BBQUSDTRisk · Ethereum

Risk

Depositing into BBQUSDT 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 Blue

ethereumVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$10.1mrealistic worst · −50% collateral crashup to $25.53mSmart-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

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 $5.05m

tap a preset or drag

Driven by stcUSD $2.15m · reUSD $691,428 · PT-reUSD-10DEC2026 $524,932 · other $1.68m · −100% $22.72m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

stcUSDHybridRedStone / Chainlink$9.17m36% of vault · bad debtOracle exposure $1.01m

$10.18m40% of vault$9.17m36% of vault$1.01mseparate path

What it's made of

Hybrid· RedStone / Chainlink(aggregator)

stcUSD mixes exchange-rate/NAV (RedStone Price Feed for cUSD_FUNDAMENTAL, ERC4626 vault share-rate) with market-rate (USDT / USD) — insulated from RedStone Price Feed for cUSD_FUNDAMENTAL, ERC4626 vault share-rate market deviation, but exposed to USDT / USD.

BaseRedStone Price Feed for cUSD_FUNDAMENTALNAVRedStoneQuoteUSDT / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 24h · Deviation 25bps

Markets this collateral backs · 1

→ USDT92% LLTV0x8c25…a814RedStone / Chainlink

Room to grow: $10.18m of $19.99m cap (51% used)Aggregate Collateral Trust (ACT):$2.74m19 vaultsToken:0x8888…8888Allocation: $10.18m · 40% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $2.15mUses 1 market LLTV curve · capped at allocation $10.18m · inherits vault-wide stressOracle exposure: up to $1.01m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid$2.94m12% of vault · bad debtOracle exposure $322,119

$3.26m13% of vault$2.94m12% of vault$322,119separate path

What it's made of

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: $3.26m of $19.99m cap (16% used)Aggregate Collateral Trust (ACT):$8.26m16 vaultsToken:0x5086…0c72Allocation: $3.26m · 13% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $691,428Uses 1 market LLTV curve · capped at allocation $3.26m · inherits vault-wide stressOracle exposure: up to $322,119 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$2.68m10% of vault · bad debtOracle exposure $295,868

$2.98m12% of vault$2.68m10% of vault$295,868separate path

What it's made of

Market· Chainlink(composite, aggregator, managed)

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

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 2

→ USDT86% LLTV0x9f98…34d2Chainlink
→ USDT86% LLTV0x0e05…38acChainlink

Room to grow: $2.98m of $99.93m cap (3% used)Aggregate Collateral Trust (ACT):$313.02m147 vaultsToken:0xcbb7…33bfAllocation: $2.98m · 12% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $498,620Uses 2 market LLTV curves · capped at allocation $2.98m · inherits vault-wide stressOracle exposure: up to $295,868 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$2.36m9% of vault · bad debtOracle exposure $287,458

$2.64m10% of vault$2.36m9% of vault$287,458separate path

What it's made of

Market· Chainlink(aggregator, managed)

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

BaseWBTC / BTCMarketBTC / USDMarketChainlinkQuoteUSDT / USDMarketChainlink

Markets this collateral backs · 2

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

Room to grow: $2.64m of $99.93m cap (3% used)Aggregate Collateral Trust (ACT):$441.19m144 vaultsToken:0x2260…c599Allocation: $2.64m · 10% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $438,434Uses 2 market LLTV curves · capped at allocation $2.64m · inherits vault-wide stressOracle exposure: up to $287,458 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-reUSD-10DEC2026HybridPTMarket rate$2.23m9% of vault · bad debtOracle exposure $318,615

$2.55m10% of vault$2.23m9% of vault$318,615separate path

What it's made of

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: $2.55m of $9.99m cap (26% used)Aggregate Collateral Trust (ACT):$3.16m13 vaultsToken:0xecfa…3957Allocation: $2.55m · 10% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $524,932Uses 1 market LLTV curve · capped at allocation $2.55m · inherits vault-wide stressOracle exposure: up to $318,615 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USDG-24SEP2026HybridPTMarket rateChainlink$1.97m8% of vault · bad debtOracle exposure $408,915

$2.38m9% of vault$1.97m8% of vault$408,915separate path

What it's made of

Hybrid· Chainlink(composite)PTMarket rate

PT-USDG-24SEP2026 PT is priced by a Pendle market-rate oracle.

BasePendle Chainlink-compatible OracleNAVUSDG / USDMarketChainlink

Markets this collateral backs · 1

→ USDT92% LLTV0x4c0f…8076Chainlink

Room to grow: $2.03m of $9.99m cap (20% used)Aggregate Collateral Trust (ACT):$421,1716 vaultsToken:0xc190…2140Allocation: $2.38m · 9% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $463,136Uses 1 market LLTV curve · capped at allocation $2.38m · inherits vault-wide stressOracle exposure: up to $408,915 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$703,1453% of vault · bad debtOracle exposure $77,958

$781,1043% of vault$703,1453% of vault$77,958separate path

What it's made of

Hybrid· 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

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

Room to grow: $781,104 of $39.97m cap (2% used)Aggregate Collateral Trust (ACT):$297.23m105 vaultsToken:0xcd5f…b7eeAllocation: $781,104 · 3% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $130,818Uses 2 market LLTV curves · capped at allocation $781,104 · inherits vault-wide stressOracle exposure: up to $77,958 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-cUSD-23JUL2026HybridPTMarket rateRedStone$180,2580.7% of vault · bad debtOracle exposure $20,080

$200,3380.8% of vault$180,2580.7% of vault$20,080separate path

What it's made of

Hybrid· RedStone(composite)PTMarket rate

PT-cUSD-23JUL2026 PT is priced by a Pendle market-rate oracle, quoted via RedStone Price Feed for USDC_V2.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAVRedStone Price Feed for cUSD_FUNDAMENTALNAVRedStoneQuoteRedStone Price Feed for USDC_V2MarketRedStone

Markets this collateral backs · 1

→ USDT92% LLTV0x25b3…3dd2RedStone

Room to grow: $200,338 of $49.96m cap (<1% used)Aggregate Collateral Trust (ACT):$622,54311 vaultsToken:0x928f…f4ceAllocation: $200,338 · 0.8% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $42,356Uses 1 market LLTV curve · capped at allocation $200,338 · inherits vault-wide stressOracle exposure: up to $20,080 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$2.81mdrainable 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 cbBTC, WBTC, wstETH, FLHYon, WETH, sUSDe, weETH, stcUSD, sUSDS, PT-srUSDe-25JUN2026, PT-USDG-24SEP20260x21f7…73ca$2.11m · 8% of vaultdrainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices PT-cUSD-23JUL2026, sUSDe, stcUSD, PT-stcUSD-23JUL20260x6906…4472$1.04m · 4% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices PT-reUSD-10DEC2026, PT-reUSD-25JUN2026$338,588 · 1% of vaultmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices reUSD, wsrUSD, syrupUSDT, syrupUSDC$336,716 · 1% of vaultmispriceable only via the issuing contract

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%	$25.53m	Full deposit	Instant
	20%	$5.05m	up to $22.72m	Instant
Price-driven collateral stress(1)
	20%	$5.05m	up to $22.72m	Instant
Oracle & liquidation failures(4)
	20%	$5.05m	up to $22.72m	Instant
	19%	$4.97m	up to $22.29m	Instant
	18%	$4.61m	up to $20.36m	Instant
	—	—	up to $2.81m	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $14.76m	Instant
	—	—	up to $12.76m	3 days

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

Curator2-of-6 multisig0x827e…ecdb

Guardiancontract0x4fcd…c1dd

Allocators4 · 1 multisig · 2 contracts · 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.

contract0x9e91…f9e1
1-of-5 multisig0x29d4…74f7
contract0xfd32…c75d
single key (EOA)0xfeed…3c9a

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

BBQUSDTRisk · Ethereum

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle