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Smokehouse USDT

Risk reportEthereum0xa080…7484

Risk

Depositing into Smokehouse USDT 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)

37%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 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 18% of deposit

Driven by WBTC −30% 6% · PT-reUSD-10DEC2026 −30% 5% · wstETH −30% 3% · other 3% · −100% 85% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink30%of vault · bad debt · $6.02mOracle exposure 7%

36%of vault · $7.35m30%of vault · $6.02m7%separate path

What it's made of

WBTC token page

Market· Chainlink(managed, aggregator)

WBTC is priced via WBTC / BTC × BTC / USD, quoted in USDT / USD — 3-hop market-rate feeds (Chainlink).

BaseWBTC / BTCMarketBTC / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24hDeviation 50bps

Markets this collateral backs · 2

→ USDT86% LLTV0xf156…0cf4Chainlink
→ USDT86% LLTV0x008b…e1efChainlink

Room to grow: $7.35m of $99.89m cap (7% used)Aggregate Collateral Trust (ACT):$244.57m92 vaultsToken:0x2260…c599Allocation: 36% of the vault · $7.35m

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 2 market LLTV curves · capped at allocation $7.35m · drag to set this asset's drop

Oracle exposure: up to 7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-reUSD-10DEC2026HybridPTMarket rate23%of vault · bad debt · $4.69mOracle exposure 2%

25%of vault · $5.05m23%of vault · $4.69m2%separate path

What it's made of

PT-reUSD-10DEC2026 token page

Hybrid(composite)PTMarket rate

PT-reUSD-10DEC2026 PT is priced by a Pendle market-rate oracle.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ USDT92% LLTV0x217d…51f0

Room to grow: $5.05m of $9.99m cap (51% used)Aggregate Collateral Trust (ACT):$15.83m22 vaultsToken:0xecfa…3957Allocation: 25% of the vault · $5.05m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $5.05m · 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

wstETHMarketChainlink19%of vault · bad debt · $3.74mOracle exposure 4%

23%of vault · $4.56m19%of vault · $3.74m4%separate path

What it's made of

wstETH token page

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDT / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDT / ETHMarketChainlink

Heartbeat 24hDeviation 100bps

Markets this collateral backs · 2

→ USDT86% LLTV0xe087…9f9fChainlink
→ USDT86% LLTV0x95db…6992Chainlink

Room to grow: $4.56m of $249.73m cap (2% used)Aggregate Collateral Trust (ACT):$416.4m108 vaultsToken:0x7f39…2ca0Allocation: 23% of the vault · $4.56m

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 2 market LLTV curves · capped at allocation $4.56m · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid7%of vault · bad debt · $1.4mOracle exposure 2%

8%of vault · $1.7m7%of vault · $1.4m2%separate path

What it's made of

reUSD token page

Hybrid(exchange-rate)

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

BasereUSD/USD exchange rateExchange rate

Markets this collateral backs · 1

→ USDT92% LLTV0xa66a…4e70

Room to grow: $1.7m of $19.98m cap (9% used)Aggregate Collateral Trust (ACT):$6.62m20 vaultsToken:0x5086…0c72Allocation: 8% of the vault · $1.7m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $1.7m · 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

PT-sUSDS-26NOV2026UnclassifiedChainlink3%of vault · bad debt · $613,159Oracle exposure 0.6%

4%of vault · $728,2743%of vault · $613,1590.6%separate path

What it's made of

PT-sUSDS-26NOV2026 token page

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDT92% LLTV0x3464…35bfChainlink

Room to grow: $728,274 of $19.98m cap (4% used)Aggregate Collateral Trust (ACT):$1.55m9 vaultsToken:0xdc16…6094Allocation: 4% of the vault · $728,274

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 1 market LLTV curve · capped at allocation $728,274 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDSHybridChainlink3%of vault · bad debt · $548,597Oracle exposure 0.6%

3%of vault · $669,6443%of vault · $548,5970.6%separate path

What it's made of

sUSDS token page

Hybrid· Chainlink(aggregator)

sUSDS mixes exchange-rate/NAV (ERC4626 vault share-rate) with market-rate (DAI / USD, USDT / USD) — insulated from ERC4626 vault share-rate market deviation, but exposed to DAI / USD, USDT / USD.

BaseDAI / USDMarketChainlinkQuoteUSDT / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24hDeviation 25bps

Markets this collateral backs · 1

→ USDT97% LLTV0x0c42…4c79Chainlink

Room to grow: $669,644 of $49.95m cap (1% used)Aggregate Collateral Trust (ACT):$6.58m21 vaultsToken:0xa393…7fbdAllocation: 3% of the vault · $669,644

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 1 market LLTV curve · capped at allocation $669,644 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink0.3%of vault · bad debt · $69,064Oracle exposure 0.1%

0.4%of vault · $84,8110.3%of vault · $69,0640.1%separate path

What it's made of

weETH token page

Hybrid· Chainlink(composite, aggregator)

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

BaseweETH / ETHExchange rateChainlinkETH / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Heartbeat 24hDeviation 50bps

Markets this collateral backs · 2

→ USDT77% LLTV0xa3a7…8411Chainlink
→ USDT86% LLTV0x631b…0f87Chainlink

Room to grow: $84,811 of $39.96m cap (<1% used)Aggregate Collateral Trust (ACT):$221.64m49 vaultsToken:0xcd5f…b7eeAllocation: 0.4% of the vault · $84,811

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 2 market LLTV curves · capped at allocation $84,811 · drag to set this asset's drop

Oracle exposure: up to 0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink0.2%of vault · bad debt · $38,831Oracle exposure <0.1%

0.2%of vault · $45,0250.2%of vault · $38,831<0.1%separate path

What it's made of

WETH token page

Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDT86% LLTV0x0f94…4580Chainlink

Room to grow: $45,025 of $49.95m cap (<1% used)Aggregate Collateral Trust (ACT):$648.91m29 vaultsToken:0xc02a…6cc2Allocation: 0.2% of the vault · $45,025

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $45,025 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+5 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to15%of vault drainable if these feeds are mispriced · $3.08m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, WBTC, wstETH, TSLAon, FLHYon, WETH, sUSDe, weETH, sUSDS, PT-sUSDS-26NOV20260x21f7…73ca12% of vault · $2.41mdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices sUSDe, PT-stcUSD-23JUL20260x6906…4472<1% of vault · $824.19drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices PT-reUSD-10DEC20262% of vault · $365,675mispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices reUSD, syrupUSDC2% of vault · $304,590mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	18%	up to 85%	Instant
Price-driven collateral stress(1)
	18%	up to 85%	Instant
Oracle & liquidation failures(5)
	18%	up to 85%	Instant
	17%	up to 82%	Instant
	5%	up to 41%	Instant
	8%	up to 36%	Instant
	—	up to 15%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 57%	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

Owner5-of-10 multisig0x0a0e…f8dd

Curator3-of-9 multisig0x827e…ecdb

Guardiancontract0x4fcd…c1dd

Allocators71 multisig3 contracts3 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.

contract0xbeef…beef
single key (EOA)0x7a17…4e8d
single key (EOA)0xfc58…d827
contract0x9e91…f9e1
1-of-5 multisig0x29d4…74f7
contract0xfd32…c75d
single key (EOA)0xfeed…3c9a

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 991,904.24

Voting TokenMORPHO0x58D9…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 30min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Smokehouse USDT

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

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