Morpho

Morpho Gauntlet EURC Core

Morpho Gauntlet EURC Core is a curated lending vault on Ethereum that lends EURC against overcollateralized crypto borrowing through Morpho Blue markets. Yield is generated from borrower interest payments, curated by Gauntlet with on-chain supply caps and a 3-day timelock.

AUM

$2.60m-52.86%

APY

1.92%-31.67%

BB-Rated Protocol

Updated Apr 9, 2026

Risk Rating

BB-

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This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0x2ed1...aEfB

Guardian

0x7084...84cD

MorphoBlue

0xBBBB...FFCb

OwnerMultisig

0xC684...fAec

CuratorMultisig

0x9E33...0585

Key Strengths

Extensive audit coverage from top security firms including formal verification by Certora, plus dual bug bounties on Cantina and Immunefi
Immutable Morpho Blue core and non-upgradeable vault contract eliminate upgrade risk entirely
On-chain verified governance with 4-of-7 Owner multisig, Guardian veto, and 3-day timelock on all changes
100% organic yield from overcollateralized EURC lending with no leverage, rehypothecation, or incentive dependency
Strong institutional backing from Gauntlet and Morpho with combined fundraising exceeding $100M and over 24 months operational runway

Key Risks

Approximately 98% of vault TVL concentrated in a single WBTC/EURC market, creating extreme wrapped-asset custody and single-market concentration risk
EURC is a thin-liquidity euro stablecoin with limited DeFi adoption, constraining exit liquidity compared to USD-denominated alternatives
Vault is untested under stress at its current small TVL, with no documented high-volatility or bank-run performance data
Each Morpho Blue market uses a single immutable oracle with no fallback, requiring a new market deployment if an oracle fails
March 2026 Resolv USR exploit caused bad debt across other Gauntlet vaults, demonstrating monitoring and automated allocation gaps in curator infrastructure
Morpho DAO treasury consists almost entirely of volatile MORPHO tokens with no stablecoins and is not ring-fenced for any specific vault