Gauntlet USDC

Risk reportUnichain0x38f4…f9f9

Risk

Depositing into Gauntlet 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)

$87,238realistic worst · −50% collateral crashup to $294,734Smart-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 $43,526

tap a preset or drag

Driven by PT-cUSD-23JUL2026-(ETH) $33,448 · WBTC $5,820 · WETH $4,257 · other $0.71 · −100% $196,517 modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-cUSD-23JUL2026-(ETH)HybridPTCustom$142,35048% of vault · bad debtOracle exposure $67,999

$210,34871% of vault$142,35048% of vault$67,999separate path

What it's made of

Hybrid(composite)PTCustom

PT-cUSD-23JUL2026-(ETH) uses a custom PT oracle path; no standard linear-discount or market-rate wrapper was identified.

BaseCustom PT oracle pathQuoteNo independent quote feed identified

Markets this collateral backs · 1

→ USDC92% LLTV0x20b3…9782

Aggregate Collateral Trust (ACT):$149,4432 vaultsToken:0x9d98…c682Allocation: $210,348 · 71% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $33,448Uses 1 market LLTV curve · capped at allocation $210,348 · inherits vault-wide stress

Oracle exposure: up to $67,999 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketRedStone$31,28211% of vault · bad debtOracle exposure $18,737

$50,01917% of vault$31,28211% of vault$18,737separate path

What it's made of

Market· RedStone(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC86% LLTV0xdade…7873RedStone

Room to grow: $32,283 of $49,993 cap (65% used)Aggregate Collateral Trust (ACT):$19,3712 vaultsToken:0x927b…afb8Allocation: $50,019 · 17% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $5,820Uses 1 market LLTV curve · capped at allocation $50,019 · inherits vault-wide stress

Oracle exposure: up to $18,737 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketRedStone$22,8828% of vault · bad debtOracle exposure $3,508

$26,3909% of vault$22,8828% of vault$3,508separate path

What it's made of

Market· RedStone(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC86% LLTV0xf30b…2db5RedStone

Room to grow: $26,390 of $49,993 cap (53% used)Aggregate Collateral Trust (ACT):$1.51m2 vaultsToken:0x4200…0006Allocation: $26,390 · 9% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $4,257Uses 1 market LLTV curve · capped at allocation $26,390 · inherits vault-wide stress

Oracle exposure: up to $3,508 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHMarketRedStone$2.72<0.1% of vault · bad debtOracle exposure $0.08

$2.8<0.1% of vault$2.72<0.1% of vault$0.08separate path

What it's made of

Market· RedStone(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC86% LLTV0xa056…fd89RedStone

Aggregate Collateral Trust (ACT):$455,6882 vaultsToken:0x7dcc…80f7Allocation: $2.8 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $0.51Uses 1 market LLTV curve · capped at allocation $2.8 · inherits vault-wide stress

Oracle exposure: up to $0.08 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHHybridRedStone$1.11<0.1% of vault · bad debtOracle exposure $571.66

$572.760.2% of vault$1.11<0.1% of vault$571.66separate path

What it's made of

Hybrid· RedStone(aggregator)

wstETH uses a wstETH/stETH exchange-rate leg plus market-rate quote feeds; this reduces wstETH/stETH market-deviation exposure but still depends on the downstream stETH/ETH/quote feed path.

BasewstETH/stETH exchange-rate adapterQuoteRedStone market-rate quote feed path

Markets this collateral backs · 1

→ USDC86% LLTV0x2afd…0653RedStone

Aggregate Collateral Trust (ACT):$1.86m3 vaultsToken:0xc02f…2001Allocation: $572.76 · 0.2% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $0.21Uses 1 market LLTV curve · capped at allocation $572.76 · inherits vault-wide stress

Oracle exposure: up to $571.66 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Unallocated (incl. $7,135 idle)not lent into any market — no collateral exposure$7,402 · 3%

$7,4023% of vault——

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to$90,816drainable if these feeds are mispriced · 31% 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.

RedStone·a 2/3 Safe multisigprices weETH, wstETH, WBTC, WETH0x1756…2776$22,817 · 8% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices PT-cUSD-23JUL2026-(ETH)$67,999 · 23% of vaultmispriceable if these feeds lie

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.

12 scenarios · 10 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$294,734	Full deposit	Instant
	15%	$43,526	up to $196,517	Instant
Price-driven collateral stress(1)
	15%	$43,526	up to $196,517	Instant
Oracle & liquidation failures(5)
	15%	$43,526	up to $196,517	Instant
	15%	$43,526	up to $196,517	Instant
	15%	$43,526	up to $196,517	Instant
	11%	$33,448	up to $142,351	Instant
	—	—	up to $90,816	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $147,367	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

Owner4-of-7 multisig0x5a4e…d4d0

Curator3-of-7 multisig0x9e33…0585

Guardian3-of-7 multisig0x7084…84cd

Allocators2 · 1 contract · 1 EOAReaches 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.

contract0xb0c9…c7c9
single key (EOA)0xc127…2a6c

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 chains0xee2e…b372

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

10 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 24 Jul, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql