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)

40%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 20% of deposit

Driven by reUSD −30% 13% · mF-ONE −30% 4% · OETH −30% 3% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

reUSDHybrid54%of vault · bad debt · $1.92mOracle exposure 6%

60%of vault · $2.13m54%of vault · $1.92m6%separate 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: $2.13m of $10m cap (21% used)Aggregate Collateral Trust (ACT):$6.28m18 vaultsToken:0x5086…0c72Allocation: 60% of the vault · $2.13m

If it breaks

−30% default

At −30%:est. bad debt up to 13% of depositUses 1 market LLTV curve · capped at allocation $2.13m · drag to set this asset's drop

Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

OETHMarketChainlink18%of vault · bad debt · $622,173.43Oracle exposure 2%

20%of vault · $692,716.918%of vault · $622,173.432%separate 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: $692,716.9 of $5m cap (14% used)Aggregate Collateral Trust (ACT):$995,512.677 vaultsToken:0x856c…8dc3Allocation: 20% of the vault · $692,716.9

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $692,716.9 · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mF-ONEMarket17%of vault · bad debt · $606,688.74Oracle exposure 2%

19%of vault · $675,716.7417%of vault · $606,688.742%separate 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: $675,716.74 of $29.99m cap (2% used)Aggregate Collateral Trust (ACT):$2.33m13 vaultsToken:0x238a…66baAllocation: 19% of the vault · $675,716.74

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $675,716.74 · drag to set this asset's drop

Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mHYPERMarket1%of vault · bad debt · $40,375.47Oracle exposure 0.1%

1%of vault · $44,670.211%of vault · $40,375.470.1%separate 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: $44,670.21 of $49.98m cap (<1% used)Aggregate Collateral Trust (ACT):$50,035.686 vaultsToken:0x9b55…91b9Allocation: 1% of the vault · $44,670.21

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $44,670.21 · 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

+4 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $346,523.63

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…73ca2% of vault · $70,543.47drainable if it is compromised
On-chain exchange rate· no external feed or adminprices reUSD6% of vault · $202,657.39mispriceable only via the issuing contract
Unidentified feeds· vendor and on-chain control not resolvedprices mF-ONE, mHYPER, siUSD2% of vault · $73,322.77mispriceable if these feeds lie

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

12 scenarios · 10 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 90%	Instant
Price-driven collateral stress(1)
	20%	up to 90%	Instant
Oracle & liquidation failures(5)
	20%	up to 90%	Instant
	20%	up to 90%	Instant
	6%	up to 60%	Instant
	13%	up to 54%	Instant
	—	up to 10%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	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· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 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 proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 254,036.33

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 Aug 15, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql