Metronome msUSD Vault
Risk reportEthereum0x6859…36c3
Risk
Depositing into Metronome msUSD Vault 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.
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.
Driven by siUSD −30% 7% · sUSDe −30% <1% · PRIME −30% <1% · −100% 29% modeled all-to-zero bad-debt ceiling
siUSDHybrid29%of vault · bad debt · $4.22mOracle exposure 9%38%of vault · $5.53m29%of vault · $4.22m9%separate path
siUSDHybrid29%of vault · bad debt · $4.22mOracle exposure 9%What it's made of
siUSD is priced from an exchange-rate/NAV leg (Chainlink-formatted InfiniFi RT Oracle, Dummy feed with 12 decimals, ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.
- → msUSD92% LLTV0xc7bb…11af
If it breaks
−30% defaultsUSDeHybrid0.4%of vault · bad debt · $55,016.53Oracle exposure <0.1%0.4%of vault · $60,222.220.4%of vault · $55,016.53<0.1%separate path
sUSDeHybrid0.4%of vault · bad debt · $55,016.53Oracle exposure <0.1%What it's made of
sUSDe is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.
- → msUSD92% LLTV0x5d91…ae25
If it breaks
−30% defaultPRIMEHybridChainlink<0.1%of vault · bad debt · $297.96Oracle exposure <0.1%<0.1%of vault · $543.96<0.1%of vault · $297.96<0.1%separate path
PRIMEHybridChainlink<0.1%of vault · bad debt · $297.96Oracle exposure <0.1%What it's made of
Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.
- → msUSD86% LLTV0x36a3…a70eChainlink
If it breaks
−30% defaultOracle dependencies
1 feed · 1 control pointUp to9%of vault drainable if these feeds are mispriced · $1.31m
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·a 4/9 Safe multisigprices PRIME0x21f7…73ca<1% of vault · $246drainable if it is compromised
- Unidentified feeds· vendor and on-chain control not resolvedprices siUSD9% of vault · $1.31mmispriceable if these feeds lie
- On-chain exchange rate· no external feed or adminprices sUSDe<1% of vault · $5,205.69mispriceable 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.
| Full-deposit & protocol-level(2) | ||||
| 100% | Full deposit | Instant | ||
| 7% | up to 29% | Instant | ||
| Price-driven collateral stress(1) | ||||
| 7% | up to 29% | Instant | ||
| Oracle & liquidation failures(5) | ||||
| 9% | up to 38% | Instant | ||
| 7% | up to 29% | Instant | ||
| 7% | up to 29% | Instant | ||
| 7% | up to 29% | Instant | ||
| — | up to 9% | Instant | ||
| Vault role & allocator(4) | ||||
| — | Full deposit | 3 days | ||
| — | Full deposit | Instant | ||
| — | up to 50% | 3 days | ||
| — | 0% | Instant | ||
Trust and control
The people and processes that can change this protocol under you.
Vault operators
The roles that can actually move your deposit — the real principal-loss path.
Role timelock 3 days to exit before owner/curator actions land
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)0x4ab8…b675
- contract0xfd32…c75d
Audits
- Certora· Dec 15, 2025report
- Blackthorn· Dec 4, 2025report
- Spearbit· Dec 4, 2025report
- Blackthorn· Sep 15, 2025report
Governance & control
Protocol-wide governance: bounded context, not the path to your deposit.
MORPHO0x58D9…c2B2Dependencies that can affect your deposit
9 things this pool relies on but doesn't control. Select one for its story.
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.