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
$84m
Net APY
4.51%
Active Users
2k
Type
Vault
Network
Base
BB
Elevated RiskCeiling A+
AAAAAABBBBBBCCCCCCD
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
LLiquidity78
CCollateral78
PMProtocol Mechanics85
ICEInfra Counterparty Exposures75
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 4.07%
$84m
Over the last 30 days, the total value of Morpho Gauntlet USDC Prime has grown 4.07% with $3.27M in inflows.
Net APY · 30D▲ 4.64%
4.51%
Over the last 30 days, the APY has increased from 4.31% to 4.51%.
Active Users · 30D▲ 0.00%
2k
Over the last 30 days, active users have increased by 0.00%, reaching 2.4K wallets.
Market Details
ChainBase
Treasury$24.80M
Code AuditsChainSecurity ↗Spearbit ↗Zellic ↗Blackthorn ↗Cantina (competition) ↗Certora (formal verification) ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0x050c...AD56f0
OwnerMultisig0x5a4E...8Dd4D0
Sentinel (EOA)0x0dF6...9aCdee
VaultV2Factory0x4501...2b5857
CuratorMultisig0x9E33...410585
MarketV1Adapter0x2fEc...988eef
MetaMorphoAdapter0xe80b...C674E8
Sentinel (Safe 3-of-7)0x7084...3584cD
Key Strengths
S1Built on immutable Morpho Vault V2 infrastructure with dedicated audits by top firms, a public audit competition, and formal verification, on top of extensive ecosystem audit coverage and the immutable Morpho Blue core
S2Genuinely conservative blue-chip allocation verified on-chain across cbBTC, WETH, cbETH, and wstETH markets, all priced by Chainlink market oracles at conservative loan-to-value limits
S3Verified Safe-multisig governance on Base with a multisig owner, a Gauntlet curator multisig, and a Sentinel multisig, with multi-day timelocks on adapter, registry, and gate functions
S4Zero performance and management fees, with most of TVL immediately available for withdrawal, no idle assets, plus permissionless ERC4626 redemption and a forceDeallocate in-kind exit backstop
Key Risks
R1Deployed on Base, a second-tier chain that suffered a sequencer block-production halt within the past year, adding liveness risk not present on Ethereum-based Morpho vaults
R2Untested V2 vault with no demonstrated survival of a withdrawal-stress or bank-run event of its own, capping resilience-related questions at mid risk per the demonstrated-history principle
R3Gauntlet manager loss history: comparable Gauntlet-curated vaults incurred initially-uncompensated bad debt during the Resolv USR exploit; this Prime vault was unaffected, but the manager entity is linked to depositor losses
R4Most collateral is wrapped/custodial, concentrating dependency on a single custodian; a custodian failure or wrapped-asset depeg is the primary bad-debt path
Institutional-Grade Research
Delivered to Your Inbox
In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators
Exclusive Events & Market IntelligenceEarly access to Digital Asset Yield Summit, and more
Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.
