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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 · $339.35mOracle exposure 9%

What it's made of

cbBTC token page
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: $376.22m of $749.79m cap (50% used)Aggregate Collateral Trust (ACT):$245.35m53 vaultsToken:0xcbb7…33bfAllocation: 91% of the vault · $376.22m

If it breaks

−30% default
At −30%:est. bad debt up to 15% of depositUses 1 market LLTV curve · capped at allocation $376.22m · 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 · $28.6mOracle exposure 0.8%

What it's made of

WETH token page
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: $31.71m of $99.97m cap (32% used)Aggregate Collateral Trust (ACT):$61.82m34 vaultsToken:0x4200…0006Allocation: 8% of the vault · $31.71m

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $31.71m · 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 · $4.41mOracle exposure 0.1%

What it's made of

cbETH token page
Market· Chainlink(aggregator)

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

BasecbETH-ETH Exchange RateExchange rateChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 3
  • → USDC77% LLTV0x97ff…8295Chainlink
  • → USDC86% LLTV0xb40d…cd96Chainlink
  • → USDC86% LLTV0x4756…9425Chainlink
Room to grow: $4.89m of $299.91m cap (2% used)Aggregate Collateral Trust (ACT):$24.89m44 vaultsToken:0x2ae3…ec22Allocation: 1% of the vault · $4.89m

If it breaks

−30% default
At −30%:est. bad debt up to 0.1% of depositUses 3 market LLTV curves · capped at allocation $4.89m · 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 · $1.02mOracle exposure <0.1%

What it's made of

wstETH token page
Market· Chainlink(aggregator)

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

BaseWSTETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 2
  • → USDC86% LLTV0x957e…ce5fChainlink
  • → USDC86% LLTV0xd7a1…289aChainlink
Room to grow: $1.13m of $10m cap (11% used)Aggregate Collateral Trust (ACT):$31.27m34 vaultsToken:0xc1cb…e452Allocation: 0.3% of the vault · $1.13m

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 2 market LLTV curves · capped at allocation $1.13m · 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 feed1 control point

Up to10%of vault drainable if these feeds are mispriced · $40.58m

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·a 4/9 Safe multisigprices wstETH, WETH, cbBTC, cbETH0xf0db…5b1b10% of vault · $40.58mdrainable if it is compromised
Updated 51min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql