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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)

37%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 16% of deposit

Driven by PT-reUSD-10DEC2026 −30% 9% · AA_FalconXUSDC −30% 2% · reUSD −30% 2% · other 4% · −100% 89% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-reUSD-10DEC2026HybridPTMarket rate36%of vault · bad debt · $5.4mOracle exposure 4%

40%of vault · $5.97m36%of vault · $5.4m4%separate path

What it's made of

PT-reUSD-10DEC2026 token page

Hybrid(composite)PTMarket rate

PT-reUSD-10DEC2026 PT is priced by a Pendle market-rate oracle.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ USDC92% LLTV0x217d…51f0

Aggregate Collateral Trust (ACT):$13.48m22 vaultsToken:0xecfa…3957Allocation: 40% of the vault · $5.97m

If it breaks

−30% default

At −30%:est. bad debt up to 9% of depositUses 1 market LLTV curve · capped at allocation $5.97m · 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

AA_FalconXUSDCHybrid25%of vault · bad debt · $3.77mOracle exposure 4%

29%of vault · $4.37m25%of vault · $3.77m4%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):$1.11m17 vaultsToken:0xc26a…f99cAllocation: 29% of the vault · $4.37m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $4.37m · 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

LBTCMarketRedStone / Chainlink7%of vault · bad debt · $1.09mOracle exposure 2%

9%of vault · $1.32m7%of vault · $1.09m2%separate path

What it's made of

LBTC token page

Market· RedStone / Chainlink(aggregator)

LBTC is priced via Redstone Price Feed × BTC / USD — 2-hop market-rate feeds (RedStone + Chainlink).

BaseRedstone Price FeedMarketRedStoneBTC / USDMarketChainlink

Heartbeat 1hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdcc0…29dbRedStone / Chainlink

Aggregate Collateral Trust (ACT):$502,80317 vaultsToken:0x8236…4494Allocation: 9% of the vault · $1.32m

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $1.32m · 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

cbBTCMarketChainlink6%of vault · bad debt · $967,383Oracle exposure 0.7%

7%of vault · $1.07m6%of vault · $967,3830.7%separate path

What it's made of

cbBTC token page

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink

Heartbeat 1hDeviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xa6d6…182aChainlink

Aggregate Collateral Trust (ACT):$458.05m102 vaultsToken:0xcbb7…33bfAllocation: 7% of the vault · $1.07m

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $1.07m · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

reUSDHybrid6%of vault · bad debt · $958,629Oracle exposure 0.7%

7%of vault · $1.06m6%of vault · $958,6290.7%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

Aggregate Collateral Trust (ACT):$1.24m21 vaultsToken:0x5086…0c72Allocation: 7% of the vault · $1.06m

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $1.06m · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-sUSDD-26NOV2026UnclassifiedChainlink4%of vault · bad debt · $649,982Oracle exposure 0.4%

5%of vault · $715,5824%of vault · $649,9820.4%separate path

What it's made of

PT-sUSDD-26NOV2026 token page

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0xcd4a…6b46Chainlink

Aggregate Collateral Trust (ACT):$65,6032 vaultsToken:0x459b…408bAllocation: 5% of the vault · $715,582

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $715,582 · drag to set this asset's drop

Oracle exposure: up to 0.4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PRIMEHybridChainlink2%of vault · bad debt · $236,880Oracle exposure 0.2%

2%of vault · $260,4972%of vault · $236,8800.2%separate path

What it's made of

PRIME token page

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):$21.01m14 vaultsToken:0x19eb…f7f6Allocation: 2% of the vault · $260,497

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $260,497 · 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

weETHMarketRedStone0.9%of vault · bad debt · $133,043Oracle exposure 0.1%

1.0%of vault · $147,3330.9%of vault · $133,0430.1%separate path

What it's made of

weETH token page

Market· RedStone(aggregator)

weETH is priced via Redstone Price Feed — market-rate feed (RedStone).

BaseRedstone Price FeedMarketRedStone

Markets this collateral backs · 1

→ USDC86% LLTV0x5635…6a68RedStone

Aggregate Collateral Trust (ACT):$370.06m51 vaultsToken:0xcd5f…b7eeAllocation: 1.0% of the vault · $147,333

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $147,333 · 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

+4 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to11%of vault drainable if these feeds are mispriced · $1.71m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, LBTC, PT-sUSDD-26NOV2026, PRIME, PT-sUSDD-27AUG2026, sUSDD, PT-sUSDS-26NOV2026, PT-USDG-28MAY20260x21f7…73ca3% of vault · $421,613drainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH0x6906…44722% of vault · $240,482drainable if it is compromised
Unidentified feeds· vendor and onchain control not resolvedprices PT-reUSD-10DEC2026, AA_FalconXUSDC, siUSD8% of vault · $1.17mmispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices reUSD, syrupUSDC<1% of vault · $100,025mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 89%	Instant
Price-driven collateral stress(1)
	16%	up to 89%	Instant
Oracle & liquidation failures(5)
	16%	up to 89%	Instant
	16%	up to 89%	Instant
	9%	up to 78%	Instant
	13%	up to 70%	Instant
	—	up to 11%	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

Owner4-of-6 multisig0xc684…faec

Curator3-of-6 multisig0x9e33…0585

Sentinels21 multisig1 EOASafety 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.

3-of-6 multisig0x7084…84cd
single key (EOA)0x8b58…f0dc

Allocators21 multisig1 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.

3-of-6 multisig0x9e33…0585
single key (EOA)0xa064…8698

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 1h agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Gauntlet USDC Frontier

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

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