Metronome msUSD Vault (Ethereum) Risk

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 3% of deposit

Driven by siUSD −30% 3% · sUSDe −30% <1% · PRIME −30% <1% · −100% 11% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

siUSDHybrid11%of vault · bad debt · $1.99mOracle exposure 1%

12%of vault · $2.21m11%of vault · $1.99m1%separate 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: $2.21m of $17.52m cap (13% used)Aggregate Collateral Trust (ACT):$1.05m17 vaultsToken:0xdbdc…9bcbAllocation: 12% of the vault · $2.21m

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $2.21m · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

sUSDeHybrid0.3%of vault · bad debt · $61,768.59Oracle exposure <0.1%

0.4%of vault · $67,859.550.3%of vault · $61,768.59<0.1%separate 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: $67,859.55 of $1.97m cap (3% used)Aggregate Collateral Trust (ACT):$116.8m19 vaultsToken:0x9d39…3497Allocation: 0.4% of the vault · $67,859.55

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $67,859.55 · 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

PRIMEHybridChainlink<0.1%of vault · bad debt · $377.58Oracle exposure <0.1%

<0.1%of vault · $419.53<0.1%of vault · $377.58<0.1%separate 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: $419.53 of $8.76m cap (<1% used)Aggregate Collateral Trust (ACT):$20.56m14 vaultsToken:0x19eb…f7f6Allocation: <0.1% of the vault · $419.53

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $419.53 · 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

Unallocated (incl. $16.08m idle)not lent into any market — no collateral exposure88% · $16.06m

88%of vault · $16.06m——

Oracle dependencies

1 feed · 1 control point

Up to1%of vault drainable if these feeds are mispriced · $226,821.11

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 · $41.95drainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices siUSD1% of vault · $220,688.2mispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices sUSDe<1% of vault · $6,090.96mispriceable 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.

12 scenarios · 10 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	3%	up to 11%	Instant
Price-driven collateral stress(1)
	3%	up to 11%	Instant
Oracle & liquidation failures(5)
	1%	up to 12%	Instant
	3%	up to 11%	Instant
	3%	up to 11%	Instant
	3%	up to 11%	Instant
	—	up to 1%	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.

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· 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 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 2.49m

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.