morpho
Morpho Gauntlet USDC PrimeDeFiBB
Morpho · Vault · Base

Morpho Gauntlet USDC Prime DeFi Yield & Risk Rating

Morpho Gauntlet USDC Prime V2 is a lending vault on Base built on Morpho's immutable Vault V2 infrastructure. It lends USDC into Morpho Blue markets against blue-chip crypto collateral such as cbBTC, WETH, cbETH, and wstETH, earning borrower interest. The vault is curated by Gauntlet under a conservative blue-chip-only "Prime" mandate.

AUM
$107m
Net APY
4.84%
Active Users
2k
Type
Vault
Network
Base
BB
Elevated RiskCeiling A+
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CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB to A+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security88
KMPKey Management Permissions92
MMarket87
LLiquidity85
CCollateral78
PMProtocol Mechanics85
ICEInfra Counterparty Exposures50
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Updated Sep 7, 2026Framework v0.1-gammaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 40.16%
$107m
Over the last 30 days, the total value of Morpho Gauntlet USDC Prime has dropped 40.16% with $71.58M in outflows.
Net APY · 30D▲ 11.26%
4.84%
Over the last 30 days, the APY has increased from 4.35% to 4.84%.
Active Users · 30D▲ 5.79%
2k
Over the last 30 days, active users have increased by 5.79%, reaching 2.4K wallets.
Vault StrategySource: vaults.fyi · Updated Nov 3, 2026
Deployed100%
Markets5
Wtd APY4.94%
BTC collateral94.3%ETH collateral5.7%+3 smaller: cbETH 1.14%, cbETH 0.24%, wstETH 0.11%
TapClick a tile for market details
Deployed100%
Active markets5
Largest marketcbBTC / USDC · 94.3%
Top 3 markets99.6%
LLTV range77% – 86%
Market utilization90.1% – 90.1%
Weighted supply APY4.94%

Weighted supply APY is the live lending rate across the vault's markets, before the vault fee, so it can differ from the Net APY above.

cbBTC
cbBTC / USDC
94.25%$100.54m of vault deposits
Supply APY4.94%
APY contribution4.65%
Utilization90.1%
LLTV86%
Liq. penalty4.38%
Market size$1.80b
Market ID0x9103...1836
Market Details
ChainBase
Treasury$24.80M
Code AuditsChainSecurity ↗Spearbit ↗Zellic ↗Blackthorn ↗Cantina ↗Certora ↗
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (7)
Smart Contract0x050c...AD56f0
SentinelEOA0x0dF6...9aCdee
SentinelSafe0x7084...3584cD
OwnerMultisig0x5a4E...8Dd4D0
CuratorMultisig0x9E33...410585
MarketV1Adapter0x2fEc...988eef
MetaMorphoAdapter0xe80b...C674E8
Key Strengths
S1Built on Morpho's immutable Vault V2 infrastructure with dedicated audits from top security firms, a public audit competition, and formal verification, on top of an immutable and compact lending core.
S2Governance runs through verified Safe multisigs on Base with a multi-signer owner, a separate curator, and sentinel roles, plus multi-day timelocks on critical functions.
S3Blue-chip collateral allocation verified on-chain, diversified across wrapped BTC and ETH assets at conservative loan-to-value limits and priced by established market oracles.
S4Strong immediate liquidity, with the large majority of assets withdrawable on demand at low underlying utilization; the vault processed a large single-week net outflow without delays or freezes.
Key Risks
R1Base is a centrally sequenced chain that halted block production for roughly half an hour in 2025, temporarily blocking deposits and withdrawals. This chain dependency is the main reason the Base deployment scores below its Ethereum counterpart.
R2The vault is young and effectively untested, holding negligible assets through the late-2025 liquidity stress and scaling only in 2026, so it has no demonstrated survival of a market-wide withdrawal or bank-run event.
R3Collateral is concentrated in a custodied wrapped BTC asset well above the diversification threshold, making a custodian failure or depeg the primary bad-debt path.
R4The curator's other vaults incurred initially uncompensated bad debt in a 2026 collateral exploit. This vault was structurally unaffected, but the manager entity is linked to depositor losses.

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