morpho
Morpho Gauntlet USDC CoreDeFiB-
Morpho · Vault · Ethereum

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
$3m
Net APY
4.63%
Active Users
199
Type
Vault
Network
Ethereum
B-
Elevated RiskCeiling BBB+
AAAAAABBBBBBCCCCCCD
SCSKMPMLCPMICEPCEGFRTLCDT
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
Updated Sep 8, 2026Framework v0.1-gammaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 7.89%
$3m
Over the last 30 days, the total value of Morpho Gauntlet USDC Core has dropped 7.89% with $298.79K in outflows.
Net APY · 30D▲ 6.19%
4.63%
Over the last 30 days, the APY has increased from 4.36% to 4.63%.
Active Users · 30D▼ 3.86%
199
Over the last 30 days, active users have decreased by 3.86%, reaching 199 wallets.
Vault StrategySource: vaults.fyi · Updated Nov 4, 2026
Deployed98.6%
Markets6
Wtd APY4.96%
BTC collateral86.6%ETH collateral11.3%Other collateral0.7%Idle1.4%
TapClick a tile for market details
Deployed98.6% (1.4% idle)
Active markets6
Largest marketcbBTC / USDC · 38.1%
Top 3 markets73.7%
LLTV range77% – 91.5%
Market utilization89.3% – 90.5%
Weighted supply APY4.96%

Weighted supply APY is the live lending rate across the vault's markets, before the vault fee, so it can differ from the Net APY above.

cbBTC
cbBTC / USDC
38.08%$1.33m of vault deposits
Supply APY4.59%
APY contribution1.75%
Utilization90.1%
LLTV86%
Liq. penalty4.38%
Market size$333.35m
Market ID0x64d6...cc64
Market Details
ChainEthereum
Treasury$24.80M
Code AuditsChainSecurity ↗Spearbit ↗OpenZeppelin ↗Zellic ↗Certora ↗Blackthorn ↗
Oracles UsedChainlink ↗Morpho Chainlink Oracle Adapters ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Smart Contract0x8eB6...f3d458
Guardian0x7084...3584cD
MorphoBlue0xBBBB...EEFFCb
OwnerMultisig0xC684...05fAec
CuratorMultisig0x9E33...410585
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

Get the full picture today

Request the full rating report and gain access to unparalleled rating data & information.

Institutional-Grade Research Delivered to Your Inbox

In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators

Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.

Institutional Research Reports