Morpho Gauntlet USDC Prime V2 is a Morpho Vault V2 lending vault on Ethereum curated by Gauntlet. It lends USDC deposits across Morpho Blue markets under a conservative blue-chip "Prime" mandate, against wrapped BTC (cbBTC, WBTC) and wstETH collateral. Yield is generated from borrower interest, with zero performance and management fees.
AUM
$72m
Net APY
3.59%
Active Users
285
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
MMarket87
LLiquidity78
CCollateral78
PMProtocol Mechanics85
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 17.63%
$72m
Over the last 30 days, the total value of Morpho Gauntlet USDC Prime V2 has dropped 17.63% with $15.49M in outflows.
Net APY · 30D▼ 9.34%
3.59%
Over the last 30 days, the APY has decreased from 3.96% to 3.59%.
Active Users · 30D▲ 0.00%
285
Over the last 30 days, active users have increased by 0.00%, reaching 285 wallets.
Market Details
ChainEthereum
Treasury$24.80M
Oracles UsedChainlink (per Morpho Blue market: cbBTC ChainlinkOracleV2, WBTC and wstETH ChainlinkOracle) ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0x8c10...afA3D0
SentinelEOA0xaFFC...1D13c0
SentinelSafe0x7084...3584cD
OwnerMultisig0xC684...05fAec
VaultV2Factory0xA1D9...6C0405
CuratorMultisig0x9E33...410585
MarketV1Adapter0xDF62...4fa22F
Key Strengths
S1Built on Morpho's immutable Vault V2 infrastructure with dedicated audits from top firms, a large audit competition, and formal verification.
S2Deployed on Ethereum, a top-tier chain with no block-production halt over the past year, scoring higher on chain infrastructure than equivalent layer-2 deployments.
S3A genuinely conservative blue-chip allocation (wrapped BTC and wstETH at conservative loan-to-value), priced by Chainlink market oracles.
S4Verified on-chain Safe-multisig governance: a four-of-seven owner, a separate Gauntlet curator multisig, sentinels, and multi-day timelocks, with zero fees and permissionless redemption.
Key Risks
R1An untested vault: it held only a dust balance through the November 2025 liquidity stress and scaled up only afterward, so its exit-liquidity, bank-run, and share-NAV behavior under stress are not yet demonstrated. (Morpho data)
R2Almost the entire collateral base is custodied wrapped BTC (Coinbase cbBTC plus BitGo WBTC), concentrating dependency on those custodians; a custodian failure or depeg is the primary loss path. (Morpho allocation data)
R3The manager is linked to depositor losses at sister vaults in the March 2026 Resolv exploit, though this blue-chip-only vault was itself unaffected.
R4Only a minority of TVL is immediately withdrawable with markets at high utilization, so near-total exits during stress would queue pending borrower repayment. (Morpho data)
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