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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)

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 mF-ONE −30% 7% · OETH −30% 6% · WBTC −30% 3% · other 1% · −100% 89% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

OETHMarketChainlink33%of vault · bad debt · $636,625Oracle exposure 3%

37%of vault · $701,48833%of vault · $636,6253%separate path

What it's made of

OETH token page

Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 23hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xe8ad…edb0Chainlink

Room to grow: $701,488 of $5m cap (14% used)Aggregate Collateral Trust (ACT):$952,1317 vaultsToken:0x856c…8dc3Allocation: 37% of the vault · $701,488

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $701,488 · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mF-ONEMarket31%of vault · bad debt · $589,269Oracle exposure 4%

35%of vault · $673,30831%of vault · $589,2694%separate path

What it's made of

mF-ONE token page

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: $673,308 of $30m cap (2% used)Aggregate Collateral Trust (ACT):$2.82m14 vaultsToken:0x238a…66baAllocation: 35% of the vault · $673,308

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 1 market LLTV curve · capped at allocation $673,308 · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink19%of vault · bad debt · $352,062Oracle exposure 2%

21%of vault · $390,53219%of vault · $352,0622%separate path

What it's made of

WBTC token page

Market· Chainlink(aggregator)

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

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Heartbeat 24hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdddd…6b83Chainlink

Room to grow: $390,532 of $49.99m cap (<1% used)Aggregate Collateral Trust (ACT):$395.33m90 vaultsToken:0x2260…c599Allocation: 21% of the vault · $390,532

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $390,532 · 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

reUSDHybrid4%of vault · bad debt · $78,464Oracle exposure 0.5%

5%of vault · $87,1484%of vault · $78,4640.5%separate path

What it's made of

reUSD token page

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: $87,148 of $10m cap (<1% used)Aggregate Collateral Trust (ACT):$1.24m21 vaultsToken:0x5086…0c72Allocation: 5% of the vault · $87,148

If it breaks

−30% default

At −30%:est. bad debt up to 1.0% of depositUses 1 market LLTV curve · capped at allocation $87,148 · 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

siUSDHybrid1%of vault · bad debt · $26,574Oracle exposure 0.2%

2%of vault · $30,1991%of vault · $26,5740.2%separate path

What it's made of

siUSD token page

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: $30,199 of $20m cap (<1% used)Aggregate Collateral Trust (ACT):$1.06m17 vaultsToken:0xdbdc…9bcbAllocation: 2% of the vault · $30,199

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $30,199 · 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

mHYPERMarket0.9%of vault · bad debt · $17,465Oracle exposure 0.1%

1%of vault · $20,1460.9%of vault · $17,4650.1%separate path

What it's made of

mHYPER token page

Market(composite)

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

BasemHYPER/USDMarket

Markets this collateral backs · 1

→ USDC86% LLTV0xdabd…f1c0

Room to grow: $20,146 of $49.99m cap (<1% used)Aggregate Collateral Trust (ACT):$36,1436 vaultsToken:0x9b55…91b9Allocation: 1% of the vault · $20,146

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $20,146 · 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

wstETHMarketChainlink<0.1%of vault · bad debt · $119.69Oracle exposure <0.1%

<0.1%of vault · $132.83<0.1%of vault · $119.69<0.1%separate path

What it's made of

wstETH token page

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDC / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDC / ETHMarketChainlink

Heartbeat 24hDeviation 100bps

Markets this collateral backs · 1

→ USDC86% LLTV0x48f7…40e2Chainlink

Room to grow: $132.83 of $89.99m cap (<1% used)Aggregate Collateral Trust (ACT):$835.17m108 vaultsToken:0x7f39…2ca0Allocation: <0.1% of the vault · $132.83

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $132.83 · 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

1 feed1 control point

Up to11%of vault drainable if these feeds are mispriced · $202,376

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 WBTC, wstETH, EURCV, OETH0x21f7…73ca5% of vault · $103,347drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices mF-ONE, siUSD, mHYPER5% of vault · $90,346mispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices reUSD<1% of vault · $8,684mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	18%	up to 89%	Instant
Price-driven collateral stress(1)
	18%	up to 89%	Instant
Oracle & liquidation failures(5)
	18%	up to 89%	Instant
	18%	up to 89%	Instant
	—	up to 11%	Instant
	<1%	up to 6%	Instant
	1%	up to 6%	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

Allocators33 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)0xb9e9…49de
single key (EOA)0x8236…2b47
single key (EOA)0xd582…2287

Audits

361 critical, 13 high findings logged

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner6-of-1012 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 2.49m

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 46min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Usual Boosted USDC

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle