Morpho Gauntlet EURC Core DeFi Yield & Risk Rating
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
$1m
Net APY
2.32%
Active Users
92
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▼ 0.82%
$1m
Over the last 30 days, the total value of Morpho Gauntlet EURC Core has dropped 0.82% with $10.27K in outflows.
Net APY · 30D▼ 12.45%
2.32%
Over the last 30 days, the APY has decreased from 2.65% to 2.32%.
Active Users · 30D▼ 1.08%
92
Over the last 30 days, active users have decreased by 1.08%, reaching 92 wallets.
Market Details
ChainEthereum
Treasury$34.10M
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Key Strengths
S1Extensive independent audit coverage from top security firms with formal verification of the Morpho Blue core, plus two large bug bounty programs
S2Immutable Morpho Blue core and a non-upgradeable vault contract eliminate upgrade risk entirely, with source code verified on Etherscan
S3Fully on-chain verified governance with separate owner, guardian, and curator multisigs, a multi-day timelock, and guardian veto over pending changes
S4Entirely organic yield from overcollateralized EURC lending with no leverage, no rehypothecation, and no reliance on token incentives
Key Risks
R1Nearly all vault deposits sit in a single WBTC-collateral market, concentrating exposure in one market and in the custodians behind the wrapped asset
R2EURC is a thin-liquidity euro stablecoin with limited DeFi adoption, and secondary market depth is far below that of major dollar stablecoins, constraining exit liquidity
R3The vault is small and untested under stress, with no documented performance through high-volatility or bank-run conditions
R4Each Morpho Blue market relies on a single immutable oracle with no fallback; replacing a failed oracle requires deploying an entirely new market
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