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Gauntlet USDC Prime

Risk reportBase0xee8f…4b61

Risk

Depositing into Gauntlet USDC Prime 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?
38%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 7-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 17% of deposit

Driven by cbBTC −30% 15% · WETH −30% 1% · cbETH −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

cbBTCcbBTCMarket82%of vault · bad debt · $340.98mOracle exposure 9%

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink
Markets this collateral backs · 1
  • → USDC86% LLTV0x663b…39b9Chainlink
Room to grow: $378.75m of $749.87m cap (51% used)Aggregate Collateral Trust (ACT):$197.81m48 vaultsToken:0xcbb7…33bfAllocation: 91% of the vault · $378.75m

If it breaks

−30% default
At −30%:est. bad debt up to 15% of depositUses 1 market LLTV curve · capped at allocation $378.75m · 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
WETHWETHMarket7%of vault · bad debt · $28.17mOracle exposure 0.8%

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD, quoted in USDC / USD — 2-hop market-rate feeds (Chainlink).

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 1
  • → USDC86% LLTV0xfea2…afe4Chainlink
Room to grow: $31.29m of $99.98m cap (31% used)Aggregate Collateral Trust (ACT):$56.8m33 vaultsToken:0x4200…0006Allocation: 8% of the vault · $31.29m

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $31.29m · drag to set this asset's drop
Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
cbETHcbETHMarket1%of vault · bad debt · $4.22mOracle exposure 0.1%

What it's made of

Market· Chainlink(aggregator)

cbETH is priced via CBETH / ETH × ETH / USD, quoted in USDC / USD — 3-hop market-rate feeds (Chainlink).

BaseCBETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 3
  • → USDC86% LLTV0x4756…9425Chainlink
  • → USDC77% LLTV0x97ff…8295Chainlink
  • → USDC86% LLTV0xb40d…cd96Chainlink
Room to grow: $4.69m of $299.95m cap (2% used)Aggregate Collateral Trust (ACT):$24.71m42 vaultsToken:0x2ae3…ec22Allocation: 1% of the vault · $4.69m

If it breaks

−30% default
At −30%:est. bad debt up to 0.1% of depositUses 3 market LLTV curves · capped at allocation $4.69m · 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
wstETHwstETHMarket0.2%of vault · bad debt · $821,243.51Oracle exposure <0.1%

What it's made of

Market· Chainlink(aggregator)

wstETH mixes exchange-rate/NAV (wstETH-ETH Exchange Rate) with market-rate (ETH / USD, USDC / USD) — insulated from wstETH-ETH Exchange Rate market deviation, but exposed to ETH / USD, USDC / USD.

BasewstETH-ETH Exchange RateExchange rateChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 2
  • → USDC86% LLTV0xd7a1…289aChainlink
  • → USDC86% LLTV0x957e…ce5fChainlink
Room to grow: $912,046.43 of $10m cap (9% used)Aggregate Collateral Trust (ACT):$62.99m34 vaultsToken:0xc1cb…e452Allocation: 0.2% of the vault · $912,046.43

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 2 market LLTV curves · capped at allocation $912,046.43 · 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

Oracle dependencies

1 feed · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $41.46m

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 wstETH, WETH, cbBTC, cbETH0xf0db…5b1b10% of vault · $41.46mdrainable if it is compromised
Updated Sep 24, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql