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)

32%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 9% of deposit

Driven by AA_FalconXUSDC −30% 7% · LBTC −30% <1% · cbBTC −30% <1% · other <1% · −100% 89% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

AA_FalconXUSDCHybrid82%of vault · bad debt · $21.76mOracle exposure 10%

93%of vault · $24.48m82%of vault · $21.76m10%separate 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):$4.21m16 vaultsToken:0xc26a…f99cAllocation: 93% of the vault · $24.48m

If it breaks

−30% default

At −30%:est. bad debt up to 7% of depositUses 1 market LLTV curve · capped at allocation $24.48m · drag to set this asset's drop

Oracle exposure: up to 10% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

LBTCMarketRedStone / Chainlink3%of vault · bad debt · $673,787.49Oracle exposure 0.3%

3%of vault · $760,558.93%of vault · $673,787.490.3%separate path

What it's made of

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 1h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xdcc0…29dbRedStone / Chainlink

Aggregate Collateral Trust (ACT):$25.64m65 vaultsToken:0x8236…4494Allocation: 3% of the vault · $760,558.9

If it breaks

−30% default

At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $760,558.9 · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink2%of vault · bad debt · $405,227.57Oracle exposure 0.2%

2%of vault · $448,963.532%of vault · $405,227.570.2%separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 1

→ USDC86% LLTV0xa6d6…182aChainlink

Aggregate Collateral Trust (ACT):$379.76m153 vaultsToken:0xcbb7…33bfAllocation: 2% of the vault · $448,963.53

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $448,963.53 · 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

PT-sUSDS-26NOV2026UnclassifiedChainlink1%of vault · bad debt · $317,476.83Oracle exposure 0.1%

1%of vault · $352,752.031%of vault · $317,476.830.1%separate path

What it's made of

Unclassified· Chainlink(managed)

Oracle design not classified (long-tail market).

Markets this collateral backs · 1

→ USDC92% LLTV0x3464…35bfChainlink

Aggregate Collateral Trust (ACT):$2.78m9 vaultsToken:0xdc16…6094Allocation: 1% of the vault · $352,752.03

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $352,752.03 · 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

PRIMEHybridChainlink1%of vault · bad debt · $268,525.35Oracle exposure 0.2%

1%of vault · $329,977.891%of vault · $268,525.350.2%separate 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):$21.74m14 vaultsToken:0x19eb…f7f6Allocation: 1% of the vault · $329,977.89

If it breaks

−30% default

At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $329,977.89 · 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

PT-sUSDD-27AUG2026UnclassifiedChainlink<0.1%of vault · bad debt · $5,978.09Oracle exposure <0.1%

<0.1%of vault · $6,580.22<0.1%of vault · $5,978.09<0.1%separate 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):$602.155 vaultsToken:0xd341…1c23Allocation: <0.1% of the vault · $6,580.22

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $6,580.22 · 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

PT-USDG-28MAY2026HybridPTCustomChainlink<0.1%of vault · bad debt · $1,044.23Oracle exposure <0.1%

<0.1%of vault · $1,306.56<0.1%of vault · $1,044.23<0.1%separate 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):$313.817 vaultsToken:0x9db3…0548Allocation: <0.1% of the vault · $1,306.56

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,306.56 · 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 feeds · 2 control points

Up to11%of vault drainable if these feeds are mispriced · $2.96m

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 / RedStone·a 4/9 Safe multisigprices cbBTC, LBTC, PRIME, PT-sUSDD-27AUG2026, sUSDD, PT-sUSDS-26NOV2026, PT-USDG-28MAY20260x21f7…73ca<1% of vault · $228,099.55drainable if it is compromised
RedStone / Chainlink·a 2/3 Safe multisigprices LBTC, weETH0x6906…4472<1% of vault · $86,771.41drainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices AA_FalconXUSDC, siUSD10% of vault · $2.73mmispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices syrupUSDC<1% of vault · $0.000000085mispriceable only via the issuing contract

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

11 scenarios · 9 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	9%	up to 89%	Instant
Price-driven collateral stress(1)
	9%	up to 89%	Instant
Oracle & liquidation failures(5)
	11%	up to 94%	Instant
	9%	up to 89%	Instant
	9%	up to 89%	Instant
	8%	up to 83%	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-7 multisig0xc684…faec

Curator3-of-7 multisig0x9e33…0585

Sentinels2 · 1 multisig · 1 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-7 multisig0x7084…84cd
single key (EOA)0x8b58…f0dc

Allocators2 · 1 multisig · 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.

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

Audits

361 critical, 13 high findings logged

Certora· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 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 proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 2.56m

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 Sep 4, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql