Gauntlet USDC

Risk reportHyperliquid L10x08c0…adf3

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)

$440,068realistic worst · −50% collateral crashup to $2.17mSmart-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 $26,390

tap a preset or drag

Driven by UBTC $26,390 · −100% $1.98m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

kHYPEHybridRedStone$1.11m51% of vault · bad debtOracle exposure $92,880

$1.2m55% of vault$1.11m51% of vault$92,880separate path

What it's made of

Hybrid· RedStone(aggregator)

kHYPE is priced from a fundamental/NAV feed (RedStone), not a raw market-rate feed.

BaseRedStone fundamental/NAV feed pathQuoteRedStone quote feed path

Markets this collateral backs · 1

→ USDC63% LLTV0xe876…8469RedStone

Room to grow: $1.2m of $2.5m cap (48% used)Aggregate Collateral Trust (ACT):$30.77m18 vaultsToken:0xfd73…296dAllocation: $1.2m · 55% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $1.2m · inherits vault-wide stress

Oracle exposure: up to $92,880 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WHYPEMarketRedStone$582,73527% of vault · bad debtOracle exposure $48,963

$631,69829% of vault$582,73527% of vault$48,963separate path

What it's made of

Market· RedStone(aggregator)

WHYPE uses RedStone market-rate aggregator feed(s).

BaseRedStone market-rate feed pathQuoteRedStone quote feed path

Markets this collateral backs · 1

→ USDC63% LLTV0x194f…4f31RedStone

Room to grow: $631,698 of $2.5m cap (25% used)Aggregate Collateral Trust (ACT):$9m14 vaultsToken:0x5555…5555Allocation: $631,698 · 29% of the vault

If it breaks

vault −30%

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $631,698 · inherits vault-wide stress

Oracle exposure: up to $48,963 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

UBTCMarketRedStone$290,28813% of vault · bad debtOracle exposure $22,752

$313,04014% of vault$290,28813% of vault$22,752separate 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

→ USDC77% LLTV0x6df6…1c29RedStone

Room to grow: $313,040 of $3m cap (10% used)Aggregate Collateral Trust (ACT):$1.8m13 vaultsToken:0x9fdb…3463Allocation: $313,040 · 14% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $26,390Uses 1 market LLTV curve · capped at allocation $313,040 · inherits vault-wide stress

Oracle exposure: up to $22,752 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

Unallocatednot lent into any market — no collateral exposure$19,710 · 0.9%

$19,7100.9% of vault——

Oracle dependencies

1 feed · 1 control point

Up to$164,595drainable if these feeds are mispriced · 8% 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 UBTC, kHYPE, WHYPE0xce77…30cf$164,595 · 8% of vaultdrainable if it is compromised

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(3)
	100%	$2.17m	Full deposit	Instant
	1%	$26,390	up to $1.98m	Instant
	1%	$26,390	up to $1.98m	Instant
Price-driven collateral stress(1)
	1%	$26,390	up to $1.98m	Instant
Oracle & liquidation failures(4)
	1%	$26,390	up to $1.98m	Instant
	0%	$0	up to $1.11m	Instant
	1%	$26,390	up to $290,288	Instant
	—	—	up to $164,595	Instant
Vault role & allocator(4)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $1.08m	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 multisig0x0934…ec57

Curator3-of-7 multisig0xe3ea…f396

Guardian3-of-7 multisig0x0685…5e8f

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.

single key (EOA)0xff09…5ef9
contract0x5175…f4fc

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 chains0x34ed…acba

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