Gauntlet USDC Frontier

Risk reportEthereum0x9a1d…6f3e

Risk

Depositing into Gauntlet USDC Frontier 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)

$7.42mrealistic worst · −50% collateral crashup to $21.79mSmart-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 $2.69m

tap a preset or drag

Driven by PT-sUSDD-27AUG2026 $1.54m · AA_FalconXUSDC $1.15m · PRIME $2,428 · other $301.93 · −100% $19.23m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

AA_FalconXUSDCHybrid$12.66m58% of vault · bad debtOracle exposure $1.83m

$14.49m67% of vault$12.66m58% of vault$1.83mseparate path

What it's made of

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):$5.82m15 vaultsToken:0xc26a…f99cAllocation: $14.49m · 67% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1.15mUses 1 market LLTV curve · capped at allocation $14.49m · inherits vault-wide stress

Oracle exposure: up to $1.83m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-sUSDD-27AUG2026UnclassifiedChainlink$6.55m30% of vault · bad debtOracle exposure $728,800

$7.28m33% of vault$6.55m30% of vault$728,800separate path

What it's made of

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0x208c…595dChainlink

Aggregate Collateral Trust (ACT):$1.5m5 vaultsToken:0xd341…1c23Allocation: $7.28m · 33% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1.54mUses 1 market LLTV curve · capped at allocation $7.28m · inherits vault-wide stress

Oracle exposure: up to $728,800 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PRIMEHybridChainlink$13,0500.1% of vault · bad debtOracle exposure $1,275

$14,3240.1% of vault$13,0500.1% of vault$1,275separate path

What it's made of

Hybrid· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC86% LLTV0x999e…119aChainlink

Aggregate Collateral Trust (ACT):$11.83m10 vaultsToken:0x19eb…f7f6Allocation: $14,324 · 0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $2,428Uses 1 market LLTV curve · capped at allocation $14,324 · inherits vault-wide stress

Oracle exposure: up to $1,275 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-USDG-28MAY2026HybridPTCustomChainlink$1,165<0.1% of vault · bad debtOracle exposure $124.69

$1,289<0.1% of vault$1,165<0.1% of vault$124.69separate path

What it's made of

Hybrid· Chainlink(composite, managed)PTCustom

PT-USDG-28MAY2026 uses a custom PT oracle path; no standard linear-discount or market-rate wrapper was identified.

BaseCustom PT oracle pathQuoteChainlink quote feed path

Markets this collateral backs · 1

→ USDC95% LLTV0xea26…35e2Chainlink

Aggregate Collateral Trust (ACT):$131.877 vaultsToken:0x9db3…0548Allocation: $1,289 · <0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $301.93Uses 1 market LLTV curve · capped at allocation $1,289 · inherits vault-wide stress

Oracle exposure: up to $124.69 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+5 markets with no current position

Oracle dependencies

2 feeds · 2 control points

Up to$2.56mdrainable if these feeds are mispriced · 12% 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.

Chainlink·a 4/9 Safe multisigprices cbBTC, PRIME, PT-sUSDD-27AUG2026, sUSDD, PT-USDG-28MAY20260x21f7…73ca$730,200 · 3% of vaultdrainable if it is compromised
RedStone·a 2/3 Safe multisigprices weETH0x6906…4472$0.0001 · <1% of vaultdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices AA_FalconXUSDC, siUSD$1.83m · 8% of vaultmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices syrupUSDC$0.0002 · <1% of vaultmispriceable only via the issuing contract

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.

10 scenarios · 8 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$21.79m	Full deposit	Instant
	12%	$2.69m	up to $19.23m	Instant
Price-driven collateral stress(1)
	12%	$2.69m	up to $19.23m	Instant
Oracle & liquidation failures(4)
	12%	$2.69m	up to $19.23m	Instant
	12%	$2.69m	up to $19.23m	Instant
	5%	$1.15m	up to $12.68m	Instant
	—	—	up to $2.56m	Instant
Vault role & allocator(3)
	—	—	Full deposit	3 days
	—	—	Full deposit	Instant
	—	—	up to $10.9m	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

Owner4-of-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Sentinels3 · 1 multisig · 2 EOAsSafety 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.

single key (EOA)0x64fe…ece6
3-of-7 multisig0x7084…84cd
single key (EOA)0x8b58…f0dc

Allocators3 · 1 multisig · 2 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.

3-of-7 multisig0x9e33…0585
single key (EOA)0xa064…8698
single key (EOA)0xf856…59b7

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 chains0xcba2…9afa

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