −30%:est. bad debt up to 18% of depositUses 1 market LLTV curve · capped at allocation $2.53m · 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

apyUSDHybrid7%of vault · bad debt · $224,250.25Oracle exposure 0.7%

8%of vault · $244,098.677%of vault · $224,250.250.7%separate path

What it's made of

Hybrid(exchange-rate)

apyUSD is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ apxUSD86% LLTV0x7706…8872

Aggregate Collateral Trust (ACT):$1.44m6 vaultsToken:0x38ee…8a6aAllocation: 8% of the vault · $244,098.67

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $244,098.67 · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apxUSD-5NOV2026Hybrid6%of vault · bad debt · $172,454Oracle exposure 0.8%

7%of vault · $196,029.756%of vault · $172,4540.8%separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ apxUSD95% LLTV0xeca7…8e0b

Aggregate Collateral Trust (ACT):$216,401.425 vaultsToken:0xaf68…88b6Allocation: 7% of the vault · $196,029.75

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $196,029.75 · drag to set this asset's drop

Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apyUSD-18JUN2026HybridPTMarket rate0.4%of vault · bad debt · $11,088.43Oracle exposure 0.8%

1%of vault · $34,397.110.4%of vault · $11,088.430.8%separate path

What it's made of

Hybrid(composite)PTMarket rate

PT-apyUSD-18JUN2026 PT is priced by a Pendle market-rate oracle.

BasePendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ apxUSD86% LLTV0x1e7f…0949

Aggregate Collateral Trust (ACT):$351,753.166 vaultsToken:0x3365…16a5Allocation: 1% of the vault · $34,397.11

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $34,397.11 · drag to set this asset's drop

Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+1 market with no current position

Oracle dependencies

Up to10%of vault drainable if these feeds are mispriced · $310,230.65

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.

Unidentified feeds· vendor and on-chain control not resolvedprices PT-apyUSD-5NOV2026, PT-apxUSD-5NOV2026, PT-apyUSD-18JUN2026, PT-apxUSD-18JUN202610% of vault · $290,382.23mispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices apyUSD<1% of vault · $19,848.41mispriceable only via the issuing contract

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
	21%	up to 90%	Instant
Price-driven collateral stress(1)
	21%	up to 90%	Instant
Oracle & liquidation failures(5)
	10%	Full deposit	Instant
	21%	up to 90%	Instant
	21%	up to 90%	Instant
	21%	up to 90%	Instant
	—	up to 10%	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)0x4fb8…349e

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 owner5-of-912 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 254,036.33

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

6 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 Aug 11, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql