⌘K

KPK USDC Yield RWA

Risk reportEthereum0x7a72…dda1

Risk

Depositing into KPK USDC Yield RWA 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)

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 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 19% of deposit

Driven by wFalconX −30% 6% · USD3 −30% 4% · mF-ONE −30% 4% · other 4% · −100% 87% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

wFalconXHybrid27%of vault · bad debt · $227,552Oracle exposure 5%

32%of vault · $266,05427%of vault · $227,5525%separate path

What it's made of

wFalconX token page

Hybrid(composite)

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

BaseIdle Tranches exchange rateExchange rate

Markets this collateral backs · 1

→ USDC92% LLTV0x52ea…93fc

Aggregate Collateral Trust (ACT):$4.44m12 vaultsToken:0x4614…8644Allocation: 32% of the vault · $266,054

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $266,054 · drag to set this asset's drop

Oracle exposure: up to 5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USD3-17DEC2026Hybrid19%of vault · bad debt · $154,172Oracle exposure 2%

20%of vault · $170,03619%of vault · $154,1722%separate path

What it's made of

PT-USD3-17DEC2026 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC86% LLTV0xe5e6…8d72

Aggregate Collateral Trust (ACT):$4.2m11 vaultsToken:0x7f47…eb4dAllocation: 20% of the vault · $170,036

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $170,036 · 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

USD3AUM / rate18%of vault · bad debt · $153,868Oracle exposure 2%

20%of vault · $170,01918%of vault · $153,8682%separate path

What it's made of

USD3 token page

AUM / rate(exchange-rate)

Priced off an exchange rate / AUM — insulated from spot depegs, but exposed to rate-provider corruption.

Markets this collateral backs · 1

→ USDC92% LLTV0x68b4…9c06

Aggregate Collateral Trust (ACT):$1.22m9 vaultsToken:0x056b…5eccAllocation: 20% of the vault · $170,019

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $170,019 · 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 · $141,348Oracle exposure 3%

20%of vault · $170,01317%of vault · $141,3483%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

Aggregate Collateral Trust (ACT):$3.75m13 vaultsToken:0x238a…66baAllocation: 20% of the vault · $170,013

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $170,013 · 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

AA_FalconXUSDCHybrid6%of vault · bad debt · $51,330Oracle exposure 0.6%

7%of vault · $56,4966%of vault · $51,3300.6%separate path

What it's made of

AA_FalconXUSDC token page

Hybrid(composite)

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

BaseIdle Tranches exchange rateExchange rate

Markets this collateral backs · 1

→ USDC77% LLTV0x52ea…93fc

Aggregate Collateral Trust (ACT):$712,47516 vaultsToken:0xc26a…f99cAllocation: 7% of the vault · $56,496

If it breaks

−30% default

At −30%:est. bad debt up to 0.6% of depositUses 1 market LLTV curve · capped at allocation $56,496 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Oracle dependencies

Up to13%of vault drainable if these feeds are mispriced · $104,346

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.

Unidentified feeds· vendor and onchain control not resolvedprices wFalconX, PT-USD3-17DEC2026, mF-ONE, AA_FalconXUSDC11% of vault · $88,195mispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices USD32% of vault · $16,151mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	19%	up to 87%	Instant
Price-driven collateral stress(1)
	19%	up to 87%	Instant
Oracle & liquidation failures(5)
	19%	up to 87%	Instant
	19%	up to 87%	Instant
	—	up to 13%	Instant
	<1%	up to 7%	Instant
	<1%	up to 6%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

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

Owner5-of-8 multisig0x8b88…a537

Curator2-of-5 multisig0xffbc…46c4

Sentinels11 multisigSafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

5-of-8 multisig0x8b88…a537

Allocators41 multisig3 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)0x331d…1204
single key (EOA)0xaf15…9440
single key (EOA)0xf0cf…2a75
2-of-5 multisig0xffbc…46c4

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 TokenMORPHO0x58D9…c2B2

Dependencies that can affect your deposit

6 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 47min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

KPK USDC Yield RWA

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

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle