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Morpho BlueVault (aggregates across markets)
Yearn Degen USDC
Risk reportKatana0xa2d3…b692
Risk
Depositing into Yearn Degen USDC 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.
How much could be lost?
29%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 13% of deposit
Driven by vbWBTC −30% 10% · vbETH −30% 2% · stcUSD −30% <1% · other <1% · −100% 69% modeled all-to-zero bad-debt ceiling
CollateralAllocationMarket ExposureOracle Exposure
vbWBTCMarketChainlink56%of vault · bad debt · $950,152Oracle exposure 14%70%of vault · $1.18m56%of vault · $950,15214%separate path
vbWBTCMarketChainlink56%of vault · bad debt · $950,152Oracle exposure 14%What it's made of
Market· Chainlink(aggregator)
vbWBTC uses Chainlink market-rate aggregator feed(s).
BaseChainlink market-rate feed pathQuoteChainlink quote feed path
Markets this collateral backs · 1
- → vbUSDC86% LLTV0xb60f…040eChainlink
Aggregate Collateral Trust (ACT):$1.72m12 vaultsToken:0x0913…cf52Allocation: 70% of the vault · $1.18m
If it breaks
−30% defaultAt −30%:est. bad debt up to 10% of depositUses 1 market LLTV curve · capped at allocation $1.18m · drag to set this asset's drop
Oracle exposure: up to 14% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake pricevbETHMarketChainlink10%of vault · bad debt · $166,773Oracle exposure 9%19%of vault · $319,04010%of vault · $166,7739%separate path
vbETHMarketChainlink10%of vault · bad debt · $166,773Oracle exposure 9%What it's made of
Market· Chainlink(aggregator)
vbETH uses Chainlink market-rate aggregator feed(s).
BaseChainlink market-rate feed pathQuoteChainlink quote feed path
Markets this collateral backs · 1
- → vbUSDC86% LLTV0xd423…bf47Chainlink
Aggregate Collateral Trust (ACT):$366,10412 vaultsToken:0xee7d…ab62Allocation: 19% of the vault · $319,040
If it breaks
−30% defaultAt −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $319,040 · drag to set this asset's drop
Oracle exposure: up to 9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake pricestcUSDMarketChainlink2%of vault · bad debt · $42,329Oracle exposure 6%8%of vault · $138,1102%of vault · $42,3296%separate path
stcUSDMarketChainlink2%of vault · bad debt · $42,329Oracle exposure 6%What it's made of
Market· Chainlink(aggregator)
Priced off live market data — a depeg moves the price and can liquidate positions.
Markets this collateral backs · 1
- → vbUSDC86% LLTV0x832a…6f7aChainlink
Aggregate Collateral Trust (ACT):$186,5143 vaultsToken:0x8888…8888Allocation: 8% of the vault · $138,110
If it breaks
−30% defaultAt −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $138,110 · drag to set this asset's drop
Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake priceweETHHybridRedStone / Chainlink0.4%of vault · bad debt · $5,999Oracle exposure <0.1%0.4%of vault · $6,6650.4%of vault · $5,999<0.1%separate path
weETHHybridRedStone / Chainlink0.4%of vault · bad debt · $5,999Oracle exposure <0.1%What it's made of
Hybrid· RedStone / Chainlink(aggregator)
Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.
Markets this collateral backs · 1
- → vbUSDC86% LLTV0x9b32…718cRedStone / Chainlink
Aggregate Collateral Trust (ACT):$600,35915 vaultsToken:0x9893…19a7Allocation: 0.4% of the vault · $6,665
If it breaks
−30% defaultAt −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $6,665 · 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 pricesiUSDMarketChainlink0.1%of vault · bad debt · $2,416Oracle exposure <0.1%0.2%of vault · $3,0100.1%of vault · $2,416<0.1%separate path
siUSDMarketChainlink0.1%of vault · bad debt · $2,416Oracle exposure <0.1%What it's made of
Market· Chainlink(aggregator)
Priced off live market data — a depeg moves the price and can liquidate positions.
Markets this collateral backs · 1
- → vbUSDC86% LLTV0x0483…0837Chainlink
Aggregate Collateral Trust (ACT):$594.031 vaultsToken:0x6894…f92dAllocation: 0.2% of the vault · $3,010
If it breaks
−30% defaultAt −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $3,010 · 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 priceKATMarketChainlink<0.1%of vault · bad debt · $798.96Oracle exposure 3%3%of vault · $46,254<0.1%of vault · $798.963%separate path
KATMarketChainlink<0.1%of vault · bad debt · $798.96Oracle exposure 3%What it's made of
Market· Chainlink(aggregator)
Priced off live market data — a depeg moves the price and can liquidate positions.
Markets this collateral backs · 1
- → vbUSDC63% LLTV0xf436…8800Chainlink
Aggregate Collateral Trust (ACT):$129,5565 vaultsToken:0x7f1f…dc2dAllocation: 3% of the vault · $46,254
If it breaks
−30% defaultAt −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $46,254 · drag to set this asset's drop
Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake priceavKATHybridChainlink<0.1%of vault · bad debt · $11.09Oracle exposure <0.1%<0.1%of vault · $11.88<0.1%of vault · $11.09<0.1%separate path
avKATHybridChainlink<0.1%of vault · bad debt · $11.09Oracle exposure <0.1%What it's made of
Hybrid· Chainlink(composite)
avKAT is priced from an exchange-rate/NAV leg rather than a direct market-rate feed.
BaseExchange-rate/NAV pricing legQuoteChainlink quote feed path
Markets this collateral backs · 1
- → vbUSDC63% LLTV0xe8ba…d981Chainlink
Aggregate Collateral Trust (ACT):$24,2036 vaultsToken:0x7231…fcebAllocation: <0.1% of the vault · $11.88
If it breaks
−30% defaultAt −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $11.88 · 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 priceOracle dependencies
2 feeds · 2 control pointsUp to31%of vault drainable if these feeds are mispriced · $529,146
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 siUSD, stcUSD, KAT, vbWBTC, avKAT, weETH, vbETH0x0787…333431% of vault · $529,146drainable if it is compromised
- RedStone / Chainlink·a 2/3 Safe multisigprices weETH0x3658…f9b2<1% of vault · $666.53drainable if it is compromised
Updated Sep 29, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql