Morpho Gauntlet LRT Core DeFi Yield & Risk Rating
Morpho Gauntlet LRT Core is a MetaMorpho V1 lending vault on Ethereum curated by Gauntlet. It lends WETH deposits across Morpho Blue markets against liquid (re)staking token collateral, primarily Ether.fi weETH and Lido wstETH. Yield is generated from borrower interest, net of a 10% performance fee.
AUM
$3m
Net APY
1.56%
Active Users
90
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
LLiquidity70
CCollateral50
PMProtocol Mechanics70
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures73
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 10.06%
$3m
Over the last 30 days, the total value of Morpho Gauntlet LRT Core has grown 10.06% with $233.80K in inflows.
Net APY · 30D▼ 6.02%
1.56%
Over the last 30 days, the APY has decreased from 1.66% to 1.56%.
Active Users · 30D▲ 1.12%
90
Over the last 30 days, active users have increased by 1.12%, reaching 90 wallets.
Market Details
ChainEthereum
Treasury$23.40M
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (7)
Key Strengths
S1Built on Morpho's extensively audited lending infrastructure, with reviews from top security firms, an immutable and compact core, formal verification, and large bug bounty programs.
S2Governance runs through verified multisigs with no single controlling key, a separate guardian and curator, a multi-day timelock, and a non-upgradeable ERC4626 vault.
S3Structurally unaffected by the 2026 collateral exploit that hit other vaults on the platform: this vault holds no synthetic stablecoin collateral, its share price tracked ETH normally through the event, and withdrawals stayed open.
S4A meaningful share of collateral is battle-tested wstETH, the largest liquid staking token, which held its peg through a mass validator exit; the loan and redemption asset is deeply liquid WETH.
Key Risks
R1Collateral is almost entirely liquid staking and restaking tokens, with the large majority of assets in a single restaked-ETH market. That collateral carries restaking slashing risk on top of base staking risk and is less battle-tested than plain liquid staking tokens.
R2Loan-to-value limits leave only a thin buffer before liquidation, materially tighter than blue-chip collateral markets, so a peg dislocation could force liquidations into bad debt.
R3The vault is small and young, so exit liquidity, bank-run behavior, and share-price stability under stress are untested with no demonstrated survival of a market-wide withdrawal event.
R4Each lending market relies on a single immutable oracle with no fallback, and automated allocation can raise exposure without real-time human approval or an on-chain kill switch.
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