Usual Boosted USDC

Risk reportEthereum0xd630…3a3d

Risk

Depositing into Usual Boosted 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)

$1.75mrealistic worst · −50% collateral crashup to $4.38mSmart-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

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 dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $887,452

tap a preset or drag

Driven by mF-ONE $371,033 · reUSD $254,609 · siUSD $138,167 · other $123,643 · −100% $3.92m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

mF-ONEMarket$1.58m36% of vault · bad debtOracle exposure $171,456

$1.75m40% of vault$1.58m36% of vault$171,456separate path

What it's made of

Market(composite)

mF-ONE is priced via mF-ONE/USD Discounted — market-rate feed.

BasemF-ONE/USD DiscountedMarket

Markets this collateral backs · 1

→ USDC92% LLTV0x0cb1…eb78

Room to grow: $1.75m of $30m cap (6% used)Aggregate Collateral Trust (ACT):$1.46m12 vaultsToken:0x238a…66baAllocation: $1.75m · 40% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $371,033Uses 1 market LLTV curve · capped at allocation $1.75m · inherits vault-wide stress

Oracle exposure: up to $171,456 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid$1.08m25% of vault · bad debtOracle exposure $146,684

$1.23m28% of vault$1.08m25% of vault$146,684separate path

What it's made of

Hybrid(exchange-rate)

reUSD is priced from an exchange-rate/NAV leg (reUSD/USD exchange rate) — no market-rate feed, so it tracks redemption value, not market price.

BasereUSD/USD exchange rateExchange rate

Markets this collateral backs · 1

→ USDC92% LLTV0xa66a…4e70

Room to grow: $1.23m of $10m cap (12% used)Aggregate Collateral Trust (ACT):$9.88m17 vaultsToken:0x5086…0c72Allocation: $1.23m · 28% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $254,609Uses 1 market LLTV curve · capped at allocation $1.23m · inherits vault-wide stress

Oracle exposure: up to $146,684 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

OETHMarketChainlink$618,83114% of vault · bad debtOracle exposure $71,603

$690,43416% of vault$618,83114% of vault$71,603separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 23h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xe8ad…edb0Chainlink

Room to grow: $690,434 of $5m cap (14% used)Aggregate Collateral Trust (ACT):$939,9957 vaultsToken:0x856c…8dc3Allocation: $690,434 · 16% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $115,131Uses 1 market LLTV curve · capped at allocation $690,434 · inherits vault-wide stress

Oracle exposure: up to $71,603 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

siUSDHybrid$588,01213% of vault · bad debtOracle exposure $68,368

$656,38015% of vault$588,01213% of vault$68,368separate path

What it's made of

Hybrid(composite)

siUSD is priced from an exchange-rate/NAV leg (Chainlink-formatted InfiniFi RT Oracle, Dummy feed with 12 decimals, ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseChainlink-formatted InfiniFi RT OracleNAVQuoteDummy feed with 12 decimalsNAVBaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ USDC92% LLTV0xd2cc…fa6d

Room to grow: $656,380 of $20m cap (3% used)Aggregate Collateral Trust (ACT):$3.26m17 vaultsToken:0xdbdc…9bcbAllocation: $656,380 · 15% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $138,167Uses 1 market LLTV curve · capped at allocation $656,380 · inherits vault-wide stress

Oracle exposure: up to $68,368 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mHYPERMarket$45,7501% of vault · bad debtOracle exposure $5,522

$51,2721% of vault$45,7501% of vault$5,522separate path

What it's made of

Market(composite)

mHYPER is priced via mHYPER/USD — market-rate feed.

BasemHYPER/USDMarket

Markets this collateral backs · 1

→ USDC86% LLTV0xdabd…f1c0

Room to grow: $51,272 of $49.99m cap (<1% used)Aggregate Collateral Trust (ACT):$611,3465 vaultsToken:0x9b55…91b9Allocation: $51,272 · 1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $8,512Uses 1 market LLTV curve · capped at allocation $51,272 · inherits vault-wide stress

Oracle exposure: up to $5,522 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to$463,633drainable if these feeds are mispriced · 11% 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.

Chainlink·a 4/9 Safe multisigprices WBTC, wstETH, EURCV, OETH0x21f7…73ca$71,603 · 2% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices mF-ONE, siUSD, mHYPER$245,346 · 6% of vaultmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices reUSD$146,684 · 3% of vaultmispriceable only via the issuing contract

Loss scenarios

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%	$4.38m	Full deposit	Instant
	20%	$887,452	up to $3.92m	Instant
Price-driven collateral stress(1)
	20%	$887,452	up to $3.92m	Instant
Oracle & liquidation failures(4)
	20%	$887,452	up to $3.92m	Instant
	20%	$887,452	up to $3.92m	Instant
	9%	$392,776	up to $1.67m	Instant
	—	—	up to $463,633	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $2.19m	3 days
	—	—	$0	Instant

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

Owner2-of-5 multisig0x38af…82db

Guardian8-of-15 multisig0x6e9d…7fb7

Allocators3 · 3 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)0xaa85…bbbd
single key (EOA)0x8236…2b47
single key (EOA)0xd582…2287

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

9 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 21 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql