⌘K

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.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

37%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 16% of deposit

Driven by vbWBTC −30% 7% · weETH −30% 7% · vbETH −30% 3% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

vbWBTCMarketChainlink36%of vault · bad debt · $715,119Oracle exposure 4%

41%of vault · $803,34636%of vault · $715,1194%separate path

What it's made of

vbWBTC token page

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):$577,08510 vaultsToken:0x0913…cf52Allocation: 41% of the vault · $803,346

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 1 market LLTV curve · capped at allocation $803,346 · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridRedStone / Chainlink35%of vault · bad debt · $697,829Oracle exposure 3%

39%of vault · $764,67935%of vault · $697,8293%separate path

What it's made of

weETH token page

Hybrid· RedStone / Chainlink(aggregator)

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

Markets this collateral backs · 2

→ vbUSDC86% LLTV0x9b32…718cRedStone / Chainlink
→ vbUSDC86% LLTV0x4b29…f6a1Chainlink

Aggregate Collateral Trust (ACT):$292,33512 vaultsToken:0x9893…19a7Allocation: 39% of the vault · $764,679

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 2 market LLTV curves · capped at allocation $764,679 · 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 price

vbETHMarketChainlink15%of vault · bad debt · $301,027Oracle exposure 2%

17%of vault · $334,46515%of vault · $301,0272%separate path

What it's made of

vbETH token page

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):$56,04910 vaultsToken:0xee7d…ab62Allocation: 17% of the vault · $334,465

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $334,465 · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

avKATHybridChainlink4%of vault · bad debt · $72,591Oracle exposure 0.3%

4%of vault · $79,4264%of vault · $72,5910.3%separate path

What it's made of

avKAT token page

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):$79,6055 vaultsToken:0x7231…fcebAllocation: 4% of the vault · $79,426

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $79,426 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

stcUSDMarketChainlink<0.1%of vault · bad debt · $669.15Oracle exposure <0.1%

<0.1%of vault · $959.61<0.1%of vault · $669.15<0.1%separate path

What it's made of

stcUSD token page

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):$35,6743 vaultsToken:0x8888…8888Allocation: <0.1% of the vault · $959.61

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $959.61 · 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

+2 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to10%of vault drainable if these feeds are mispriced · $195,641

Each price traces to a feed and the onchain 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, weETH, KAT, vbWBTC, avKAT, vbETH0x0787…333410% of vault · $195,641drainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices weETH0x3658…f9b23% of vault · $66,850drainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 90%	Instant
Price-driven collateral stress(1)
	16%	up to 90%	Instant
Oracle & liquidation failures(6)
	16%	up to 90%	Instant
	16%	up to 90%	Instant
	16%	up to 86%	Instant
	4%	up to 43%	Instant
	7%	up to 39%	Instant
	—	up to 10%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

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 multisig0x518c…0149

Curator2-of-3 multisig0x90d0…6b51

Sentinels11 multisigSafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

3-of-5 multisig0xe6ad…7162

Allocators42 contracts2 EOAsReaches 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)0x50b7…a8fa
single key (EOA)0x75a1…780d
contract0xd952…d702
contract0xffb8…0862

Audits

361 critical, 13 high findings logged

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0x18b8…5d7c

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 TokenMORPHO0x58D9…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 55min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Yearn Degen USDC

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle