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.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

$8.47mrealistic worst · −50% collateral crashup to $20.78mSmart-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 $4.38m

tap a preset or drag

Driven by siUSD $4.2m · sUSDe $114,096 · PRIME $59,832 · −100% $18.7m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

siUSDHybrid$17.89m86% of vault · bad debtOracle exposure $1.99m

$19.88m96% of vault$17.89m86% of vault$1.99mseparate path

What it's made of

Hybrid(composite)

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.

BaseChainlink-formatted InfiniFi RT OracleNAVQuoteDummy feed with 12 decimalsNAVBaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ msUSD92% LLTV0xc7bb…11af

Room to grow: $19.88m of $19.87m cap (100% used)Aggregate Collateral Trust (ACT):$3.58m17 vaultsToken:0xdbdc…9bcbAllocation: $19.88m · 96% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $4.2mUses 1 market LLTV curve · capped at allocation $19.88m · inherits vault-wide stress

Oracle exposure: up to $1.99m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDeHybrid$485,5702% of vault · bad debtOracle exposure $54,867

$540,4373% of vault$485,5702% of vault$54,867separate path

What it's made of

Hybrid(exchange-rate)

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.

BaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ msUSD92% LLTV0x5d91…ae25

Room to grow: $540,437 of $2.24m cap (24% used)Aggregate Collateral Trust (ACT):$198.97m79 vaultsToken:0x9d39…3497Allocation: $540,437 · 3% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $114,096Uses 1 market LLTV curve · capped at allocation $540,437 · inherits vault-wide stress

Oracle exposure: up to $54,867 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PRIMEHybridChainlink$321,5972% of vault · bad debtOracle exposure $40,160

$361,7582% of vault$321,5972% of vault$40,160separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ msUSD86% LLTV0x36a3…a70eChainlink

Room to grow: $361,758 of $9.93m cap (4% used)Aggregate Collateral Trust (ACT):$11.82m10 vaultsToken:0x19eb…f7f6Allocation: $361,758 · 2% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $59,832Uses 1 market LLTV curve · capped at allocation $361,758 · inherits vault-wide stress

Oracle exposure: up to $40,160 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

1 feed · 1 control point

Up to$2.08mdrainable if these feeds are mispriced · 10% 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·a 4/9 Safe multisigprices PRIME0x21f7…73ca$40,160 · <1% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices siUSD$1.99m · 10% of vaultmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices sUSDe$54,867 · <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%	$20.78m	Full deposit	Instant
	21%	$4.38m	up to $18.7m	Instant
Price-driven collateral stress(1)
	21%	$4.38m	up to $18.7m	Instant
Oracle & liquidation failures(4)
	21%	$4.38m	up to $18.7m	Instant
	21%	$4.38m	up to $18.7m	Instant
	21%	$4.38m	up to $18.7m	Instant
	—	—	up to $2.08m	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $10.39m	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)0x4ab8…b675
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

9 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 21 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql