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
$2m
Net APY
1.36%
Active Users
170
Type
Vault
Network
Ethereum
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
MMarket60
LLiquidity51
CCollateral78
PMProtocol Mechanics78
ICEInfra Counterparty Exposures75
PCEProtocol Counterparty Exposures87
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 16.99%
$2m
Over the last 30 days, the total value of Morpho Gauntlet EURC Core has dropped 16.99% with $330.43K in outflows.
Net APY · 30D▲ 29.52%
1.36%
Over the last 30 days, the APY has increased from 1.05% to 1.36%.
Active Users · 30D▼ 1.16%
170
Over the last 30 days, active users have decreased by 1.16%, reaching 170 wallets.
Market Details
ChainEthereum
Treasury$34.10M
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0x2ed1...98aEfB
Guardian0x7084...3584cD
MorphoBlue0xBBBB...EEFFCb
OwnerMultisig0xC684...05fAec
CuratorMultisig0x9E33...410585
Key Strengths
S1Extensive audit coverage from top security firms including formal verification by Certora, plus dual bug bounties on Cantina and Immunefi
S2Immutable Morpho Blue core and non-upgradeable vault contract eliminate upgrade risk entirely
S3On-chain verified governance with 4-of-7 Owner multisig, Guardian veto, and 3-day timelock on all changes
S4100% organic yield from overcollateralized EURC lending with no leverage, rehypothecation, or incentive dependency
Key Risks
R1Approximately 98% of vault TVL concentrated in a single WBTC/EURC market, creating extreme wrapped-asset custody and single-market concentration risk
R2EURC is a thin-liquidity euro stablecoin with limited DeFi adoption, constraining exit liquidity compared to USD-denominated alternatives
R3Vault is untested under stress at its current small TVL, with no documented high-volatility or bank-run performance data
R4Each Morpho Blue market uses a single immutable oracle with no fallback, requiring a new market deployment if an oracle fails
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