Morpho Gauntlet USDC Core DeFi Yield & Risk Rating
Morpho Gauntlet USDC Core is a MetaMorpho V1 lending vault on Ethereum curated by Gauntlet. It allocates USDC deposits across Morpho Blue markets under a higher-risk "Core" mandate, lending against wrapped BTC, restaked ETH, and synthetic/RWA-credit stablecoin collateral. Yield is generated from borrower interest, net of a 5% performance fee.
AUM
$4m
Net APY
4.38%
Active Users
207
Type
Vault
Network
Ethereum
B-
Elevated RiskCeiling BBB+
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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 B- to BBB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security78
KMPKey Management Permissions92
MMarket47
LLiquidity56
CCollateral28
PMProtocol Mechanics68
ICEInfra Counterparty Exposures70
PCEProtocol Counterparty Exposures60
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 31.07%
$4m
Over the last 30 days, the total value of Morpho Gauntlet USDC Core has dropped 31.07% with $1.71M in outflows.
Net APY · 30D▼ 10.06%
4.38%
Over the last 30 days, the APY has decreased from 4.87% to 4.38%.
Active Users · 30D▼ 0.96%
207
Over the last 30 days, active users have decreased by 0.96%, reaching 207 wallets.
Market Details
ChainEthereum
Treasury$24.80M
Oracles UsedChainlink ↗Morpho Chainlink Oracle Adapters ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Key Strengths
S1Built on Morpho's extensively audited lending infrastructure, with reviews from top security firms, formal verification of the immutable core, and two large public bug bounty programs
S2Immutable core protocol and a non-upgradeable vault contract remove upgrade risk, with source code verified on Etherscan
S3Fully on-chain verified key management with separate owner, guardian, and curator multisigs, a multi-day timelock, and permissionless redemption that no single key can block
S4Deployed on Ethereum, which has seen no meaningful chain halt in over a year, and the vault is fully transparent on-chain with real-time proof of reserves and liabilities
Key Risks
R1This vault was directly hit by the March 2026 Resolv USR exploit, crystallizing socialized bad debt worth several percent of pre-exploit deposits; compensation is flowing but full coverage of this vault's depositors cannot be independently verified and no detailed post-mortem was published within a month
R2Roughly half of current deposits back high-LLTV synthetic and RWA-credit stablecoin collateral under the higher-risk "Core" mandate, materially riskier than the same curator's blue-chip vaults
R3Each market relies on a single immutable oracle with no fallback and cannot be corrected under abnormal conditions — the exact failure mode that produced this vault's loss, with depeg-capable collateral still held
R4Automated allocation has no on-chain circuit breaker and monitoring is not wired to protective action, demonstrated when deposits continued flowing into the broken market after the exploit
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