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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?
39%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 18% of deposit

Driven by sUSDe −30% 17% · USDe −30% 1% · PT-USDe-31JUL2025 −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

sUSDesUSDeHybrid83%of vault · bad debt · $1.77mOracle exposure 9%

What it's made of

sUSDe token page
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: $1.97m of $4m cap (49% used)Aggregate Collateral Trust (ACT):$99.05m19 vaultsToken:0x9d39…3497Allocation: 92% of the vault · $1.97m

If it breaks

−30% default
At −30%:est. bad debt up to 17% of depositUses 3 market LLTV curves · capped at allocation $1.97m · 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 price
USDeUSDeHybrid5%of vault · bad debt · $116,209Oracle exposure 0.5%

What it's made of

USDe token page
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: $127,614 of $2m cap (6% used)Aggregate Collateral Trust (ACT):$302.2m7 vaultsToken:0x4c9e…68b3Allocation: 6% of the vault · $127,614

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 2 market LLTV curves · capped at allocation $127,614 · drag to set this asset's drop
Oracle exposure: up to 0.5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
PT-USDe-31JUL2025PT-USDe-31JUL2025Hybrid2%of vault · bad debt · $44,620Oracle exposure 0.2%

What it's made of

PT-USDe-31JUL2025 token page
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):$4,7091 vaultsToken:0x9174…d667Allocation: 2% of the vault · $49,324

If it breaks

−30% default
At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $49,324 · drag to set this asset's drop
Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
PT-sUSDE-31JUL2025PT-sUSDE-31JUL2025Hybrid<0.1%of vault · bad debt · $14Oracle exposure <0.1%

What it's made of

PT-sUSDE-31JUL2025 token page
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):$54.981 vaultsToken:0x3b3f…f634Allocation: <0.1% of the vault · $15.52

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $15.52 · 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
PT-USDS-14AUG2025PT-USDS-14AUG2025Hybrid<0.1%of vault · bad debt · $4.07Oracle exposure <0.1%

What it's made of

PT-USDS-14AUG2025 token page
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):$0.501 vaultsToken:0xffec…9a48Allocation: <0.1% of the vault · $4.47

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $4.47 · 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

+1 market with no current position

Oracle dependencies

Up to10%of vault drainable if these feeds are mispriced · $214,615

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.

  • Onchain exchange rate· no external feed or adminprices sUSDe, USDe10% of vault · $209,910mispriceable only via the issuing contract
  • Unidentified feeds· vendor and onchain control not resolvedprices PT-USDe-31JUL2025, PT-sUSDE-31JUL2025, PT-USDS-14AUG2025<1% of vault · $4,705mispriceable if these feeds lie

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Updated 26min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql