Gauntlet DAI Core

Risk reportEthereum0x5003…74a5

Risk

Depositing into Gauntlet DAI Core 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)

$832,137realistic worst · −50% collateral crashup to $2.24mSmart-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

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 $389,345

tap a preset or drag

Driven by sUSDe $357,651 · USDe $21,285 · PT-USDe-31JUL2025 $10,379 · other $30.84 · −100% $1.94m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

sUSDeHybrid$1.78m80% of vault · bad debtOracle exposure $274,726

$2.06m92% of vault$1.78m80% of vault$274,726separate 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 · 3

→ DAI95% LLTV0x5d91…ae25
→ DAI86% LLTV0x5d91…ae25
→ DAI92% LLTV0x5d91…ae25

Room to grow: $2.06m of $4m cap (51% used)Aggregate Collateral Trust (ACT):$55.69m79 vaultsToken:0x9d39…3497Allocation: $2.06m · 92% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $357,651Uses 3 market LLTV curves · capped at allocation $2.06m · inherits vault-wide stressOracle exposure: up to $274,726 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

USDeHybrid$114,4055% of vault · bad debtOracle exposure $18,916

$133,3216% of vault$114,4055% of vault$18,916separate path

What it's made of

Hybrid(constant)

USDe uses a constant oracle path; verified external provider(s): no verified external provider.

Markets this collateral backs · 2

→ DAI92% LLTV0xae47…ca35
→ DAI86% LLTV0xae47…ca35

Room to grow: $133,321 of $2m cap (7% used)Aggregate Collateral Trust (ACT):$71.96m54 vaultsToken:0x4c9e…68b3Allocation: $133,321 · 6% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $21,285Uses 2 market LLTV curves · capped at allocation $133,321 · inherits vault-wide stressOracle exposure: up to $18,916 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USDe-31JUL2025Hybrid$44,1712% of vault · bad debtOracle exposure $4,703

$48,8742% of vault$44,1712% of vault$4,703separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ DAI92% LLTV0xfcae…2e5c

Aggregate Collateral Trust (ACT):$4,7071 vaultsToken:0x9174…d667Allocation: $48,874 · 2% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $10,379Uses 1 market LLTV curve · capped at allocation $48,874 · inherits vault-wide stressOracle exposure: up to $4,703 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USDS-14AUG2025Hybrid$100.11<0.1% of vault · bad debtOracle exposure $16.21

$116.32<0.1% of vault$100.11<0.1% of vault$16.21separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ DAI97% LLTV0xd7c8…27a5

Aggregate Collateral Trust (ACT):$16.361 vaultsToken:0xffec…9a48Allocation: $116.32 · <0.1% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $27.49Uses 1 market LLTV curve · capped at allocation $116.32 · inherits vault-wide stressOracle exposure: up to $16.21 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-sUSDE-31JUL2025Hybrid$14.24<0.1% of vault · bad debtOracle exposure $10.92

$25.17<0.1% of vault$14.24<0.1% of vault$10.92separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ DAI92% LLTV0x7880…b732

Aggregate Collateral Trust (ACT):$64.7351 vaultsToken:0x3b3f…f634Allocation: $25.17 · <0.1% of the vault

If it breaksvault −30%

At −30%:est. bad debt up to $3.35Uses 1 market LLTV curve · capped at allocation $25.17 · inherits vault-wide stressOracle exposure: up to $10.92 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+1 market with no current position

Oracle dependencies

Up to$298,371drainable if these feeds are mispriced · 13% 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.

On-chain exchange rate· no external feed or adminprices sUSDe, USDe$293,641 · 13% of vaultmispriceable only via the issuing contract
Unidentified feeds· vendor and on-chain control not resolvedprices PT-USDe-31JUL2025, PT-USDS-14AUG2025, PT-sUSDE-31JUL2025$4,730 · <1% of vaultmispriceable if these feeds lie

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%	$2.24m	Full deposit	Instant
	17%	$389,345	up to $1.94m	Instant
Price-driven collateral stress(1)
	17%	$389,345	up to $1.94m	Instant
Oracle & liquidation failures(4)
	17%	$389,345	up to $1.94m	Instant
	17%	$389,345	up to $1.94m	Instant
	17%	$378,935	up to $1.89m	Instant
	—	—	up to $298,371	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $1.12m	3 days
	—	—	$0	Instant

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

Curator change queued

The timelock is your window to exit before each one takes effect.

raise a market's supply cap— applies now; no time to exit first

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)0x172b…1dff
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 · 8 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 15 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet DAI Core

Risk

Collateral & oracles

Oracle dependencies

How you could lose money

Who you're trusting

Market Specific oracle